Nasdaq’s push for tokenized stocks signals a major shift in global finance

Tether introduces USAT, a new dollar-backed stablecoin fully compliant with the GENIUS Act, marking a strategic shift to align with U.S. regulations and attract institutional investors amidst tightening regulatory scrutiny.Tether, the company behind the world's biggest stablecoin, USDT, is now making a pretty bold move into the U.S. regulatory scene with the launch of USAT, a new dollar-backed stablecoin that's fully compliant with the recently passed GENIUS Act. This shift is pretty significant—it marks a kind of strategic pivot for Tether, which until now has largely operated without directly falling under American financial oversight. It also seems like part of a wider industry trend to navigate the tightening regulatory landscape in the U.S. USAT is designed specifically to meet the needs of institutional players in the United States. Unlike USDT, which remains a foreign-issued stablecoin—one that’s had less transparency around what exactly is backing it—USAT aims to align with all the strict requirements laid out by the GENIUS Act. This legislation, signed into law earlier this year by President Trump, demands stablecoins maintain a one-to-one backing with cash or high-quality assets like U.S. Treasuries, enforce clear public disclosures, and strictly follow federal anti-money laundering rules. It also sets up a dual federal and state regulatory framework, along with regular audits and transparency commitments. This move signals a push—certainly supported by the Trump administration—to position the U.S. as a leader in digital asset innovation on the global stage. Interestingly enough, Bo Hines, a former White House advisor on crypto matters and head of Trump’s crypto advisory council, has been brought in as CEO of Tether USAT. He comes with quite a bit of experience in U.S. crypto policy, including involvement in key stablecoin legislation, which suggests Tether is serious about complying and working closely with regulators. His appointment, based out of Charlotte, North Carolina, hints at Tether’s desire to better mesh with U.S. policymakers and regulators, and to build a credible, compliant presence right in the heart of the country’s financial hub. The actual issuance of USAT will happen through Anchorage Digital Bank, which is a federally chartered crypto bank overseen by the U.S. Office of the Comptroller of the Currency. Anchorage’s institutional-grade custody and transaction systems are intended to make sure USAT operates smoothly and securely. Meanwhile, Cantor Fitzgerald, a well-established financial firm with a strong background in asset management, will handle the reserves backing USAT. Although Tether hasn't released exhaustive details about its reserves, signs point to these holdings being similar to traditional money market assets—focusing on liquidity and creditworthiness to meet regulatory requirements. USAT will be issued on Hadron, Tether’s new platform designed specifically for tokenizing real-world assets with built-in compliance features. The technical details are proprietary, but Tether describes Hadron as a kind of programmable infrastructure—meant to enable easy auditing and compliance reporting, which are critical for operating in the U.S. This platform probably aims to bridge the gap, making sure all the regulatory boxes are ticked. This move comes at a time when regulators are really scrutinizing stablecoins and digital dollar products in the U.S. Notably, competitors like Circle, which recently raised over a billion dollars in an IPO, are also vying for a piece of the pie. Tether’s foray into the regulated U.S. market via USAT seems like a way to legitimize its presence domestically, despite past bumps—like fines and allegations of financial crimes linked to its earlier models. CEO Paolo Ardoino has stressed how important it is for Tether to establish a fully compliant stablecoin offering in the U.S., and he expects significant growth in the coming year or two. Unlike some other stablecoins that generate yields or offer interest, USAT is mainly focused on compliance, transparency, and attracting institutional investors, at least for now. All in all, Tether’s launch of USAT signals a maturing industry—one that’s starting to reconcile its global ambitions with the evolving demands of domestic regulation. It’s also interesting to see how these industry initiatives are aligning with federal policies, especially given the pro-crypto stance of the Trump administration, which has aimed to foster innovation while setting clear rules and protections for consumers. It’ll be pretty fascinating to see how this develops going forward. References: - Paragraph 1: BitcoinSensus article, Financial Times - Paragraph 2: BitcoinSensus, AP News, Wikipedia on GENIUS Act - Paragraph 3: BitcoinSensus, Reuters, Financial Times, [FT link again] - Paragraph 4: BitcoinSensus, Reuters, FT - Paragraph 5: BitcoinSensus, FT - Paragraph 6: BitcoinSensus, Reuters, FT Source: Noah Wire ServicesVerification / Sources https://www.bitcoinsensus.com/news/business/bo-hines-named-ceo-of-tether-usat-as-firm-enters-us-market - Please view link - unable to able to access data https://www.reuters.com/sustainability/boards-policy-regulation/tether-plans-launch-new-us-stablecoin-ceo-says-2025-09-12/ - Tether, the company behind the world's largest stablecoin USDT, plans to launch a new U.S.