{"id":13744,"date":"2024-11-27T13:19:57","date_gmt":"2024-11-27T06:19:57","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=13744"},"modified":"2024-11-27T13:19:57","modified_gmt":"2024-11-27T06:19:57","slug":"a-report-shows-that-stablecoins-will-be-crucial-for-advancing-hong-kongs-position-as-a-leading-web3-hub-regulations-are-the-key-to-mass-adoption","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=13744","title":{"rendered":"A Report shows that stablecoins will be crucial for advancing Hong Kong’s position as a leading Web3 hub. Regulations are the key to mass adoption."},"content":{"rendered":"\n\n\n
\"\"<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

HONG KONG<\/span><\/span>, Nov. 27, 2024<\/span><\/span> \/PRNewswire\/ — Quinlan & Associates and IDA Finance Hong Kong Limited (“IDA”) have co-published a thought leadership report that explores the potential for regulated stablecoins to evolve into trusted legal tender, gaining widespread acceptance for real-world applications, especially local and cross-border payments.<\/p>\n

\n<\/div>\n

Report link<\/b>: https:\/\/www.quinlanandassociates.com\/from-digital-currency-to-legal-tender\/<\/a>\u00a0<\/p>\n

The report, titled, From Digital Currency to Legal Tender: The Role of Regulated Stablecoins in Driving Real-world Payments<\/i>, examines the current stablecoin landscape, where usage remains largely within the Web3 ecosystem. The report also presents a forward-looking vision for a model stablecoin to be widely adopted in everyday real-world applications. A regulated and non-captive stablecoin is expected to offer robust user protection and\u00a0foster trust, moving beyond the confines of the Web3 space into mainstream financial systems.<\/p>\n

In today’s digital asset environment, stablecoins have gained immense popularity for their ability to maintain a stable representation of fiat currency values. “Paired with blockchain-enabled favourable features such as programmability, stablecoins can offer cost efficiency, enhanced transparency, 24\/7 availability, and faster processing that traditional financial systems simply can’t match,” said Lawrence Chu<\/span>, Co-Founder and CEO of IDA. “Due to these features, we see tremendous potential for stablecoins to play a pivotal role in the real-world financial economy.”<\/p>\n

To capitalise on this potential, an increasing number of non-Web3 companies have begun issuing their own stablecoins. PayPal, a leading global online payment provider, has launched PYUSD, while Sony Bank is preparing to release a yen-backed stablecoin on the Polygon blockchain. Despite the growing supply, widespread adoption among merchants and consumers in the real economy remains limited.<\/p>\n

“Although paying for goods online with digital currencies can be cheaper than using typical payment methods like e-wallets or credit cards, many users hesitate,” explained Benjamin Quinlan<\/span>, CEO and Managing Partner of Quinlan & Associates. “This reluctance is largely driven by regulatory uncertainty, with 81% of merchants citing it as the primary barrier to accepting digital assets like stablecoin as a mainstream payment option.”<\/p>\n

As a result, real-world applications of stablecoins exhibit limited utility.<\/p>\n

“While prominent consumer brands such as Tag Heuer and Adidas have begun accepting crypto payments, they typically convert these transactions into fiat currency through third-party processors. This practice diminishes the potential advantages of using stablecoins, as merchants ultimately receive fiat rather than realising the benefits of digital assets,” continued Mr. Quinlan. “On top of this, the stablecoins issued by many financial institutions tend to remain confined within their own ecosystems, otherwise referred to as ‘walled gardens’.”<\/p>\n

The report states the case for a trusted regulated, non-captive stablecoin to unlock wider real-world applications, starting from payments. The introduction of stablecoins has the potential to revolutionise Hong Kong’s<\/span> domestic payment landscape, which currently faces high fees, inflexible options for users, and slow settlement times for merchants.<\/p>\n

“Aligned with Hong Kong’s<\/span> digital economy agenda, as outlined in the policy address, and push for regulated stablecoins, we believe their adoption can accelerate progress in this area,” stated Sean Lee<\/span>, Co-Founder and Chief Strategy Officer of IDA, “We are planning to launch an HKD-based stablecoin product and are actively working to widen our partnership network to integrate stablecoins into existing financial infrastructure, ultimately striving to reinforce Hong Kong’s<\/span> leadership in the global digital asset landscape.”<\/p>\n

“We see a significant opportunity for a non-USD pegged stablecoin, as 83% of countries worldwide do not use the USD as their official or secondary currency for transactions. This means residents and visiting tourists primarily transact in their local currencies,”\u00a0Mr. Lee added,\u00a0“An HKD-based stablecoin could provide practical utility for a wide array of applications across various sectors, including retail and commercial payments, and contribute to an increasingly interconnected global economy.”<\/p>\n

About Quinlan & Associates<\/b><\/p>\n

Quinlan & Associates is one of Asia’s<\/span> leading independent strategy consultancies. We are the first firm to offer end-to-end strategy consulting services. From strategy formulation to execution to ongoing reporting, communications, and training, we translate cutting-edge advice into commercially executable solutions. With our team of top-tier financial service and strategy consulting professionals and our global network of alliance partners, we give our clients the most up-to-date industry insights from around the world, putting them an essential step ahead of their competitors.<\/p>\n

For more information, please visit www.quinlanandassociates.com<\/a><\/u>.<\/p>\n

About<\/b>\u00a0IDA<\/b><\/p>\n

IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.<\/p>\n

IDA will launch a stablecoin product which is designed to drive enhanced connectivity of digital currency for seamless commerce and payments between Hong Kong<\/span> and global markets, 24\/7\/365. To maintain the highest level of security and stability, all circulating stablecoins will always be fully backed by at least 100% reserve assets in regulated Hong Kong<\/span> based authorized institutions.<\/p>\n

