Circle Co-founder: Intends to establish business in Hong Kong, will consider applying for a license after understanding the new stablecoin regulations.

The Hong Kong government aims to submit a stablecoin issuer system for legislative council review by the end of the year, and there is interest from major international stablecoin issuers. 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. Circle intends to hire more employees and establish a business in Hong Kong, waiting for the new stablecoin regulations to be released 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 US dollar settlement. It is also the largest capital market in the Asia-Pacific region, coupled with the support from the mainland market. He believes there is an opportunity for Hong Kong to develop into an international stablecoin hub and is confident that the local stablecoin will have considerable market demand.