Hong Kong Is Ready To Challenge USDT And USDC With Its Own Stablecoin, Experts Say

Hong Kong government should consider launching its own stablecoin, the HKDG, backed by its foreign exchange reserves. That's according to a proposal put forward by web3 expert and Hong Kong University Vice Chancellor Wang Yang; angel investor Cai Wensheng; BlockCity founder Lei Zhibin; and Ph.D.

Timeline of Usd-coin, Tether

Tether says its Euro based stablecoin Euro Tether (EUR₮) and Tether Gold (XAU₮) will soon trade on XT.com. XT.COM Exchange is described as a “social-infused cryptocurrency exchange.

Hong Kong is wasting no time since it opened its doors to the crypto industry last month. A recent proposal is for the creation of an HKD stablecoin to compete with USD-denominated ones.

“Issuing a stablecoin pegged to the HK dollar not only helps to solidify HK's leadership in the blockchain sector but also propels the progress of the digital HK dollar," said the report.

To solidify its position as a global financial hub, Hong Kong is making waves in the cryptocurrency industry with plans to launch its state-backed stablecoin. This move comes as the region's interest in digital currencies and Web3 technology continues to grow.

USDC experienced a notable decrease in its circulating supply during the weekend, causing ripples of concern within the cryptocurrency market. According to data from CoinGecko, the stablecoin's circulating supply dwindled by over 2%, falling from $27.9 billion on June 30 to $27.3 billion in less than 48 hours.

Coinbase said Wednesday that Coinbase Advanced, its trading platform aimed at more sophisticated traders, will offer “up to 4% rewards on the USDC that they hold on Coinbase or on any USDC used in open orders.”

Tether has recently inked a Memorandum of Understanding (MOU) with the Government of Georgia which will position Georgia as a central nucleus for blockchain and peer-to-peer technology. Paolo Ardoino, Tether's visionary Chief Technology Officer, expressed his enthusiasm for the alliance with the Government of Georgia, underscoring the shared ambition of cultivating a thriving environment for peer-to-peer technology.

Tether, the company behind the USDT stablecoin, has signed a memorandum of understanding (MOU) with the government of Georgia. The collaboration aims to establish the former Soviet republic as a hub for peer-to-peer and blockchain technology.

It's official: Tether takes another step forward on advancing crypto adoption, recently signing a Memorandum of Understanding (MOU) with the government of Georgia to develop a blockchain, Bitcoin, and peer-to-peer infrastructure to promote innovation.

Stablecoin issuer Tether (CRYPTO: USDT) has forged an alliance with the Government of Georgia, aimed at establishing the country as a nexus for blockchain and peer-to-peer technologies, which is expected to spur innovation and economic expansion. Tether and the Georgian government are concentrated on nurturing a start-up ecosystem by accentuating Georgia's congenial business environment and quality of life and through this emphasis, they intend to draw global investments and catalyze the growth of avant-garde start-ups in the blockchain domain.