Analysis: Hong Kong's digital currency sector is making various attempts beyond stablecoins, potentially forming a "competitive and cooperative landscape"

Caijing magazine published an article titled "Hong Kong's Digital Asset Market: Stablecoins, RWAs, and Digital RMB: Multiple Competition and Cooperation." The article noted that in addition to stablecoins, Hong Kong is also conducting various digital currency experiments, including the Digital Currency Bridge project jointly led by the Hong Kong Monetary Authority and other central banks, and tokenized deposits issued by banks. Many market participants believe this may form a "competitive cooperation" pattern to a certain extent. In an interview, Chiu Tak-kan, a member of the Legislative Council of the Hong Kong Special Administrative Region, stated that Hong Kong regulators provide clear oversight and tracking procedures, allowing people to understand the issuance volume of stablecoins and the status of users' bank accounts. Commodities are also seen as a key application scenario for stablecoins.