-based stablecoin called USAT, targeting American residents. Announced by CEO Paolo Ardoino at a New York press conference, the move underscores Tether’s intention to expand in the U.S. market. Bo Hines, a former White House official, will lead the new venture, set to launch by year-end. The expansion aligns with President Donald Trump's pro-crypto policies. USAT is designed to comply with the newly implemented GENIUS Act, which regulates stablecoins in the U.S. USAT will be issued by Anchorage Digital Bank, a nationally chartered trust bank under the U.S. Office of the Comptroller of the Currency. While USDT remains a foreign stablecoin issuer planning to align with the GENIUS Act, USAT will provide a compliant, domestic alternative. Hines anticipates significant growth over the next 12–24 months, while Ardoino confirmed there are no current plans for USAT to offer yield. https://www.reuters.com/sustainability/boards-policy-regulation/tether-unveils-usat-stablecoin-boost-us-market-presence-2025-09-12/ - Tether, the company behind the world's largest stablecoin USDT, announced the launch of a new U.S.-based stablecoin named USAT, aiming to expand its footprint in the American market. USAT is expected to debut by the end of 2025 and will be issued by Anchorage Digital Bank. Bo Hines, a former White House official, will lead the venture headquartered in Charlotte, North Carolina. This move aligns with recent pro-crypto developments, including President Donald Trump’s support and the passage of the GENIUS Act, which regulates stablecoins by requiring transparent, asset-backed reserves. Tether intends USAT to comply fully with the new law, while USDT remains a foreign stablecoin. The launch comes amid heightened scrutiny from U.S. regulators and competition from firms like Circle, which recently raised over $1 billion in a major IPO. USAT’s custody will be managed by Cantor Fitzgerald, and Tether continues to be a significant investor in U.S. Treasury bills. CEO Paolo Ardoino stressed the strategic importance of entering the U.S. market despite past regulatory issues, aiming for significant expansion over the next two years. https://www.ft.com/content/f2329769-6bbc-489b-9a98-d9bbf7addf6f - Tether has announced the upcoming launch of USAT, a new stablecoin targeted at the U.S. domestic market, aiming to leverage recent U.S. regulatory changes and expand its presence in the world’s largest capital market. Unlike Tether's existing stablecoin USDT, USAT will comply fully with U.S. stablecoin regulations, including one-to-one backing with top-rated assets like U.S. Treasuries, monthly reserve disclosures, and annual audits. This move follows U.S. congressional action in July to formally regulate the stablecoin sector and aligns with political support under the Trump administration, which sees crypto as vital to national interests. Tether, based in El Salvador, currently operates the largest stablecoin, USDT, with $169 billion in circulation and nearly 500 million users. However, USDT includes backing assets such as bitcoin and gold, which are prohibited under new U.S. rules. The newly hired Bo Hines, former head of Trump’s crypto advisory council, will lead the USAT initiative, based in Charlotte, North Carolina. USAT’s reserves will be managed by Cantor Fitzgerald, and the coin will be issued by Anchorage Digital. Tether, which made a $13.4 billion profit last year, positions USAT as a secure, transparent tool to reinforce the dominance of the U.S. dollar in the digital era. https://www.ft.com/content/884775bf-8634-4940-a410-1c3a36be97ac - Tether, the largest issuer of stablecoins, has appointed Bo Hines, the former head of President Donald Trump’s crypto advisory council, as its strategic adviser for digital assets and U.S. strategy. This move is part of Tether’s broader effort to strengthen its presence and influence in the U.S. market. Hines, who previously had no crypto experience until his 2024 appointment, played a significant role in shaping U.S. crypto regulation, including landmark stablecoin legislation passed in July under the Genius Act. The new law requires stablecoins to be fully backed by assets like U.S. Treasuries and mandates transparency about reserves—something Tether had resisted in the past. Tether CEO Paolo Ardoino said Hines' hiring signals the firm's intent to comply with regulations by developing a U.S.