fintech / news / / Reuters
Stablecoins are a type of cryptocurrency designed to maintain a constant value.
Hong Kong has issued its first licences for fiat-backed stablecoins to two traditional banks.
KEY POINTS
- The licensed banks are StanChart's joint venture Anchorpoint Financial and HSBC.
- Both banks plan to launch stablecoins for cross-border, local payments, and digital asset trading in H2 2024.
- HKMA received 36 stablecoin licence applications last year but will issue very few additional licences.
COMPANIES
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