Eddie Yue, Chief Executive of the Hong Kong Monetary Authority: Further Efforts Needed to Cool Down Stablecoins

According to ChainCatcher, as reported by Shanghai Securities News, Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue has published another article discussing stablecoins. Yue stated that over the past month, the intensity of market and public discussions on stablecoins, as well as efforts to cool down the hype, still need to be strengthened. He also addressed how to implement the Stablecoin Regulation Ordinance in a prudent and sustainable manner. Yue emphasized the need to guard against excessive market and media speculation regarding stablecoins, noting several recent phenomena that warrant attention. The first is excessive conceptualization.

Yue revealed that, based on Hong Kong’s experience, dozens of institutions have proactively approached the HKMA team so far. Some have explicitly expressed their intention to apply for a stablecoin license, while others are still in the exploratory stage. However, many remain at the conceptual level, proposing visions such as improving cross-border payment efficiency, supporting Web3.0 development, and enhancing the efficiency of the foreign exchange market, but lacking practical application scenarios and unable to present concrete, feasible plans for implementation—let alone demonstrate awareness and capability in risk management. Among those able to provide application scenarios, the institutions themselves often lack the technical expertise to issue stablecoins and the experience and ability to manage various financial risks.

Yue suggested that there are multiple ways to participate in the stablecoin sector. For such institutions, a more practical approach may be to collaborate with other stablecoin issuers to provide application scenarios, rather than pursuing the role of issuer themselves.