applications

Hong Kong Monetary Authority Chief Executive: The first batch of stablecoins will focus on cross-border trade and Web3 applications

ChainCatcher news, according to Hexun, the Hong Kong Special Administrative Region government published a notice in the Gazette on June 6, announcing that the "Stablecoin Regulation" will officially take effect on August 1, marking the implementation of the world's first comprehensive regulatory framework for fiat-backed stablecoins.Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue recently wrote that considering stablecoins are a relatively emerging product, the risks involved in issuance activities, user protection, as well as market capacity and long-term development, the licensing will have a relatively high threshold, and initially only a "small number of licenses" will be issued.Eddie Yue emphasized that entering the stablecoin issuer sandbox program launched by the HKMA in 2024 is not a prerequisite for future applications for stablecoin issuer licenses; on the other hand, even if an institution has entered the "sandbox," it does not guarantee that it will necessarily obtain a license. The HKMA will prudently consider all license applications according to consistent and strict standards.Eddie Yue clearly stated that applicants need to propose specific and feasible business plans and practical application scenarios, focusing on their reserve management capabilities, compliance systems, and technical security. The first batch of stablecoins will focus on cross-border trade and Web3.0 applications.

Tech giants like Apple, X, and Airbnb are joining the exploration of cryptocurrency applications

ChainCatcher news, according to Fortune magazine, the crypto industry has long been searching for a "killer app" to truly bring blockchain into the mainstream financial sector— and stablecoins may be the answer they have been dreaming of. Stablecoins are digital tokens pegged to fiat currencies like the US dollar, and banks and fintech companies are rapidly adopting this technology, with major tech companies also looking to join the ranks.According to insiders, Apple, X (formerly Twitter), Airbnb, and Google are all in early discussions with crypto companies to explore how to integrate stablecoins. These insiders told Fortune magazine anonymously that these tech companies believe adopting stablecoins could lower transaction costs and optimize cross-border payment processes.Not only Apple, X, Airbnb, and Google, but Meta (formerly Facebook) is also making a return to the payment technology space, refocusing on the potential of stablecoins— despite its previous grand crypto project failing due to regulatory pressure. Uber CEO Dara Khosrowshahi stated at a Bloomberg conference this Thursday that Uber is in the research phase, considering using stablecoins for global money transfers.The interest from tech giants comes at a time when stablecoins are attracting significant venture capital funding and legislative attention. The U.S. Congress is currently considering two bills aimed at regulating the stablecoin asset class. Meanwhile, payment giant Stripe recently acquired the stablecoin startup Bridge, a deal seen as a watershed moment for Silicon Valley's serious consideration of this technology.
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