hong kong just licensed its first stablecoin issuers to "challenge USD hegemony" and the product is HKDAP, an HKD stablecoin. the HKD is pegged to USD at 7.75-7.85 and has been since 1983. you are not disrupting dollar dominance, you are adding an FX hop to dollar dominance with banking compliance costs on top. the real signal is april 13 when circle meets KB kookmin, shinhan, hana, dunamu, bithumb and coinone in seoul. if korean banks sign with circle, USDC locks asia. if they coordinate with HKMA licensed ...