Quick Breakdown
- Circle rules out launching an HKD-pegged stablecoin.
- Focus remains on expanding USDC and EURC utility.
- Licensed in Singapore; evaluating office setup in Hong Kong.
Stablecoin issuer Circle has confirmed it has no immediate plans to launch a Hong Kong dollar-backed stablecoin (HKD stablecoin), despite growing regional interest following the city’s new stablecoin regulations. The company, however, expressed openness to collaborating with other firms exploring HKD-pegged stablecoin projects.
🌏 @circle’s APAC VP told Aastocks that under current regulations, Hong Kong professional investors can still use $USDC freely without additional oversight.
Circle currently issues two stablecoins — $USDC and $EURC, and has no plans to launch a local HKD-pegged stablecoin.
— CoinRank (@CoinRank_io) October 13, 2025
Circle prioritizes USDC and EURC growth
In an interview with the Hong Kong Economic Times, Chen Qinqi, Circle’s Vice President for the Asia-Pacific region, said the company is focusing its efforts on expanding the adoption and utility of its existing stablecoins — USDC and EURC — rather than creating new currency-pegged tokens.
Chen explained that institutional investors in Hong Kong can already use USDC under the city’s current financial framework without the need for additional regulation under the Stablecoin Ordinance, which came into effect on August 1. The new law provides a clear licensing framework for stablecoin issuers and outlines compliance requirements under the Hong Kong Monetary Authority (HKMA).
Institutional access expands across Asia
Circle, which already holds a license in Singapore, allows institutional investors to obtain USDC directly from the company or through its network of authorized partners. Retail investors, however, can only access USDC via these approved intermediaries.
Although Circle is not yet directly regulated in Japan, USDC became the first stablecoin approved by Japanese regulators for licensed institutions to offer to both retail and professional investors.
Chen also revealed that Circle has not yet opened an office in Hong Kong but continues to evaluate potential office locations in the region. He declined to comment on whether the firm plans to apply for a stablecoin issuer license under the new ordinance.
The move follows Circle’s partnership with Rise to modernize global payroll using USDC, enabling near-instant, low-cost cross-border payments for contractors and employees, further highlighting Circle’s strategy to merge blockchain technology with traditional financial safeguards. With 53% of users opting for stablecoin withdrawals, USDC now accounts for over 80% of crypto payments processed on Rise’s platform.
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