Former chief executive of the Hong Kong Monetary Authority and chairman of Circle Coin Technology Group, Chen De-lin, pointed out that most stablecoins on the market are backed by US dollars. As Hong Kong is a financial center with virtual asset regulatory regulations, it is worth studying the launch of a Hong Kong dollar stablecoin. With the rapid development of Web 3.0 and digital payment applications globally, stablecoin smart contracts can support a large number of new transaction scenarios. However, the stablecoin market is currently dominated by US dollar assets such as USDT and USDC. Considering that the Hong Kong dollar is pegged to the US dollar and Hong Kong is a financial center, it is not ideal to not promote a Hong Kong dollar stablecoin.
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Former President of the Hong Kong Monetary Authority: Hong Kong deserves to study the launch of a Hong Kong dollar stable currency
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Cointime's Evening Highlights for May 24th
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Pudgy Penguins and Lotte strategically cooperate to expand into the Korean market, and the floor price rose by 3.1% on the 7th
The NFT series "Pudgy Penguins" has recently announced a strategic partnership with South Korean retail and entertainment giant Lotte Group on the X platform to expand its market in South Korea and surrounding areas. More information will be announced in the future. According to CoinGecko data, the floor price of Pudgy Penguins is currently 11.8 ETH, with a 7-day increase of 3.1%. -
CryptoPunks Launches “Super Punk World” Digital Avatar Series
Blue-chip NFT project CryptoPunks announced the launch of "Super Punk World" on X platform, which is the project's first release of 500 digital avatars inspired by the iconic CryptoPunks features and combined with Super Cool World attributes. It is reported that the series may launch auctions in the future, and more details about the collection and auction of this series will be announced soon. -
Drift Foundation: The governance mechanism is gradually being improved, and DRIFT is one of the components
The Drift Foundation stated on the X platform that the DRIFT token is a component of governance and a key element in empowering the community to shape the future. The governance mechanism is gradually improving, and more information will be announced soon. -
U.S. senators propose spending $32 billion to develop AI and build safeguards around it
A bipartisan group of four senators led by Chuck Schumer, the leader of the majority party in the United States, has proposed that Congress spend at least $32 billion over the next three years to develop artificial intelligence (AI) and establish safeguards around it. -
CryptoQuant: Bitcoin demand is now in acceleration mode again after two months of decline
On May 16th, cryptocurrency analysis company CryptoQuant stated in a report that despite a rebound in Bitcoin demand from the low point of the accumulation range, after two months of downward trend, Bitcoin demand is once again in "acceleration mode". -
Fed's Schmid: Low interest rate environment "may not necessarily" return
The Federal Reserve's Schmid said that the overall economy is still strong. Inflation is still too high, and the Federal Reserve has more work to do. Interest rates may remain high for a period of time, and I prefer to reduce the Federal Reserve's balance sheet as much as possible under the premise of compliance with the operating framework. The low interest rate environment may "not necessarily" return. -
a16z partner: Americans have accepted digital assets, but current regulatory approaches limit innovation and privacy
Web3 supporter and a16z partner Chris Dixon (cdixon.eth) posted on social media that in the next two weeks, the House of Representatives will vote on the most important crypto legislation to date, the "21st Century Financial Innovation and Technology Act" (FIT21). We have long called for clear regulation to protect consumers and innovation, and the FIT21 bill will achieve this. -
HKEX: Accepts BOS HashKey, Huaxia, Harvest Bitcoin and Ethereum ETFs as eligible securities for multiple counters in the central clearing system
On April 27th, the Hong Kong Stock Exchange issued three notices, announcing the inclusion of Bo Shi HashKey Bitcoin ETF shares and Bo Shi HashKey Ethereum ETF shares, Huaxia Bitcoin ETF shares and Huaxia Ethereum ETF shares, and Jia Shi Bitcoin Spot ETF shares and Jia Shi Ethereum Spot ETF shares as Central Clearing System multi-counterparty eligible securities. It is reported that: -
Hong Kong Investment Commission: Virtual asset spot ETFs can be bought and sold through banks
Hong Kong investors and the Financial Education Committee have stated that the investment scope of spot virtual asset ETFs is limited to virtual assets (currently limited to Bitcoin and Ethereum) provided to the Hong Kong public for buying and selling on virtual asset trading platforms holding China Securities Regulatory Commission licenses. Trading counterparties must buy and sell virtual assets through licensed virtual asset trading platforms to reduce counterparty risks. Asset custody must be entrusted to designated institutions regulated in Hong Kong, such as licensed virtual asset trading platforms, banks, or their subsidiaries registered in Hong Kong, to reduce custody risks. Investors can buy and sell virtual asset spot ETFs through securities firms or banks. Some virtual asset spot ETFs also provide non-listed fund unit categories, which operate similarly to non-listed funds. Investors can apply for and redeem units through securities firms or banks.
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