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Jeremy Allaire, co-founder and CEO of Circle, said he's "excited" for Hong Kong's plans for stablecoin regulations, during an interview with South China Morning Post. In addition, he suggested that the Chinese government should consider RMB-backed stablecoins, because they have advantages over eCNY (China's CBDC).
"The reality is that every other major financial market in the world is also embracing digital assets, and the biggest financial institutions in the world are embracing digital assets. So for Hong Kong to be relevant, it has to," Allaire said. "I think there is Chinese government support for that. That's different than feeling like it says something about opening up the trading of crypto on the mainland. I don't think there's anything there."
However, Allaire believed that "if eventually the Chinese government wants to see the RMB used more freely in trade and commerce around the world, it may be that stablecoins are the path to do that more than the central bank digital currency."
The Hong Kong Monetary Authority (HKMA) is currently formulating a regulatory framework for stablecoins and plans to conduct a second round of public consultation within this year. Speaking of Hong Kong's plans, Allaire said, "we're excited that this is a priority for the Hong Kong government and it seems like it's a real priority for the HKMA. That's tremendously positive and is really motivating for us to want to be able to grow our business here."
Related: Circle Paying Attention to Hong Kong Crypto Policies, Says CEO
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