{"id":81236,"date":"2023-07-05T10:07:47","date_gmt":"2023-07-05T07:07:47","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81236"},"modified":"2025-09-11T21:39:06","modified_gmt":"2025-09-11T18:39:06","slug":"hong-kong-calls-for-the-release-of-a-competitor-to-usdt-and-usdc","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/hong-kong-calls-for-the-release-of-a-competitor-to-usdt-and-usdc\/","title":{"rendered":"Hong Kong calls for the release of a competitor to USDT and USDC"},"content":{"rendered":"<p>The Hong Kong government <a href=\"https:\/\/dw-media.tkww.hk\/epaper\/tkp\/20230703\/A11_Screen.pdf\">proposed to issue<\/a> its own &#8216;stablecoin&#8217; HKDG, backed by the jurisdiction&#8217;s foreign-exchange reserves, to compete with the industry&#8217;s giants \u2014 <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-tether-usdt\">USDT<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a>.<\/p>\n<p>The document stresses the importance of such assets as a bridge between traditional finance and the digital economy. Among the advantages of the <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-stablecoins\">stablecoin<\/a>, pegged to the Hong Kong dollar, authorities highlighted:<\/p>\n<ul class=\"wp-block-list\">\n<li>increasing financial inclusion;<\/li>\n<li>improved transaction efficiency;<\/li>\n<li>lower remittance costs;<\/li>\n<li>improvement of local payment systems;<\/li>\n<li>strengthening the jurisdiction\u2019s fintech sector.<\/li>\n<\/ul>\n<p>The document says that Hong Kong&#8217;s foreign-exchange reserves \u2014 around $430 billion as of March \u2014 exceed the combined market capitalisation of USDT and USDC. The government recognises potential risks, including legal and technical. However, the danger of a state-backed &#8216;stablecoin&#8217; remains lower than that of assets issued by private companies.<\/p>\n<p>According to the proposal&#8217;s authors, HKDG would benefit from government regulation and the transparency afforded by blockchain technology. They also believe that the stablecoin will help Hong Kong take a significant step towards dedollarisation and challenge the dominance of the US dollar in the crypto ecosystem.<\/p>\n<p>In late June, the Hong Kong government <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-forms-task-force-to-advance-web3-development\">announced<\/a> the creation of a dedicated task force to <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-web3\">Web3<\/a> development. The main task of the experts is to provide recommendations for improving the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong government proposed issuing its own &#8216;stablecoin&#8217; HKDG, backed by the jurisdiction&#8217;s foreign-exchange reserves, to compete with the industry&#8217;s giants \u2014 USDT and USDC.<\/p>\n","protected":false},"author":1,"featured_media":81237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[832,807],"class_list":["post-81236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-hong-kong","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=81236"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81236\/revisions"}],"predecessor-version":[{"id":81238,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81236\/revisions\/81238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81237"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}