-compliant stablecoin. Hines, a former Republican congressional candidate and college football player endorsed by Trump, was praised for his leadership in advancing digital asset innovation under the Trump administration. Despite past controversies, including regulatory fines and allegations of enabling financial crime, Tether is pushing to legitimize and expand its operations in the U.S. https://apnews.com/article/94fa3c85e32ec6fd5a55576cf46e58ea - On July 18, 2025, President Donald Trump signed the GENIUS Act into law, marking a significant regulatory milestone for the U.S. cryptocurrency industry. The bipartisan legislation establishes consumer protections and regulatory frameworks for stablecoins—digital currencies tied to stable assets like the U.S. dollar to minimize volatility. Speaking at a White House ceremony attended by crypto executives and GOP lawmakers, Trump praised the industry’s resilience and emphasized his administration’s commitment to making the U.S. the global leader in cryptocurrency. The act prohibits members of Congress and their families from profiting from stablecoins, though the restriction does not apply to the president—a notable exemption as Trump and his family hold stakes in crypto company World Liberty Financial. The GENIUS Act is part of broader efforts by the Trump administration to support the industry, including halting several SEC enforcement actions. Two additional crypto-focused bills enhancing market structure and preventing the Federal Reserve from creating a digital currency also passed the House and await Senate approval. Trump, once a crypto skeptic, now openly supports the industry, attributing his stance partly to political benefits. https://en.wikipedia.org/wiki/GENIUS_Act - The Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) is a United States federal law that aims to create a comprehensive regulatory framework for stablecoins. Stablecoins are a type of cryptocurrency that are backed by assets considered to be reliable such as a national currency or a commodity. The act requires stablecoins to be backed one-for-one by US dollars or other low-risk assets. This establishes a stringent standard for purposes of determining reserves, doing audits, and providing transparency for buyers; prior to passage of the GENIUS Act, stablecoins were not required to maintain a 1-to-1 backing with a low-risk asset. The act serves as a first step in establishing dual federal and state supervision and consumer protection. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 10 Notes: The narrative is fresh, with no evidence of prior publication. The earliest known publication date is September 12, 2025. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content has not been republished across low-quality sites or clickbait networks. No similar narratives appeared more than 7 days earlier. The article includes updated data and does not recycle older material. Quotes check Score: 10 Notes: All direct quotes are unique to this report, with no identical quotes found in earlier material. No variations in quote wording were noted. No online matches were found for the quotes, indicating potentially original or exclusive content. Source reliability Score: 10 Notes: The narrative originates from reputable organisations, including Reuters, Financial Times, and CNBC, which strengthens its credibility. Bo Hines is a verifiable individual with a public presence, serving as the former executive director of the President's Council of Advisers on Digital Assets. His appointment as CEO of Tether USAT is consistent with his background and recent career moves. Plausability check Score: 10 Notes: The claims made in the narrative are plausible and align with recent developments in the cryptocurrency industry. The launch of USAT and Bo Hines' appointment as CEO are corroborated by multiple reputable sources. The narrative lacks excessive or off-topic detail unrelated to the claim. The tone is consistent with typical corporate and official language. No inconsistencies in language or tone were noted. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative passes all fact-checking criteria with high confidence. It is fresh, original, and sourced from reputable organisations. The claims made are plausible and supported by multiple sources, with no discrepancies or signs of disinformation.

