Hong Kong Stabilization Currency Dealing: An "old money" entrance ceremony, midtime rest for Web3 people

Introduction

On April 10, 2026, the Hong Kong Monetary Authority finally came to the list。

When the first stabilizers' license lists were released, the entire Web3 community reacted in the same way -- "This is it?"

HSBC Bank, Point Finance (a joint venture of Scum and Hong Kong Telecommunications + Animoca). Two traditional banknotes, no technology companies, no exchange, no Web3 original player。

Some people read "Leaks" and say, "The Hong Kong Stable Currency narrative ends here." But if you really understand the logic behind this deal, you'll find:This is not the end, but a well-designed "Infrastructure First" script just opened。

One, 36 applications, a cross-border festivities that stopped

Give it back six months ago. In September 2024, at the time of the Hong Kong Monetary Authority's closing schedule, 36 applications came from six completely different tracks: banks, technology giants, payment platforms, voucher management, electrical companies, and Web3 originals。

The KIM-Tung-Tung-Tung-Tung-Tung Base, which plans to anchor the Hong Kong dollar or the United States dollar to test the scene directly to the electrician ecology; the ants group, which goes in parallel, and the international community takes a stand at the same time as two subjects in the digital branch; the currency technology, millet, East Asian banks ... the list crosses consumer payments, Web3 infrastructure and traditional banks。

The market generally expected Hong Kong to follow a "traditional finance + technology giant + Web3 new power" integration route, leaving a door open for innovators, as was the case with virtual banking。

But on April 10th, the door was closed temporarily。

Two, why "old money"? Three hidden rules

Kim's CEO, Yu Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei Wei

He's got it. But behind the "conservative" is a more sophisticated selection logic than the superficial rule:

Rule I: Licenses give priority to banknotes

This naturally creates an exclusive expectation. If HSBC does not apply, only slags may be given a name on the future Hong Kong dollar digital track. This is an unbearable symbolic absence for institutions that treated Hong Kong Dollar Bank as a core asset of 160 brands. So HSBC chose to follow。

Rule II: High technical and compliance threshold

THE SELF-BUILT TENS OF MILLIONS OF DOLLARS OF HSM MACHINES, ANTI-MONEY LAUNDERING STRUCTURES, CHAIN SURVEILLANCE, RESERVE ASSET POOLS — A SET OF STABLE COINS TURNED INTO PURE COST INPUTS, SHORT-TERM ROI WAS NOT OPTIMISTIC. GENERAL COMMERCIAL INSTITUTIONS MAY CHOOSE TO WAIT AFTER ASSESSMENT。

But HSBC can't quit. Rule one has developed strategic lockouts。

Rule III: Revisiting business logic

During the interview, the Authority repeatedly asked the applicant: "Why do you send it yourself instead of using someone else?"

This is an early release signal:Profitability is not a primary consideration。  the final remaining applicant, the answer is the same: "we can help hong kong run the building."

Together, the three rules form a unique logic of participation: HSBC has applied on its own initiative, has invested tens of millions of dollars, has voluntarily borne the costs of user education and scenario development。This is not the result of an administrative order, but a natural product of rule design。

III. The "free capital" logic behind the high threshold

Getting the license plates is just the beginning. Hong Kong's tight spell on the issuer of the Stabilized Currency is the highest in the world:

• Reserve assets:(a) Must be cash, deposits within three months, a national debt within one year, not chargeable to stocks, business debts, encrypted assets and must be denominated in the currency of issue
• Independent trusteeship:Reserved assets are held by licensed banks or authorized trustees, isolated from issuers ' own assets and, in the event of insolvency, the currency holder receives priority payments
• Redemption:1 To be completed within working days without delay for any reason
• HF audits: daily preparation of statements, weekly submission to the Authority, monthly certification and public disclosure by external auditors
• Zero interest:Holders are not allowed to pay interest on any of the stabilizers and block the "financialization" path。

What do these rules mean? It means HSBC is paying for the construction of a free infrastructure for Hong Kong's Web3 ecology. HSM machine room, KYC/AML system, chain monitoring, user education, commercial access, cross-border B2B scene running -These were originally the worst points of ecological development and are now borne by two banknotes in the name of "commercial stability." They're pavers, not billboards。

IV. Where's the chance of Web3

The first plates have been issued and the story is far from over。

THE TRUE VALUE OF THE STABILIZATION CURRENCY IS THAT IT IS THE BASIC SETTLEMENT UNIT OF THE CHAIN ECONOMY. WHEN HONG KONG'S LICENSED AND STABLE CURRENCY FLOWS FREELY BETWEEN THE EXCHANGE, THE RWA PLATFORM, AND THE CROSS-BORDER PAYMENT ROUTE, IT CAN BE USED AS A TOOL FOR THE FREE FLOW OF MONEYEach service node around this pipeline — brokers, asset managers, clearing agents, trustees, market traders — will receive a dividend in infrastructure reconstruction。

The Authority has made clear that the first phase focuses on cross-border payments, local payments and monetization of assets, and explores programmable payments and supply chain financing。

These scenes are exactly where Web3 is based。

The joint venture path chosen by scum has released the signal that Animoca Brands has entered as a Web3 player, meaning that traditional bankers also need original partners to fill the scene。

THE COUPONS CAN TAKE OVER THE HOSTING OF DIGITAL ASSETS, THE RWA PLATFORM NEEDS TO BE MARKETED IN SECONDARY MARKETS, CHAIN CLEARING REQUIRES PROFESSIONAL INTERMEDIARIES, AND TOKENIZED SECURITIES REQUIRES THE UNDERWRITING AGENCY — THESE ARE THE REAL BUSINESS AFTER THE LICENCE IS ISSUED。

V. "Slow and fast" in the global race

It is true that Hong Kong is half-time slow。

In December 2024, the EU MiCA came into full force; in June 2025, the United States Senate passed a procedural vote on the GENIUS Act. Washington’s logic is straightforward: if the dollar is tied to a stable currency, it is helping the United States to absorb the demand for national debt and extend dollar hegemony。

In the face of Europe and America's back and forth, Hong Kong chooses to "slow and fast."。

But there is a slow reason: Hong Kong is fighting for its seats in future interconnectivity negotiations, using the term "the world's first full-fledged French-currency stabilization system"。

THE SETTLEMENT BASIS FOR THE MONETIZATION OF RWA ASSETS, THE DIGITAL PAPER SYSTEM FOR CROSS-BORDER TRADE — AT THE END OF EACH ROAD — REQUIRES A COMPLIANT, CREDIBLE, REDEEMABLE AND STABLE CURRENCY AS THE STARTING POINT。

This is the starting point for Hong Kong。

VI. CONCLUDING REMARKS: MEDIUM REST, NOT ENDS

The result of the first licences may have been a gap among market participants looking forward to rapid entry. But if you keep your perspective up, you'll find it's a classic "Infrastructure First" script:

In the first phase, traditional institutions that are capable, willing and strategically resilient will fix the road, and in the second phase, dynamic players with scenes, skills and innovation will be brought up and run。

Scum is a paver, while the various players in the ecology - Whether web3 teams, technology firms, or SMEs seeking digital upgrading - the future drivers。

The narrative of Hong Kong's stabilization currency has just begun。