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Building stablecoins is easy, pricing the risks is not
The race to define digital financial infrastructure has entered its decisive phase, and Hong Kong has chosen to move first. On 10 April, the Hong Kong Monetary Authority issued its first stablecoin licences – two approvals from a field of 36 applicants. However, no stablecoin-specific stress-testing standards, quantitative reserve guidelines or operational protocols for resolving the structural gaps identified in the HKMA’s 2023 Discussion Paper Conclusions were published with them. The International Monetary Fund’s April 2026 reports on tokenised finance warned of systemic risks across three critical ... (full story)