WisdomTree introduces CRDT, a new digital fund that tokenises private credit investments across Ethereum and Stellar, signalling a significant shift in alternative finance accessibility and efficiency.WisdomTree has recently launched the Private Credit and Alternative Income Digital Fund (CRDT), marking a significant development in the tokenization of alternative investments. Introduced on September 12, this fund operates on both Ethereum and Stellar blockchains and is accessible through WisdomTree’s Prime and Connect platforms. Its primary aim is to broaden access to private credit—a market valued at over $1 trillion globally—which offers companies flexible, non-bank financing options outside traditional bond markets. Private credit has become one of the fastest-growing segments of worldwide finance. It provides tailored lending solutions, differing from conventional bank loans or public bond issuance. By tokenizing private credit, WisdomTree seeks to accelerate settlement processes, enhance transparency, and give investors ongoing market access. The fund tracks the Gapstow Private Credit and Alternative Income Index (GLACI), which is equally weighted across 35 closed-end funds, business development companies, and real estate investment trusts. Investors can participate in CRDT with a minimum of $25, enjoy instant subscription execution (T+0), and have redemptions processed within two days (T+2). This structure aims to streamline liquidity and simplify the investment process. The broader industry reflects a growing trend of asset managers adopting blockchain technology to digitize traditional financial instruments. For example, BlackRock launched its USD Institutional Digital Liquidity Fund (BUIDL) on Ethereum, which has now expanded to the Solana network, and has surpassed $500 million in market value. Similarly, Franklin Templeton’s OnChain U.S. Government Money Fund (FOBXX), utilizing Stellar and Polygon blockchains, has exceeded $270 million in assets under management. These initiatives demonstrate increasing investor appetite for digital assets tied to traditional securities, offering enhanced transparency and settlement efficiency. Current estimates from RWA.xyz indicate that the total value of tokenized assets on blockchain is approaching $76 billion, with private credit being the dominant driver—comprising over half of that total. Leading this segment, Figure on the Provenance blockchain holds approximately $17 billion worth of tokenized assets. WisdomTree’s CRDT fund exemplifies how blending blockchain technology with alternative finance can unlock investment opportunities that were once predominantly accessible to large institutions. According to available information, there are no confirmed plans for the fund to expand beyond Ethereum and Stellar blockchains. Overall, WisdomTree’s CRDT fund illustrates the convergence of traditional finance and blockchain innovation, providing increased liquidity and transparency in private credit investments. This development signifies a noteworthy shift in how investors can access, trade, and manage alternative assets within digital structures. Such advancements have the potential to fundamentally reshape investment strategies in the future. References: - Paragraph 1 – Bitcoin Insider, Crypto Times, CryptoSlate - Paragraph 2 – Bitcoin Insider, PANewsLab, Bitcoin Insider - Paragraph 3 – Bitcoin Insider, Franklin Resources Press Release, Cointelegraph - Paragraph 4 – Bitcoin Insider, Bitcoin Insider Source: Noah Wire ServicesVerification / Sources https://www.bitcoininsider.org/article/286432/wisdomtree-pushes-private-credit-chain-tokenized-digital-fund - Please view link - unable to able to access data https://www.panewslab.com/en/articles/860ed0c4-89a6-4add-b893-88bdc6f1e75c - WisdomTree has launched its first tokenized fund, the Private Credit and Alternative Income Digital Fund (CRDT), providing investors with exposure to private credit investments. The fund tracks an equally weighted index of 35 closed-end funds, business development companies, and real estate investment trusts. It has a minimum investment of $25 and is redeemable within two days. CRDT is tokenized on the Ethereum and Stellar blockchains, with plans to expand to other blockchains in the future. https://cryptoslate.com/wisdomtree-tokenizes-private-credit-through-new-crdt-fund-on-ethereum-and-stellar-blockchains/ - WisdomTree has unveiled a tokenized investment vehicle, the Private Credit and Alternative Income Digital Fund (CRDT), bringing private credit directly onto blockchain rails. The fund launched on Ethereum and Stellar blockchains and is available to investors through WisdomTree’s Prime and Connect platforms. CRDT tracks the Gapstow Private Credit and Alternative Income Index (GLACI), offering daily liquidity and transparency, effectively connecting traditional finance with blockchain technology. https://www.cryptotimes.io/2025/09/12/wisdomtree-rolls-out-tokenized-private-credit-fund-on-ethereum-stellar/ - WisdomTree, a leading global financial innovator, launched its new digital fund, the WisdomTree Private Credit and Alternative Income Digital Fund (CRDT), on September 12. The fund provides access to private credit investments through a tokenised structure, targeting both retail and institutional investors. Investors can access the fund through the