To maximize the network effect of the stablecoin project for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption and widespread acceptance of stablecoins as a payment and settlement digital currency.<\/p>\n

For more information, please visit www.idafi.xyz<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n\n\n\n
\"\"<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

HONG KONG<\/span><\/span>, Nov. 27, 2024<\/span><\/span> \/PRNewswire\/ — Quinlan & Associates and IDA Finance Hong Kong Limited (“IDA”) have co-published a thought leadership report that explores the potential for regulated stablecoins to evolve into trusted legal tender, gaining widespread acceptance for real-world applications, especially local and cross-border payments.<\/p>\n

\n<\/div>\n

Report link<\/b>: https:\/\/www.quinlanandassociates.com\/from-digital-currency-to-legal-tender\/<\/a>\u00a0<\/p>\n

The report, titled, From Digital Currency to Legal Tender: The Role of Regulated Stablecoins in Driving Real-world Payments<\/i>, examines the current stablecoin landscape, where usage remains largely within the Web3 ecosystem. The report also presents a forward-looking vision for a model stablecoin to be widely adopted in everyday real-world applications. A regulated and non-captive stablecoin is expected to offer robust user protection and\u00a0foster trust, moving beyond the confines of the Web3 space into mainstream financial systems.<\/p>\n

In today’s digital asset environment, stablecoins have gained immense popularity for their ability to maintain a stable representation of fiat currency values. “Paired with blockchain-enabled favourable features such as programmability, stablecoins can offer cost efficiency, enhanced transparency, 24\/7 availability, and faster processing that traditional financial systems simply can’t match,” said Lawrence Chu<\/span>, Co-Founder and CEO of IDA. “Due to these features, we see tremendous potential for stablecoins to play a pivotal role in the real-world financial economy.”<\/p>\n

To capitalise on this potential, an increasing number of non-Web3 companies have begun issuing their own stablecoins. PayPal, a leading global online payment provider, has launched PYUSD, while Sony Bank is preparing to release a yen-backed stablecoin on the Polygon blockchain. Despite the growing supply, widespread adoption among merchants and consumers in the real economy remains limited.<\/p>\n

“Although paying for goods online with digital currencies can be cheaper than using typical payment methods like e-wallets or credit cards, many users hesitate,” explained Benjamin Quinlan<\/span>, CEO and Managing Partner of Quinlan & Associates. “This reluctance is largely driven by regulatory uncertainty, with 81% of merchants citing it as the primary barrier to accepting digital assets like stablecoin as a mainstream payment option.”<\/p>\n

As a result, real-world applications of stablecoins exhibit limited utility.<\/p>\n

“While prominent consumer brands such as Tag Heuer and Adidas have begun accepting crypto payments, they typically convert these transactions into fiat currency through third-party processors. This practice diminishes the potential advantages of using stablecoins, as merchants ultimately receive fiat rather than realising the benefits of digital assets,” continued Mr. Quinlan. “On top of this, the stablecoins issued by many financial institutions tend to remain confined within their own ecosystems, otherwise referred to as ‘walled gardens’.”<\/p>\n

The report states the case for a trusted regulated, non-captive stablecoin to unlock wider real-world applications, starting from payments. The introduction of stablecoins has the potential to revolutionise Hong Kong’s<\/span> domestic payment landscape, which currently faces high fees, inflexible options for users, and slow settlement times for merchants.<\/p>\n

“Aligned with Hong Kong’s<\/span> digital economy agenda, as outlined in the policy address, and push for regulated stablecoins, we believe their adoption can accelerate progress in this area,” stated Sean Lee<\/span>, Co-Founder and Chief Strategy Officer of IDA, “We are planning to launch an HKD-based stablecoin product and are actively working to widen our partnership network to integrate stablecoins into existing financial infrastructure, ultimately striving to reinforce Hong Kong’s<\/span> leadership in the global digital asset landscape.”<\/p>\n

“We see a significant opportunity for a non-USD pegged stablecoin, as 83% of countries worldwide do not use the USD as their official or secondary currency for transactions. This means residents and visiting tourists primarily transact in their local currencies,”\u00a0Mr. Lee added,\u00a0“An HKD-based stablecoin could provide practical utility for a wide array of applications across various sectors, including retail and commercial payments, and contribute to an increasingly interconnected global economy.”<\/p>\n

About Quinlan & Associates<\/b><\/p>\n

Quinlan & Associates is one of Asia’s<\/span> leading independent strategy consultancies. We are the first firm to offer end-to-end strategy consulting services. From strategy formulation to execution to ongoing reporting, communications, and training, we translate cutting-edge advice into commercially executable solutions. With our team of top-tier financial service and strategy consulting professionals and our global network of alliance partners, we give our clients the most up-to-date industry insights from around the world, putting them an essential step ahead of their competitors.<\/p>\n

For more information, please visit www.quinlanandassociates.com<\/a><\/u>.<\/p>\n

About<\/b>\u00a0IDA<\/b><\/p>\n

IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.<\/p>\n

IDA will launch a stablecoin product which is designed to drive enhanced connectivity of digital currency for seamless commerce and payments between Hong Kong<\/span> and global markets, 24\/7\/365. To maintain the highest level of security and stability, all circulating stablecoins will always be fully backed by at least 100% reserve assets in regulated Hong Kong<\/span> based authorized institutions.<\/p>\n

To maximize the network effect of the stablecoin project for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption and widespread acceptance of stablecoins as a payment and settlement digital currency.<\/p>\n

For more information, please visit www.idafi.xyz<\/a>.<\/p>\n

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