7 hours ago
Companies looking to contented stablecoins should rein successful their enthusiasm, particularly erstwhile their main concern is unrelated to integer assets, Hong Kong Monetary Authority (HKMA) CEO Eddie Yue, wrote successful a blog post connected the cardinal bank's website.
Some companies that don't person a concern that is related to stablecoins — tokens whose worth is pegged to different assets specified arsenic fiat currencies — oregon integer assets person announced their volition to make a stablecoin business. As a result, "stock prices person risen, banal trading measurement has increased, and the company's estimation has besides been greatly improved," Yue said successful the Wednesday post.
"With the caller blistery speculation of the stablecoin concept, the marketplace has go overly excited," helium wrote.
The fiscal regulator's cooling enactment travel arsenic it is acceptable to commencement licensing stablecoin issuers from Aug. 1 aft passing a stablecoin measure successful May. While 40 firms are acceptable to use for the regime, the HKMA is apt to o.k. less than 10.
"In fact, we person made it wide earlier that astatine astir lone a fewer stablecoin licenses volition beryllium approved successful the archetypal stage," Yue said. "In different words, determination are galore disappointed people."
After the transition of the stablecoin bill, the regulator sought opinions connected implementing its regularisation and wealth laundering guidelines, thing which it plans connected publishing by the extremity of July, helium added.
The marketplace capitalization of stablecoins climbed to much than $269 billion, according to CoinGecko data, pursuing the signing into instrumentality of the U.S.' GENIUS stablecoin bill past week.
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