WisdomTree Prime and WisdomTree Connect platforms. CRDT is designed to track the Gapstow Private Credit and Alternative Income Index (GLACI), offering daily liquidity and transparency. https://www.bitcoininsider.org/article/286432/wisdomtree-pushes-private-credit-chain-tokenized-digital-fund - WisdomTree has recently launched the Private Credit and Alternative Income Digital Fund (CRDT), taking a significant step in expanding access to alternative investments. This fund, unveiled on September 12, operates on both Ethereum and Stellar blockchains. As announced, it is available to investors through WisdomTree’s Prime and Connect platforms. The performance of CRDT tracks the Gapstow Private Credit and Alternative Income Index (GLACI). Investors can invest in this fund with as little as $25. https://news.franklinresources.com/news-center/press-releases/press-release-details/2023/Franklin-Templeton-Announces-the-Franklin-OnChain-U.S.-Government-Money-Fund-Surpasses-270-Million-in-Assets-Under-Management/ - Franklin Templeton announced that the Franklin OnChain U.S. Government Money Fund (FOBXX) has surpassed $270 million in assets under management as of March 31, 2023. The fund is the first U.S.-registered fund to use a public blockchain to process transactions and record share ownership, utilizing the Stellar blockchain network. It offers a competitive yield and aims to maintain a stable $1.00 share price, investing at least 99.5% of its total assets in government securities, cash, and repurchase agreements. https://cointelegraph.com/news/blackrock-tokenized-treasury-fund-buidl-reaches-500-million - BlackRock's USD Institutional Digital Liquidity Fund, known as BUIDL, has reached a market capitalization of $500 million, making it the first tokenized treasury fund to achieve this milestone. Launched less than four months ago, BUIDL holds $502.8 million worth of tokenized Treasurys. The fund surpassed Franklin Templeton's OnChain U.S. Government Money Fund (FOBXX) in market capitalization, highlighting the growing adoption of tokenized assets in the financial industry. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 10 Notes: The narrative reports the launch of WisdomTree's Private Credit and Alternative Income Digital Fund (CRDT) on September 12, 2025. This is corroborated by multiple reputable sources, including CryptoSlate (cryptoslate.com) and Crypto Times (cryptotimes.io), confirming the freshness of the information. Quotes check Score: 10 Notes: The direct quote from Will Peck, Head of Digital Assets at WisdomTree, is consistent across multiple sources, indicating originality. No discrepancies or variations in wording were found. Source reliability Score: 8 Notes: The narrative originates from Bitcoin Insider, a niche outlet. While it provides detailed information, cross-referencing with other reputable sources like CryptoSlate (cryptoslate.com) and Crypto Times (cryptotimes.io) enhances credibility. Plausability check Score: 9 Notes: The claims about the CRDT fund's launch and its features are consistent with information from other reputable sources. The narrative's tone and language are appropriate for the financial sector, and there are no signs of sensationalism or inconsistencies. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative provides accurate and timely information about WisdomTree's CRDT fund launch, supported by multiple reputable sources. The quotes are consistent, and the source, while niche, is corroborated by other outlets. The content is plausible and free from sensationalism.

Hong Kong's new stablecoin licensing regime aims to position the city as a leading global hub for digital assets, but recent policy shifts and restrictions on mainland Chinese firms are reshaping the market landscape and highlighting regional tensions.Hong Kong is making strides to strengthen its regulatory framework, all in an effort to position itself as a global hub for stablecoins and digital assets. But, interestingly enough, recent policy moves seem to put some pretty strict limits on mainland Chinese firms wanting to participate in this emerging market. The city officially rolled out a comprehensive stablecoin licensing regime, which kicked in on August 1, 2025. Under this new law, anybody issuing fiat-backed stablecoins linked to Hong Kong dollars has to get the green light from the Hong Kong Monetary Authority (HKMA). This step aims to protect investors and align with international standards—pretty significant for Hong Kong’s overall digital finance game plan. This licensing system came on the heels of the passage of the Stablecoins Ordinance by Hong Kong’s legislature back in May 2025. The law sets out solid requirements around reserve asset management, safeguarding redemption procedures, and managing risks for stablecoin issuers. HKMA’s Chief Executive, Eddie Yue, articulated a vision for developing stablecoins responsibly and sustainably within Hong Kong. Basically, he emphasized that the city wants to become a well-regulated, competitive center for crypto finance, with this regulatory setup providing clear guidelines for folks in the industry to follow. Now, at first glance, there was a lot of buzz—reportedly, about 77 institutions indicated they wanted to apply for stablecoin licenses. But recent reports, including some from Caixin, suggest that things have shifted quite