专访香港国际金融学会会长宋敏：“制度先行”有助于香港探路稳定币发展路径

Core Viewpoint - The establishment of the Hong Kong Stablecoin Regulation, effective from August 1, 2025, is expected to significantly impact the development of stablecoins and the internationalization of the Renminbi (RMB) [1][6]. Group 1: Stablecoin Development - The emergence of stablecoins is a result of technological advancements, but regulation remains essential [4][5]. - Unlike the "develop first, regulate later" approach seen with US dollar stablecoins, China is adopting a "regulate first, then allow" strategy to ensure monetary sovereignty while promoting internationalization [6][7]. - Hong Kong's regulatory framework is simpler and more conducive for exploring stablecoin applications compared to mainland China [6]. Group 2: Application Scenarios - The primary application of Hong Kong stablecoins is expected to be in cross-border trade settlements, leveraging Hong Kong's role as a major trade hub [8][9]. - Real World Assets (RWA) digitization is another promising area for stablecoin application, with examples like Ant Group's issuance of a digital product linked to a renewable energy project [9]. - The potential for stablecoins to facilitate the trading of digital financial products, such as those offered by fund institutions, is also highlighted [9]. Group 3: RMB Internationalization - Hong Kong plays a crucial role in the internationalization of the RMB, with a significant offshore RMB fund pool estimated at around 1 trillion RMB [10][11]. - The city is positioned as the largest offshore RMB market, accounting for over two-thirds of global offshore RMB transactions [10][11]. - The development of more RMB-denominated financial products in offshore markets is essential for enhancing the internationalization of the currency [13]. Group 4: Regulatory Considerations - A comprehensive regulatory framework for stablecoins is necessary to identify risks and ensure the safe development of the offshore RMB market [7][12]. - The gradual introduction of stablecoins should prioritize the use of RMB stablecoins, with strict limitations on foreign currency stablecoins to protect monetary sovereignty [10][12].