Hong Kong Financial Chief Highlights Milestone Stablecoin Licenses

Hong Kong Financial Secretary Paul Chan said the city’s first two stablecoin licenses represent an initial step in its digital asset development, according to crypto industry media outlet Wu Blockchain. Chan stated that the Hong Kong government remains open to Web3 companies and highlighted the potential of blockchain technology to address real-world use cases such as cross-border payments. He also noted that more than US$2 billion in tokenized bonds have been issued in Hong Kong and referenced government plans to establish a committee focused on Web3 and artificial intelligence. These comments follow the rollout of Hong Kong’s stablecoin licensing framework, aimed at strengthening the city’s role as a digital asset center.