全球首个稳定币监管范本落地香港，港元稳定币或重塑跨境支付格局

Core Insights - Hong Kong's "Stablecoin Regulation" will officially take effect on August 1, marking the world's first comprehensive regulatory framework for fiat-backed stablecoins, attracting global financial market attention [1][3] - The regulation is expected to serve as a model for future global stablecoin regulations, promoting the digital yuan and Hong Kong dollar stablecoin to reduce reliance on the US dollar settlement system and facilitate the internationalization of the yuan [1][3] Group 1 - The implementation of the "Stablecoin Regulation" positions Hong Kong to gain a competitive edge in the stablecoin market, with the Hong Kong Monetary Authority planning to issue initial licenses by early 2026 [1] - The innovative "value anchoring regulation" principle provides legal assurance for institutions and investors, enabling Hong Kong to quickly convert pilot experiences into actual products and accelerate the development of the local stablecoin ecosystem [1][3] Group 2 - In the context of increasing global currency competition, the strategic significance of Hong Kong's move is highlighted, as it effectively mitigates traditional financial institutions' concerns about participating in the stablecoin market [3] - The development of Hong Kong dollar stablecoins is expected to significantly boost the internationalization of the yuan, with existing cross-border payment pilot projects laying the groundwork for the large-scale application of the digital yuan [3] - The combination of Hong Kong dollar stablecoins and the digital yuan will enhance the cross-border payment ecosystem, increasing the yuan's share in cross-border settlements and reducing reliance on traditional systems like SWIFT [3] - Future internationalization of the yuan should rely on "financial scenario expansion" and "technology innovation-driven" dual engines, enhancing regional cooperation and payment convenience to elevate the yuan's acceptance and recognition on the international stage [3]