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China's Stablecoin Services Progress with Testing Phase in Hong Kong

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by Giorgi Kostiuk

5 hours ago

China's stablecoin services, led by JD Technology, are entering a testing phase in Hong Kong's Fintech Supervisory Sandbox, opening new opportunities for international payments.

Stablecoins in Hong Kong

JD Technology launches its stablecoin program under Fintech Supervisory Sandbox 2.0 in Hong Kong, allowing companies to test digital finance under regulatory supervision.

Public Blockchain Integration

China's stablecoin services utilize public blockchains, enabling access through standard wallets and integration into decentralized applications, significantly lowering barriers to adoption.

Market Implications

These stablecoin services could disrupt traditional money transfer systems like SWIFT. Experts believe these initiatives will help China strengthen its influence on international finance without directly challenging existing currency orders.

This is part of China’s long-term strategy to gain influence over international finance without directly challenging existing global currency orders.Michael Sung

The initiatives to launch stablecoin services in China open new avenues for international settlements and could revolutionize cross-border commerce.

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