Hong Kong Monetary Authority: Seven banks hope to launch tokenized deposits within the year

ChainCatcher news, according to Hong Kong media Xin Bao, the Assistant General Manager (Financial Infrastructure) of the Hong Kong Monetary Authority, Zhou Wenzheng, stated that based on the intentions received by the Monetary Authority, seven banks are currently looking to launch tokenized deposits this year.

In addition, regarding market rumors that the Hong Kong Monetary Authority is not currently advancing the retail application of the digital Hong Kong dollar, the Deputy General Manager Li Dazhi responded, "We do not rule out the retail application of stablecoins, and we believe there is a significant opportunity for stablecoins to be used in retail; the actual usage will still depend on commercial institutions."

Li Dazhi further stated that the digital Hong Kong dollar, stablecoins, and tokenized deposits have similar technological characteristics, differing only in their issuers. The digital Hong Kong dollar is classified as "public currency," while both tokenized deposits and stablecoins are considered "private currency." The digital Hong Kong dollar and tokenized deposits tend to use private chains, whereas stablecoins are mostly issued on public chains.