On November 4, Circle co-founder and CEO Jeremy Allaire announced that USDC, a stablecoin issued by Circle, is planning to expand its business in Hong Kong. The company intends to hire more employees and establish operations in the city, waiting for Hong Kong’s new stable currency regulations to be finalized.
Allaire also mentioned that understanding the regulations will be essential in applying for a license. Circle Asia Pacific’s Vice President, Chen Qinqi, emphasized the importance of Hong Kong’s role in developing stablecoins, citing benefits such as same-day USD settlement and being the largest capital market in the Asia-Pacific region.
Additionally, Hong Kong’s close ties with mainland China make it a prime location for developing stablecoin opportunities, potentially leading to significant market demand for Hong Kong-based stablecoins.
