Ping An Securities' stablecoin report stated that stablecoins are a type of crypto asset whose value is pegged to one or a basket of assets to maintain currency stability. Different countries and regions have slightly different definitions of stablecoins, but the overall scope is roughly similar.

Compared to Central Bank Digital Currency (CBDC), the main difference with stablecoins is that they are issued by private entities rather than national central banks, with varying issuer credit and shock resistance capabilities. Compared to ordinary virtual currencies, stablecoins differ mainly in their stable value, thus their transaction usage scenarios also differ.

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As a stable-value cryptocurrency, stablecoins often function as a medium of exchange and, through their value stability, cross-chain compatibility, and integration with RWA (Real World Asset tokenization), become a bridge connecting traditional finance and the crypto ecosystem.

The broker indicated that Hong Kong is actively laying out stablecoin-related products, forming a dual regulatory framework – “USD stablecoin connecting international markets + HKD stablecoin connecting the mainland”, which consolidates the financial attributes of the HKD and provides a testing ground for RMB internationalization.

Hong Kong's definition of stablecoins is relatively broad and not limited to a specific type of fiat-backed stablecoin. As the stablecoin market in Hong Kong rapidly develops, it is expected that the market share of non-USD stablecoins will gradually increase, potentially promoting the establishment of a unified international regulatory system down the road.

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