Hong Kong Passes Stablecoin Law Amid Global De-Dollarization Shift
Hong Kong’s Legislative Council enacted the Stablecoins Bill in May 2025, marking a pivotal moment for digital finance. The legislation establishes a comprehensive regulatory framework aimed at enhancing market security and supporting cross-border payment systems. Major financial institutions, including HSBC and JD.com, have publicly endorsed the initiative, recognizing its potential to stabilize digital asset operations amid ongoing crypto regulatory changes.
The law positions Hong Kong as a bridge for the global de-dollarization trend, with a focus on RMB internationalization. Analysts, such as Yang Zeyuan of CITIC Securities, highlight the framework’s alignment with successful models like Singapore’s, which have historically driven digital asset innovation.