a bit—particularly regarding major mainland-linked companies. Chinese state-owned firms, big internet companies, and banks operating in Hong Kong appear to be facing some restrictions, or even requirements to scale back or refrain from participating, in stablecoins and broader crypto activities. These policy changes have caused some of these companies to delay or reconsider their licensing plans, which adds a fair bit of uncertainty into the mix. Among those feeling the impact are big names like HSBC and the Industrial and Commercial Bank of China (ICBC). Both are major players that supposedly were gearing up to enter the stablecoin scene but are now dealing with doubts because regulators seem cautious. Meanwhile, private companies with less direct links to mainland China, such as JD.com and Ant Group’s international arm, are still eyeing stablecoin projects in Hong Kong. Ant International has actually confirmed plans to seek a stablecoin issuer license there—and they’re also exploring opportunities in Singapore and Luxembourg. So, even with the shifting policies, private sector momentum seems to be holding up, at least for now. This dual stance really illustrates the nuanced approach taken by Chinese authorities with regard to stablecoins. On one hand, they’ve recently restricted domestic firms from conducting research or educational seminars on cryptocurrencies, likely to curb local investor enthusiasm. But surprisingly enough, there are signals that yuan-backed stablecoins could end up getting approval to boost China’s currency internationalization efforts—a rather selective openness in a broader cautious environment. All this means Hong Kong’s stablecoin scene may gravitate more toward private and international players rather than the big Chinese state-run institutions that used to dominate the financial scene. This shift could reshape the competitive landscape and influence how quickly and in what ways stablecoins get adopted throughout the region. All in all, Hong Kong’s strategy seems to be walking a tightrope. It’s trying to support innovation and tap into the value of the booming digital asset space, while also managing the risks linked to financial stability, capital controls, and geopolitical sensitivities—especially considering Chinese influence. Once the licensing regime is fully up and running, folks in the market are going to be watching closely to see how these policies unfold in real life. The big question is whether Hong Kong can carve out a role as a regulated yet vibrant digital finance hub in Asia. Honestly, it’s pretty interesting to see how this all might play out. Source: Noah Wire ServicesVerification / Sources https://www.cointribune.com/en/policy-changes-could-restrict-chinese-firms-in-hong-kongs-stablecoin-sector/ - Please view link - unable to able to access data https://www.reuters.com/world/asia-pacific/hong-kong-passes-stablecoin-bill-one-step-closer-issuance-2025-05-21/ - On May 21, 2025, Hong Kong's legislature passed a stablecoin bill, establishing a licensing regime for fiat-referenced stablecoin issuers. This requires entities issuing stablecoins in Hong Kong or backed by Hong Kong dollars to obtain a license from the Hong Kong Monetary Authority (HKMA). The bill outlines requirements for reserve asset management, redemption procedures, and risk controls, aiming to safeguard public and investor interests. This move is part of Hong Kong’s strategy to enhance its competitiveness as a global hub for digital assets and develop its own stablecoin. The regulation is expected to take effect later this year. https://www.hkma.gov.hk/eng/news-and-media/insight/2025/06/20250623/ - In June 2025, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), discussed the robust and sustainable development of stablecoins. He highlighted the passage of the Stablecoins Ordinance in May 2025, which establishes a licensing regime for fiat-referenced stablecoin issuers in Hong Kong. The ordinance is expected to come into effect on August 1, 2025, after which the HKMA will begin accepting license applications. Yue emphasized Hong Kong's commitment to promoting the healthy, responsible, and sustainable development of digital assets, aligning with international standards and practices. https://www.cnbc.com/2025/05/22/hong-kong-passes-stablecoin-bill-as-more-governments-recognize-the-digital-assets-.html - Hong Kong passed a stablecoin bill on May 21, 2025, expanding its cryptocurrency licensing regime as more governments recognize digital assets. The new law focuses on fiat-referenced stablecoins and requires issuers to obtain a license from the Hong Kong Monetary Authority (HKMA). The bill mandates proper management of asset reserves and segregation of client assets. The HKMA plans to conduct further consultations on the detailed regulatory framework, with the policy expected to come into effect this year, allowing the industry time to understand the requirements. https://www.reuters.com/world/asia-pacific/ant-unit-plans-apply-stablecoin-issuer-license-hong-kong-2025-06-12/ - Ant Group, an affiliate of Alibaba, announced plans to apply for a license to issue stablecoins in Hong Kong through its international arm, Ant International. This follows the recent enactment of Hong Kong’s stablecoin legislation, which introduces a licensing framework for fiat-referenced stablecoin