Hong Kong’s Stablecoin Ordinance will officially take effect on August 1st. This comprehensive regulatory framework, the world’s first for fiat-denominated stablecoins, is attracting widespread attention in global financial markets. Song Ke, Executive Vice President of the Shenzhen Research Institute of Renmin University of China, stated in an interview that the ordinance has a demonstrative effect on stablecoin policy-making and is expected to become a model for future global stablecoin regulation. He also pointed out that by promoting the digital yuan and Hong Kong dollar stablecoins, reliance on the US dollar clearing and settlement system can be gradually reduced, opening up new paths for the internationalization of the yuan.

The implementation of Hong Kong’s Stablecoin Ordinance signifies that Hong Kong has gained a head start in the competition in the stablecoin market. The Hong Kong Monetary Authority released a summary of the relevant licensing regime on July 29th and plans to issue the first phase of licenses in early 2026. Song Ke believes that this innovative “value-anchored regulation” principle not only provides legal protection for institutions and investors but also allows Hong Kong to quickly transform its accumulated pilot experience into actual products, accelerating the construction of a local stablecoin ecosystem.