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The True Target of Hong Kong's 'Open Scheme' Was Never Stablecoins

Hong Kong's recent issuance of the first stablecoin licenses to HSBC and Standard Chartered—while excluding strategic players like Bank of China Hong Kong—has sparked market disappointment. However, this move may be a deliberate “managed failure” designed not to promote a commercial stablecoin industry, but to advance the government’s broader financial infrastructure goals. The licensed banks, with limited commercial incentive, are effectively subsidizing the development of user education, technical infrastructure, and regulatory frameworks. Their participation ensures that Hong Kong can build the ecosystem needed for its central bank digital currency (e-HKD) without direct public investment. Key narratives around stablecoin use cases—cross-border payments, RWA tokenization, and retail consumption—are structurally flawed and unsustainable in Hong Kong’s context. Instead, the licensing framework serves as a tool to channel private sector resources into developing a state-controlled digital clearing system. The ultimate aim is to reclaim monetary clearing sovereignty amid global shifts toward CBDCs and digital monetary competition. While surface-level Web3 excitement fades, Hong Kong is positioning itself to compete as a next-generation financial hub with a modernized, sovereign financial infrastructure.

marsbit04/14 07:14

The True Target of Hong Kong's 'Open Scheme' Was Never Stablecoins

marsbit04/14 07:14

Understanding JPMorgan Chase: The Enforcer of Dollar Hegemony, the Temple of Banking, and Bitcoin's Most Stubborn Opponent

J.P. Morgan Chase stands as a titan in the global financial system, often regarded as the enforcer of dollar hegemony and a神殿级银行 (temple-level bank). Its pivotal role in dollar clearing—processing over $10 trillion daily—grants it unparalleled influence over global capital flows. While it has selectively partnered with compliant crypto entities like Coinbase, providing crucial banking access that legitimized their operations, the bank remains a staunch critic of Bitcoin. CEO Jamie Dimon has consistently dismissed Bitcoin as a “fraud” and emphasized its use in illicit activities. The bank’s historical significance is profound. Founded by J.P. Morgan, who acted as a de facto central banker during the 1907 crisis, its modern incarnation is a cornerstone of the U.S. financial infrastructure, integral to Treasury operations and crisis management. Its stringent compliance standards make a J.P. Morgan account a coveted symbol of trust and access. Yet, it faces a paradigm shift from decentralized finance. Tether’s USDT has emerged as a “shadow competitor,” creating a parallel system for dollar transactions that bypasses traditional banking channels. In response, J.P. Morgan is exploring its own blockchain solutions, like JPM Coin, aiming to integrate the efficiency of distributed ledger technology while maintaining control within the regulated financial framework. The tension between its centralized power and the rise of decentralized alternatives defines its complex relationship with the crypto world.

marsbit01/20 03:06

Understanding JPMorgan Chase: The Enforcer of Dollar Hegemony, the Temple of Banking, and Bitcoin's Most Stubborn Opponent

marsbit01/20 03:06

Barclays Backs Crypto Company Ubyx Amid Growing Stablecoin Clearing Race

Barclays has made its first direct investment in the stablecoin sector by acquiring an equity stake in Ubyx, a startup that provides a clearing and settlement layer for stablecoins. This move reflects a broader trend of traditional banks exploring digital currency infrastructure within regulatory boundaries. Ubyx aims to reduce market fragmentation by enabling standardized redemption and settlement of stablecoins across different issuers and blockchains. The investment aligns with Barclays' ongoing initiatives in digital money, including participation in a consortium exploring a G7-backed stablecoin and tokenized deposit pilots. While stablecoins like Tether dominate crypto liquidity, regulators remain cautious about systemic risks. Barclays' backing signals growing institutional interest in compliant stablecoin infrastructure.

bitcoinist01/08 03:11

Barclays Backs Crypto Company Ubyx Amid Growing Stablecoin Clearing Race

bitcoinist01/08 03:11

When Nasdaq Starts 'Putting Stocks on the Chain', What Are We Really Welcoming?

Nasdaq is advancing a proposal to move U.S. stock settlement onto the blockchain, which could fundamentally reshape the infrastructure of American capital markets. This shift aims to replace the current slow, manual, and multi-layered clearing system with real-time, automated on-chain settlement. While many discussions focus on surface-level changes like 24/7 trading, the core transformation is structural: moving from outdated T+2 (or even T+1) settlement to instantaneous, programmable, and transparent ledger-based clearing. This isn’t about making stocks “more Web3” but modernizing a financial system that still relies on processes from the 1970s. The existing system—with its custodians, sub-custodians, and clearing intermediaries—creates operational friction, risk, and cost, as seen during events like the GameStop trading halts and the FTX collapse. On-chain settlement could reduce the need for traditional custodial roles, compress arbitrage opportunities built on settlement delays, and turn static securities into dynamic, composable financial instruments. The move faces significant resistance from entrenched intermediaries who profit from the current structure, but the direction of change appears inevitable. As demonstrated by Hong Kong’s recent issuance of a green bond settled in one second (versus five days), tokenization of traditional assets is becoming an operational reality—not a conceptual experiment. When stocks migrate on-chain, other assets like bonds and derivatives may follow, leading to a quiet but profound shift in how global markets function. This isn’t just a change in technology; it’s a change in the nature of finance itself.

cointelegraph_中文12/08 10:33

When Nasdaq Starts 'Putting Stocks on the Chain', What Are We Really Welcoming?