BlockBeats News reported on June 11 that Hong Kong's "Stablecoin Regulation Act" will officially take effect on August 1, 2025, marking the beginning of the practical implementation phase of stablecoin regulation in Hong Kong. The act explicitly requires entities issuing Hong Kong dollar-pegged stablecoins to operate under a license and sets detailed requirements concerning compliance management, risk control mechanisms, and other aspects for related enterprises.

BiyaPay analysts pointed out that the focus of this round of legislation is on establishing a regulatory framework for stablecoins and promoting institutional compliance. Currently, it primarily addresses the issuance of Hong Kong dollar-pegged stablecoins and their usage scenarios in enterprises. For regular retail users, opportunities to interact with and use Hong Kong dollar stablecoins remain limited in the short term, as day-to-day applications such as transfers, investments, and remittances are not yet widely implemented.

In contrast, US dollar-pegged stablecoins (such as USDT) remain the preferred choice for cross-border payments and global asset allocation due to their high global liquidity and ease of use. The BiyaPay platform supports the quick exchange of USDT for over 30 fiat currencies, including USD, EUR, HKD, SGD, and more. The platform ensures stable fund withdrawals, no frozen accounts, and enables international remittances with just one click—offering a secure and efficient solution.

Analysts believe that the introduction of Hong Kong dollar stablecoins will contribute to Hong Kong's leadership in fintech and regulatory innovation. However, it will take time for these stablecoins to gain widespread adoption. Regular users need not wait for the rollout of Hong Kong dollar stablecoins; instead, they can prioritize using the BiyaPay platform to conveniently conduct cross-border fund transfers and investment operations with USDT.