Hong Kong Government-Backed Stablecoin Hailed by Web3 Experts as Potential Global Currency, Threatening Dollar Hegemony
According to Wang Yang and Wen Yizhou, a stablecoin backed by the Hong Kong dollar. And issued by the government holds the potential to become a global currency and pose a challenge to the U.S. dollar in certain contexts.
In their recent commentary. ublished by the Hong Kong Web3.0 Association, the authors emphasize that Hong Kong must take action swiftly before the opportunity window closes. They advocate for the launch of the stablecoin. Highlighting the significance of real-world asset (RWA) tokenization trends and the plans of major entities in the stablecoin realm. Yang and Yizhou assert that if Hong Kong acts ahead of U.S.-based counterparts. Its stablecoin can establish a leading position, even amidst growing RWA tokenization market capitalization.
They also discuss the potential benefits of RWA tokenization, including improved transaction transparency and enhanced liquidity, leading to more efficient traditional financial markets and the advancement of Web3 development. The authors underscore that Hong Kong’s advantage in RWA tokenization can only be harnessed through timely stablecoin issuance, as delays could lead to the dominance of U.S.-based entities.
Clever Robot News Desk 28th August 2023
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