Coinspeaker
HKD-Pegged Stablecoins to Boost Hong Kong’s Crypto Market, Says Animoca Brands

Hong Kong regulators have been making enough efforts recently to revive the country’s crypto markets and foster a conducive environment for crypto firms to set up the base. Speaking at the BUIDL Asia Conference in Seoul on Thursday, Animoca Brands Chairman Yat Siu said that the country needs to adopt a different playbook to boost its crypto sector.

Siu said that having stablecoins pegged to the Hong Kong Dollar would help them create a unique place for themselves in the overly saturated crypto space. Currently, USD-pegged stablecoins overwhelmingly dominate the broader crypto market. In his interview with The Block, Siu said:

“The interesting thing different about the Hong Kong dollar versus most other currencies is that it’s pegged to the US dollar. Therefore, if you want to have another kind of regulated currency that, however, is non-American, but is yet tied to an American system as in the US dollar, I think the Hong Kong dollar becomes a very interesting proxy.”

Furthermore, Siu also highlighted the potential for significant and unique demand for Hong Kong stablecoins, considering the Hong Kong Dollar (HKD) as a non-US dollar equivalent currency situated outside US jurisdiction.

For a while, Hong Kong has been preparin...