Chairman of Animoca Brands: Hong Kong’s cryptocurrency sector will grow through local stablecoins

According to Deep Trend TechFlow news, Yat Siu, chairman of Animoca Brands, said that once approved in Hong Kong, stablecoins linked to the Hong Kong dollar will be regarded as having a unique position in the cryptocurrency market.

"What's interesting about the Hong Kong dollar compared to most other currencies is that it's pegged to the U.S. dollar, so if you want another regulated currency that's not American but still tied to the U.S. dollar system," Yat Siu said pegged, I think the Hong Kong dollar is going to be a very interesting alternative."

Siu explained that the Hong Kong stablecoin will likely find significant and unique demand because the Hong Kong dollar is the U.S. dollar equivalent, not the U.S. dollar, and is not located within the United States.