Circle Co-founder: Intends to Establish Business in Hong Kong, Will Consider License After Understanding New Stablecoin Regulations

According to TechFlow news on November 4, it is reported by Finance News that the Hong Kong government aims to submit a regulatory framework for stablecoin issuers to the Legislative Council for review by the end of the year, and there are international large stablecoin issuers expressing interest in this. Jeremy Allaire, co-founder and CEO of Circle, the issuer of the world's second-largest stablecoin $USDC, stated that Hong Kong is an important market for $USDC, and they intend to hire more employees and establish business operations in Hong Kong, waiting for the new stablecoin regulations to be introduced before considering applying for a license. Additionally, Chen Qinqi, Vice President of Circle Asia Pacific, mentioned that Hong Kong has significant advantages in developing stablecoins, including the ability to achieve same-day USD settlements, being the largest capital market in the Asia-Pacific region, and the support from the mainland market. He believes that Hong Kong has the opportunity to develop into an international stablecoin center and is confident that there will be considerable market demand for the Hong Kong version of the stablecoin.