Director of the Hong Kong Treasury Bureau: Only a small number of stablecoin licenses will be issued in the first phase, and the tokenization of assets such as ETFs will be promoted in the future

By: odaily.com|2025/07/13 11:36:34

Odaily News In an interview, Hong Kong Financial Services and Treasury Bureau Director Paul Hui said that only a small number of licenses will be issued in the first phase of stablecoin regulation. Regarding whether the RMB stablecoin can be issued, he said that there is currently no restriction on the pegged currency, but if it involves other regional currencies, it may be necessary to negotiate with relevant institutions.
Xu Zhengyu pointed out that the government will take the lead in promoting the application of stablecoins in cross-border payments and other fields to help developing countries cope with currency depreciation and financial system risks. He also revealed that Hong Kong will promote the tokenization of financial assets in the future. Following green bonds, the next step will be to explore token payment methods for commodities such as ETFs and metals.

From private credit to GPU leasing, from catastrophe bonds to music royalties, the range of tokenizable assets is much richer than the market perceives. However, the biggest challenge is not technology, but distribution—existing RWAs heavily rely on a few large deployers, and the concentration of ri...

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