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HSBC Plans to Offer Stablecoins Denominated in Non-HKD Currencies
Anna Gu, General Manager of Global Custody Products at HSBC, stated that the bank is considering offering stablecoins denominated in non-HKD currencies. The launch of such products is expected to optimize cross-border remittance services for Hong Kong and other regions. Additionally, HSBC is also exploring the integration of other stablecoins regulated in Hong Kong. Gu further added that HSBC plans to launch an HKD stablecoin as early as the second half of this year. The issued stablecoin will be integrated into the investment and payment processes within the bank's own app, supporting investment in tokenized assets. (Mobile Payment Network)
HSBC: Global Commodities Market Enters a “Super Squeeze”
HSBC released a research report stating that the global commodities market is experiencing a “super squeeze” driven primarily by supply disruptions. It noted that if the Strait of Hormuz were to face a prolonged, substantive closure, global commodity inventories would be depleted at an accelerated pace, with some commodities potentially approaching a price inflection point. The report pointed out that the Middle East conflict has already disrupted aluminum smelting capacity, pushing aluminum prices to a four-year high; copper prices, meanwhile, are mainly supported by a recovery in end-user demand and are nearing USD 14,000 per ton. HSBC also highlighted tightening supply pressures across crude oil, liquefied natural gas (LNG), agricultural products, and industrial metals.
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UBS, HSBC, and Macquarie collectively forecast a bullish outlook for silver’s future price trajectory.
UBS, HSBC, and Macquarie have recently adopted a cautious or bearish stance on silver’s outlook. UBS stated that silver prices have surged approximately 140% in 2025, significantly dampening downstream demand; HSBC views silver as “fundamentally overvalued,” with limited upside potential; Macquarie warned that the U.S. Federal Reserve may hike interest rates again in the first half of 2027, potentially pressuring precious metals such as silver. In terms of market performance, spot silver recently fell over 3.5%, to around USD 71.98 per troy ounce.
Hong Kong’s Financial Secretary: Gold Can Serve as a Bridge Between Traditional and New Finance
According to the South China Morning Post, Hong Kong’s Financial Secretary and Secretary for Financial Services and the Treasury, Christopher Hui, stated that gold can serve as a potential bridge between traditional finance and new finance. He emphasized that Hong Kong needs to provide more development opportunities for the digital asset market to support its sustainable growth. He also noted that, given the “convergence” trend between traditional and innovative finance, Hong Kong has opted not to establish a separate digital asset regulatory authority. Hui pointed out that both gold ETFs and blockchain-based tokenized gold products are already available in the market. Earlier, HSBC and Hang Seng Investment launched Hong Kong’s first tokenized, non-listed Hang Seng Gold ETF product on HashKey Exchange in April.
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Visa Launches Global Visa Agentic Ready Program in Hong Kong to Support Institutions in Implementing AI Agent Payments
According to Hong Kong’s Ming Pao newspaper, payment giant Visa has announced the launch of its global Visa Agentic Ready program in Hong Kong. Built upon Visa’s core network and integrated with tokenization technology, identity verification, risk management, and authorization mechanisms, the program supports institutions in implementing AI agent-based payments. The first group of participating institutions includes Bank of China (Hong Kong), DBS Bank (Hong Kong), Hang Seng Bank, HSBC Hong Kong, Reap, Standard Chartered Hong Kong, and ZA Bank.
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BlockBooster Joins the Canton Foundation, Joining Other Foundation Members Including DTCC, Euroclear, Goldman Sachs, and HSBC
As a foundation member, BlockBooster will jointly participate with other member institutions in the foundation’s governance decisions, committee work, and ecosystem development, and will advance its on-chain asset management business on Canton—covering private credit, tokenized funds, and other real-world asset classes.
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HKMA Warns of Fraudulent Tokens Impersonating Licensed Stablecoin Issuers
According to the Hong Kong Monetary Authority (HKMA), tokens using the tickers “HKDAP” or “HSBC” have appeared in the market; however, these tokens are not issued by licensed stablecoin issuers and have no association with such issuers. The HKMA urges the public to remain vigilant and pay attention to the statements issued by Dingdian Financial Technology Co., Ltd. and The Hongkong and Shanghai Banking Corporation Limited (HSBC) regarding this matter. To date, both licensed stablecoin issuers have confirmed that they have not yet launched any regulated stablecoins in the market. The HKMA reminds the public to stay alert against any fraudulent activities claiming affiliation with licensed entities or their issued stablecoins. In case of doubt, members of the public should refer to the official announcements issued by the two licensed issuers and purchase or use stablecoins only through regulated channels.
Circle CEO: There Is a “Huge Opportunity” for RMB-Backed Stablecoins; China May Launch One Within 3–5 Years
According to The Block, Circle CEO Jeremy Allaire stated in an interview with Reuters that there is a “huge opportunity” for a renminbi (RMB)-backed stablecoin. If Chinese authorities wish to enhance the RMB’s global competitiveness, stablecoins could serve as a key technological tool for currency internationalization, and he predicted China may launch an RMB-backed stablecoin within the next three to five years. Notably, the People’s Bank of China (PBOC) and multiple other regulatory bodies explicitly prohibited, as of February 2026, the issuance of RMB-backed stablecoins outside mainland China without prior regulatory approval. In contrast, Hong Kong’s regulatory stance is markedly different: last week, the Hong Kong Monetary Authority (HKMA) issued the first stablecoin licenses to HSBC and Anchorpoint Financial—a joint venture among Standard Chartered, Animoca Brands, and Hong Kong Telecom.
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Deputy Chief Executive of Hong Kong’s Monetary Authority: Stablecoin issuers must obtain approval from mainland regulatory authorities to launch RMB-denominated stablecoins.
According to a report by the Hong Kong Wen Wei Po, Norman Chan, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), stated that stablecoin issuers’ choice of currency for issuance primarily depends on the applicants’ own preferences. While the first stablecoin to be launched will be pegged to the Hong Kong dollar, issuing stablecoins pegged to other currencies—including the renminbi—is permitted under Hong Kong’s regulatory framework. However, applicants must also obtain approval from mainland Chinese regulatory authorities. Regarding when the second batch of stablecoin issuer licenses will be issued, Chan said there is currently no official timeline, though the HKMA continues to engage in discussions with prospective applicants. It is reported that HSBC’s stablecoin will be integrated into both the PayMe and HSBC HK mobile apps, supporting real-time peer-to-peer (P2P) transfers as well as peer-to-merchant (P2M) services.
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HKMA Announces First Batch of Stablecoin Licenses; HSBC and Standard Chartered Granted Licenses
According to the Hong Kong Monetary Authority (HKMA)’s official website, the HKMA announced today at 5:00 p.m. the first batch of stablecoin issuer licenses, with HSBC and Standard Chartered among the licensed institutions.