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Hong Kong Monetary Authority announces:
The Financial Services Commissioner has issued stablecoin issuer licenses to two institutions—Ding Point Financial Technology Limited (a company jointly formed by Standard Chartered Bank (Hong Kong), Hong Kong Telecom, and Anui Group) and HSBC;
Therefore, stablecoins are evolving from on-chain dollar instruments to → bank-grade financial products.
If we redefine stablecoins using modern finance + banking + regulation, what would true competition look like?