Bitcoin, ethereum and the stablecoin USDT are promoted at a cryptocurrency store in Hong Kong on July 29, 2025. (Photo: Peter Parks / AFP)The Hong Kong Stablecoin Ordinance, released by the Hong Kong Monetary Authority, took effect recently, establishing comprehensive licensing and regulatory guidelines for stablecoin transactions. Hong Kong has become a pioneer in institutional and technological innovation and in harmonizing internal and external rules. The initiative represents a significant opportunity for Hong Kong to further cement its evolving role as a financial hub. Looking ahead, Hong Kong-based stablecoin could pursue a dual track ecosystem, pegged to both the Hong Kong dollar (HKD) and the Chinese yuan (RMB).