On June 11, Hong Kong's Stablecoin Regulation will officially take effect on August 1, 2025, marking the entry into the practical stage of stablecoin regulation. The regulation clearly requires stablecoins pegged to the Hong Kong dollar to be licensed and operates, while also providing detailed specifications for compliance management and risk control mechanisms of related enterprises.
BiyaPay analysts point out that the focus of this regulation is to build a stablecoin regulatory framework and promote institutional compliance, currently mainly targeting stablecoins pegged to the Hong Kong dollar and their enterprise usage scenarios. For ordinary retail users, the opportunity to access and use Hong Kong dollar stablecoins remains limited in the short term, and practical application scenarios such as daily transfers, investments, and remittances have not yet been fully rolled out.
In comparison, US dollar stablecoins (such as USDT) remain the preferred choice for cross-border payments and global asset allocation due to their high global liquidity and convenience. The BiyaPay platform supports quick USDT exchange for over 30 fiat currencies including US dollars, euros, Hong Kong dollars, and Singapore dollars, with stable withdrawals, zero card freezing, and one-click international remittance, ensuring safety and efficiency.
Analysts believe that the introduction of Hong Kong dollar stablecoins will help Hong Kong maintain its leading position in financial technology and regulatory innovation, but its widespread application will take time. Ordinary users do not need to wait for Hong Kong dollar stablecoins to land and can prioritize using the BiyaPay platform to conveniently complete cross-border fund transfers and investment operations through USDT.
