Circle co-founder: Intends to establish business in Hong Kong, will consider applying for a license after understanding the new stablecoin regulations

ChainCatcher news, the Hong Kong government aims to submit a stablecoin issuer system to the Legislative Council for review by the end of the year, with interest expressed by international large stablecoin issuers. Jeremy Allaire, co-founder and CEO of Circle, the world's second-largest stablecoin issuer USDC, stated that Hong Kong is an important market for USDC and is looking to hire more employees and establish a business in Hong Kong, waiting for the new stablecoin regulations to be released before considering applying for a license.

In addition, Chen Qinqi, Vice President of Circle Asia Pacific, stated that Hong Kong has significant advantages in developing stablecoins, including the ability to achieve same-day USD settlement, being the largest capital market in the Asia-Pacific region, and factors such as backing from the mainland market. He believes that Hong Kong has the opportunity to develop into an international stablecoin center and is confident that there will be considerable market demand for the Hong Kong version of stablecoins.