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2h ago

Circle Rules Out HKD Stablecoin for Now, Signals Openness to Partnerships

The company shifts resources to broader Asian adoption of USDC/EURC under established regulatory channels.

Circle denies plans to issue hkd backed stablecoins

Overview

  • Vice President Chen Qinqi said Circle has no current plans to issue a Hong Kong dollar–pegged stablecoin.
  • The firm remains open to collaborating with local entities that may pursue HKD-pegged tokens under Hong Kong’s new regime.
  • Circle stated institutional investors in Hong Kong can use USDC under the existing legal framework without additional Stablecoin Ordinance requirements.
  • Circle holds a license in Singapore and is still evaluating a Hong Kong office and any potential license application, with no specific steps disclosed.
  • USDC is the second-largest stablecoin at $75.28 billion in market cap, while EURC leads euro-backed stablecoins at $266.5 million, representing over 45% of that market.