Vice President of the Hong Kong Monetary Authority: Digital Hong Kong dollars and tokenized deposits tend to use private chains, while stablecoins are mostly issued on public chains

According to Foresight News, in response to market rumors that the Hong Kong Monetary Authority will not promote the retail application of digital Hong Kong dollars for the time being, Hong Kong Monetary Authority Vice President Li Dazhi responded: "The retail application of stablecoins has not been ruled out. I think there are great opportunities to use stablecoins in retail. The actual usage still needs to be decided by commercial institutions."

Li Dazhi added that the technical nature of digital Hong Kong dollars, stable coins and tokenized deposits are similar, but the issuers are different. Digital Hong Kong dollars are "public currencies", while tokenized deposits and stable coins are "private currencies". Digital Hong Kong dollars and tokenized deposits tend to use private chains, while stable coins are mostly issued on public chains. In addition, Hong Kong Monetary Authority Assistant Chief Executive (Financial Infrastructure) Chow Man-ching said that based on the expressions of interest received by the Hong Kong Monetary Authority, seven banks currently hope to launch tokenized deposits this year.

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