THE HONG KONG DOLLAR STABILIZATION CURRENCY, HKDAP, HAS COMPLETED ITS FIRST ROUND OF PUBLIC SURVEYS, AND IS IT POSSIBLE TO FIND A WAY OUT OF THE US DOLLAR-DOMINATED TRACK
In-depth search and screening of current hotspot events and value reading, point assessment and rationale analysis。
Original by:Shirley Li, Web3Caf Research Fellow
How can we easily grasp the market hot spots, technological developments, ecological advances, governance dynamics that are taking place in the Web3 industry? The "Market Pulse Analysis" column, launched by Web3Caff Research, will explore and screen current hotspot events and provide value readings, points and rationale analysis. And through the phenomenon, it's going to follow us fast to capture Web3 on the market。
Compliance: The following are only objective analyses of the composition and development of HK$Stabilisation Currency & nbsp; HKDAP does not constitute any offer or offer, and you are requested to be aware of the distribution, participation and investment & nbsp; Token & nbsp; This practice is subject to various stringent regulatory requirements and restrictions, particularly in mainland China, where Token is suspected of “illegally issuing securities”, and where the provision of token transactions, such as those related to encrypted money transactions, is also considered “illegal financial activity” (readers in mainland China strongly recommend reading:In mainland China, laws and regulations relating to block chains and virtual currency are organized and highlightedTherefore, please refrain from making decisions with this information. Please strictly abide by the laws and regulations of your country or region and refrain from engaging in any illegal financial activity。
On 13 May, PantherTrade, a virtual asset trading platform under the banner of the Platform for the Stabilization of Currency Payments and Trading (OSL) and Freeway Holdings, and Hong Kong, China, together with the licensed issuer of the Stabilisation Currency, Monument Finance Technology Co. Ltd., completed a trade test with HK$SLDAP as the clearing medium on the Internet. This round of testing covers the exchange, chain transfer and foreclosure processes between the statutory Hong Kong dollar and the HKDAP。
Affiliated to the Bank of Slag Chartered (Hong Kong) Ltd., the Company was established in February 2025 by Slag Chartered Hong Kong, Hong Kong Telecommunications and Animoca Brands. HKDAP (Hong Kong Dollar Anchor Point) is the first Hong Kong Stable Dollar to be introduced。
On 1 August 2025, Hong Kong, China, entered into force the Stabilisation Currency Ordinance, which provides a relatively clear regulatory framework for the issuance and operation of stable currency (extension reading:What would Hong Kong ' s adoption of the Stabilisation Currency Bill contribute to the global stabilization currency compliance and the renminbi internationalization strategyI don't know. In April of this year, the Hong Kong Financial Authority of China officially granted the first 2 licence plates for the issuers of stable coins, in accordance with the Ordinance. According to the information received, the first number of institutions to submit applications was 36, and ultimately only two were awarded licences, namely, Pioneer Finance Technology Ltd. and Hong Kong HSBC Bank Ltd. The award was also considered to have completed the “legislation-review-dealing” closed loop and to have taken the lead in moving currency stabilization to the implementation and operational preparation stages. [1]
Source:We'll get the medals under the flag
Among them, the El Niño Finance Scheme has been issuing a stabilization currency linked to the Hong Kong dollar in stages, starting in the second quarter of this year, using the “B2B2C (business-to-business-to-individual)” distribution model, which is distributed to authorized distributors and is open to the public by distributors. In the tests mentioned at the beginning of this paper, the OSL Group and Panthertrade, in their capacity as authorized distributors of HKDAP, have verified the complete flow chain from issuer to institutional user to individual user。
HSBC, for its part, plans to launch its own Hong Kong dollar stabilization currency in the second half of this year and to access the PayMe platform and HSBC Hong Kong Mobile Financial Application。
In terms of the orientation of the pilot, the focus of the two agencies was slightly different. HSBC plans to introduce services such as personal payments to individuals (P2Ps), personal payments to merchants (P2Ms) and investment in Token. That is to say, HSBC has focused its attention on the environment associated with ordinary consumption and banking services, while the focus of tributary finance will be on cross-border settlement and payment programmes, and & nbsp; and RWA (real-world assets) on-line settlement and distribution, which will be mainly oriented towards institutional applications。
From a macro-level perspective, although it is also a stable currency system, there is still a marked difference between the Hong Kong dollar and the current market-dominated dollar. The bottom line is that the market environment in which they are born is not the same as the core demand。
