As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find Jeremy Allaire’s vision for stablecoins in Hong Kong particularly compelling. His extensive background in technology and finance, coupled with Circle’s strategic position as a global leader in stablecoin issuance, makes them ideally suited to drive this transformation.
According to Jeremy Allaire, CEO of Circle, stablecoins are expected to play a significant role in the trade transactions of Hong Kong as it moves further into the digital world associated with Web3.
As per a report published in South China Morning Post on October 30, Jeremy Allaire stated that the digital currency USDC (Circle’s USDC) is aiming to establish its global stablecoin network in Hong Kong. This network aims to facilitate cheaper and quicker transactions for markets operating through Hong Kong.
At Hong Kong FinTech Week 2024, Allaire stated that in developing countries, many traders are bringing goods from Asia. A significant portion of these transactions are typically finalized in Hong Kong.
He mentioned that due to its status as a trade center, Hong Kong is enticing for future trade agreements to be handled using stablecoins because of its stability.
On both fronts, the demand is evident… The companies are expressing that it’s more efficient, quicker, and cost-effective, as expressed by Allaire.
At the gathering, Allaire disclosed two recently established partnership ventures. The first is a collaboration between Circle’s client loyalty programs and Hong Kong Telecom. The second is their joint effort with Thunes to facilitate cross-border transactions using USDC.
In his view, Circle, being the second-largest issuer of stablecoins globally, serves as a “worldwide regulatory test subject for stablecoins” due to its stringent adherence to regulations. While other entities are exploring central bank digital currencies as the base for a global digital economy on the blockchain, Allaire stated that stablecoins are well-positioned to carry out this function ahead of time.
He stated his belief that global regulation will be applied to this financial structure, becoming standard infrastructure worldwide.
By July, the Hong Kong Monetary Authority had revealed findings from a discussion document about a plan to establish a regulatory system for digital currencies known as stablecoins. Subsequently, it’s anticipated that this authority will implement a new regulatory structure for stablecoins by the year 2025.
Recently, First Digital Trust, the stablecoin issuer based in Hong Kong, declared an expansion of their First Digital USD (fUSD) onto the Solana platform. This move follows the launch of fUSD on Ethereum and BNB Chain as they explore new ecosystems for growth.
Read More
- PYTH PREDICTION. PYTH cryptocurrency
- As Lindsay Lohan And Lacey Chabert Headline Christmas Movies, These Comments Have Me Convinced A Mean Girls Holiday Movie Reunion Needs To Be Next
- Niels Arestrup Dies at 75, Iconic Actor Was a Force of Cinema
- Suriname presidential candidate eyes on Bitcoin as currency
- ‘I Pitched Stargate’s Take On Black Panther’: Christopher Judge Opens Up About His Teal’c Spinoff And Why It Hasn’t Happened
- Brazil Introduces Bill to Create National Bitcoin Reserve
- New mom Deepika Padukone’s radiant smile in backstage PICS from Diljit Dosanjh’s Bangalore concert will melt your heart
- EU MP Sarah Knafo Warns of Digital Euro, Promotes Bitcoin
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- Baby John: Varun Dhawan’s Sunny Sanskari Ki Tulsi Kumari co-stars Janhvi Kapoor & more take Nain Matakka trend to another level; Watch hilarious VIDEO
2024-10-30 16:34