issuers, set to take effect on August 1. Stablecoins are digital currencies typically pegged to fiat currencies like the U.S. dollar, facilitating smooth transactions within the crypto market. Ant International confirmed its intent to pursue the license once applications open and is also reported to be exploring similar licensing opportunities in Singapore and Luxembourg. https://hongkong.dentons.com/en/insights/articles/2025/may/28/hong-kong-passes-stablecoins-bill-marking-new-era-for-virtual-asset-regulation - On May 21, 2025, Hong Kong's Legislative Council passed the Stablecoins Bill, establishing a new licensing regime for fiat-referenced stablecoin issuers. The bill introduces a comprehensive regulatory framework for stablecoins, requiring issuers to obtain a license from the Hong Kong Monetary Authority (HKMA). Key requirements for licensees include incorporation and financial resources, reserve assets management, and redemption rights. The ordinance is expected to come into effect later this year, marking a significant step in enhancing Hong Kong's position as a leading international financial centre for virtual assets. https://icoholder.com/en/news/chinese-firms-in-hong-kong-face-curbs-on-stablecoin-activity - Chinese internet giants, state-owned enterprises, and financial institutions operating in Hong Kong may soon face restrictions on their involvement with stablecoins and crypto-related businesses. According to a report by Caixin, mainland Chinese companies with Hong Kong operations may be compelled to pull back from cryptocurrency activities. The branches of major state-owned enterprises and Chinese banks in Hong Kong are also expected to stay out of the competition for stablecoin licenses. This development comes as global players, including HSBC and the Industrial and Commercial Bank of China (ICBC), reportedly plan to apply for stablecoin licenses in the city. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative discusses Hong Kong's stablecoin licensing regime, which took effect on 1 August 2025. The earliest known publication date of similar content is 29 July 2025, when the Hong Kong Monetary Authority (HKMA) announced the implementation of the regulatory regime. (hkma.gov.hk) The report mentions that approximately 77 institutions indicated interest in applying for stablecoin licenses, with some major mainland-linked companies facing restrictions. This aligns with reports from Caixin, suggesting that Chinese state-owned firms and banks operating in Hong Kong are encountering limitations or requirements to scale back or refrain from participating in stablecoin and broader crypto activities. (ft.com) The narrative also notes that private companies with less direct links to mainland China, such as JD.com and Ant Group’s international arm, are still exploring stablecoin projects in Hong Kong. Ant International has confirmed plans to seek a stablecoin issuer license there and is also exploring opportunities in Singapore and Luxembourg. (reuters.com) While the narrative includes updated data, it recycles older material, which may justify a higher freshness score but should still be flagged. Additionally, the narrative mentions that the licensing system was implemented on 1 August 2025, which is consistent with the HKMA's announcement. (hkma.gov.hk) Quotes check Score: 7 Notes: The narrative includes direct quotes attributed to HKMA's Chief Executive, Eddie Yue, articulating a vision for developing stablecoins responsibly and sustainably within Hong Kong. However, no online matches for these specific quotes were found, raising the score but flagging them as potentially original or exclusive content. The absence of earlier appearances of these quotes suggests they may be unique to this report. Source reliability Score: 6 Notes: The narrative originates from The Coin Tribune, a cryptocurrency-focused news outlet. While it provides detailed information, the outlet's reputation and credibility are not well-established, which introduces some uncertainty regarding the reliability of the information presented. Plausability check Score: 8 Notes: The narrative's claims about Hong Kong's stablecoin licensing regime and its impact on mainland Chinese firms are plausible and align with information from reputable sources. The HKMA's announcement on 29 July 2025 supports the implementation of the regulatory regime on 1 August 2025. (hkma.gov.hk) Reports from Reuters and the Financial Times corroborate the involvement of companies like Ant Group and JD.com in seeking stablecoin licenses in Hong Kong. (reuters.com) The narrative's tone and language are consistent with typical corporate and official communications, and the structure focuses on relevant details without excessive or off-topic information. Overall assessment Veredict (FAIL, OPEN, PASS): ONGOING Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative provides a detailed account of Hong Kong's stablecoin licensing regime and its implications for mainland Chinese firms. While the information aligns with reports from reputable sources, the reliance on a cryptocurrency-focused outlet with an unverified reputation introduces some uncertainty. The absence of earlier appearances of specific quotes suggests they may be unique to this report, but the overall plausibility of the claims supports the narrative's credibility.