In the early stages of the development of the Web3 industry, the central role of the dollar-stabilizing currency was to provide a risk-averse tool for high-volatility assets and to act as a catalyst for chain transactions. Since then, with the development of markets such as decentralised finance, chain derivatives and so forth, the dollar-stabilized currency has further become a fundamental liquid asset in the entire chain of financial systems. This highly financial and globalized liquidity structure also complicates the regulatory aspects of the dollar-stable currency system。
In contrast, Hong Kong's current position on the Hong Kong dollar is clearly more cautious and tends more towards a “regulatory first” financial infrastructure path. Currently, the Hong Kong dollar stability currency is located primarily as a vehicle for RWA transactions, as a credible, stable and compliant chain clearing medium for Token-based assets. From a longer-term perspective, the potential future direction of the Hong Kong dollar is likely to go beyond the pilot directions of RWA transactions and commercial settlements to more challenging areas such as international trade settlements and cross-border payments。
However, unlike the Government-sanctioned French currency system, the Hong Kong dollar stability currency is by nature a stable currency issued by licensed companies and anchored in statutory Hong Kong dollars. Its security therefore depends heavily on the issuer ' s compliance operations and the true hosting of the reserve assets。
THIS RELATIVELY LOCALIZED SMALL FINANCIAL CLOSURE IS MORE MANAGEABLE AND FEASIBLE AT AN EARLY STAGE IF THE ISSUERS SIMPLY INTRODUCE PAYMENT, SETTLEMENT AND RWA SERVICES AROUND THEIR OWN BUSINESS, BUT ISSUES SUCH AS LIQUIDITY INTERCONNECTIVITY, SETTLEMENT COORDINATION, AND MARKET ACCEPTANCE AMONG THE VARIOUS HONG KONG DOLLAR STABILIZATION CURRENCIES WILL EMERGE IF THE FUTURE CURRENCY STABILIZES FURTHER INTO INTERNATIONAL TRADE SETTLEMENTS, CROSS-BORDER PAYMENTS, AND THE WIDER FINANCIAL LANDSCAPE OF THE CHAIN。
IN ADDITION, AS MENTIONED EARLIER, THERE IS A DIFFERENCE IN POSITIONING BETWEEN THE HONG KONG DOLLAR AND THE UNITED STATES DOLLAR. WHILE FACING COMPLEX REGULATORY PROBLEMS, THE DOLLAR STABILIZATION CURRENCY HAS ALSO ACCUMULATED A MORE FLUID AND WIDER USE LANDSCAPE, WHILE THE HONG KONG DOLLAR STABILIZATION CURRENCY IS STILL IN THE PROCESS OF EXPLORING PRACTICAL APPLICATIONS. IN OTHER WORDS, THE REAL RUN-OFF OF THE HONG KONG DOLLAR STABILIZATION CURRENCY SYSTEM, INCLUDING HKDAP, ULTIMATELY DEPENDS ON WHETHER IT PRODUCES A SUFFICIENTLY STRONG NETWORK EFFECT AND A SUFFICIENTLY RICH REAL PAYMENT DEMAND. IT IS STILL TIME TO TEST WHETHER THE HONG KONG MODEL OF CHINA WILL BE ABLE TO FIND ANOTHER PATH WHEN THE DOLLAR STABILIZATION CURRENCY HAS ESTABLISHED A CLEAR PRE-EMPTIVE ADVANTAGE。
Elements structure:
References
[1] & nbsp;Hong Kong Deals, Stabilizing Currency Patterns: Who is reshaping the next generation of finance
[2] & nbsp;We'll get the medals under the flag
[4] & nbsp;HONG KONG'S OFFICIAL RESPONSE
[5] & nbsp;3 HOLDERS TESTING HKKDAP STABILIZATION CURRENCY IN TAIFUNG
Disclaimer
The report, prepared by the Extrapolation Study (Web3Cafff Research), contains information for reference purposes only and does not constitute any prognosis or investment proposal, offer or offer, and investors are requested not to rely on such information for the purchase, sale of any securities, encrypted currency or any investment strategy. The terminology used and the views expressed in the report are intended to help understand industry developments and to promote responsible development of the Web3 industry, including the block chain industry, and should not be interpreted as a clear legal perspective or the perspective of the Extrapolation Study (Web3Caff Research). The views expressed in the report reflect only the individual opinions of the author as of the said date and are not relevant to the position of the Extrapolation Study (Web3Caff Research) and may subsequently be renewed. The information and views contained in this report are derived from sources considered reliable by the Extrapolation Study (Web3Caff Research) as proprietary and non-exclusive, and do not necessarily cover all data or guarantee their accuracy. Thus, the Extrapolation Study (Web3Caff Research) does not provide any form of security for its accuracy and reliability, nor does it assume responsibility for errors and omissions in any other way (including those arising out of negligence). This report may contain “forward-looking” information, which may include forecasts and forecasts, and this does not constitute a guarantee against any prediction. It is entirely for the reader to decide whether to rely on the information contained in this report. This report is for information purposes only and does not constitute an investment proposal, proposal or offer for the purchase or sale of any securities, encrypted currency or any investment strategy。
