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 <p class="is-style-lead">The Vice President of the Hong Kong University of Science and Technology is once more supporting the idea of introducing a <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> tied to the Hong Kong Dollar (HKD) to challenge the status of USDT, a privately-issued <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>, and even the USD, the world’s largest reserve currency.</p> 
 <h2 class="wp-block-heading" id="rooting-for-a-hkd-stablecoin">Rooting for a HKD stablecoin</h2> 
 <p>Ta Kung Pao, a local news source in Hong Kong, references an earlier article titled <em>“Hong Kong’s University of Science and Technology Proposes HKD Stablecoin Backed by Foreign Exchange Reserves.”</em> </p> 
 <p>The proposal suggests introducing a <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> denoted as HKDG, backed by the substantial foreign exchange reservesamounting to $430 billion. </p> 
 <p>This idea aims to enhance liquidity in Hong Kong, rejuvenate its financial landscape, and facilitate crucial objectives like government investments and national developmental strategies.</p> 
 <p>Additionally, the article highlights that the push for this concept stems from the fact that while the HKD can be exchanged for other currencies, it is not widely used in international trade or as a global reserve currency due to its peg to the USD. </p> 
 <p>Therefore, embracing RWA tokenization to issue HKDG could significantly enhance its potential to become an international currency, potentially challenging the dominance of the USD in certain instances.</p> 
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 <p>The article mentions that unlike <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s like USDT and USDC, which have experienced credibility issues, a Hong Kong <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> would provide a trustworthy alternative because of its backing by the government’s foreign exchange reserves.</p> 
 <p>Despite this proposal, there has been no official response from the government at this point.</p> 
 <h2 class="wp-block-heading" id="hong-kong-aims-to-be-a-crypto-hub">Hong Kong aims to be a crypto hub</h2> 
 <p>The push for a Hong Kong dollar <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> is when the city state aims to be a crypto hub.</p> 
 <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
  <div class="wp-block-embed__wrapper"> <iframe title="Hong Kong's Plans For Crypto: Secretary For Financial Services And The Treasury | In Conversation" width="1020" height="574" src="https://www.youtube.com/embed/MNWyRbHSpQ0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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 <p>In July, Saudi Arabia’s Central Bank and the Hong Kong Monetary Authority discussed areas in financial integration, including tokenization. </p> 
 <p>A week later, in early August, the Hong Kong-based crypto exchange HashKey received approval to start trading in the city. </p> 
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Hong Kong’s scholar backs HKD stablecoin to take on USD and USDT

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