USDC Issuer Circle Views Hong Kong as Important Market for Expansion
Key Points:
- USDC issuer Circle sees Hong Kong as an important market and intends to expand there.
- The Hong Kong government plans to submit a regulatory framework for stablecoin issuers by the end of the year.
The government of Hong Kong plans to introduce a draft regulatory framework for stablecoin issuers to the Legislative Council before the end of the year with a view to regulating the fast-growing sector. The move has attracted the attention of international providers of stablecoins, including USDC issuer Circle.
Read more: Circle Revolutionizes USDC Access with PIX and SPEI—No More Costly International Wires
USDC Issuer Circle Expands in Hong Kong with New Partnerships Amid Regulatory Push
According to the Hong Kong Economic Journal, Jeremy Allaire, the co-founder and chief executive of Circle, meanwhile flagged Hong Kong as a priority market for the company, where it will expand operations once new rules kick in.
Speaking for the first time at the maiden Circle Forum in Hong Kong, Allaire said that Circle is very seriously considering applying for a license locally lured by the city’s attractions, which include same-day U.S. dollar settlement capacity and being the largest capital market in the Asia-Pacific region.
The company also announced two new partnerships at the forum, which was held at Hong Kong’s Four Seasons Hotel. The first is a memorandum of understanding with Hong Kong Telecom to consider blockchain-based loyalty programs, the second is with fintech firm Thunes, a partnership to facilitate cross-border payments in USDC.
Circle to Introduce New Fees for Large USDC Redemptions
USDC issuer Circle has revised its fee schedule for token redemption via the Circle Mint platform. Instead of offering unlimited, no-fee redemptions, Circle implemented a tiered fee structure in February for transactions above $15 million.
Meanwhile, new charges are being imposed on redemptions that are above $2 million per day with near-instant settlements at 0.03% per transaction but growing to 0.1% in cases where the amount being redeemed tops $15 million.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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USDC Issuer Circle Views Hong Kong as Important Market for Expansion
Key Points:
- USDC issuer Circle sees Hong Kong as an important market and intends to expand there.
- The Hong Kong government plans to submit a regulatory framework for stablecoin issuers by the end of the year.
The government of Hong Kong plans to introduce a draft regulatory framework for stablecoin issuers to the Legislative Council before the end of the year with a view to regulating the fast-growing sector. The move has attracted the attention of international providers of stablecoins, including USDC issuer Circle.
Read more: Circle Revolutionizes USDC Access with PIX and SPEI—No More Costly International Wires
USDC Issuer Circle Expands in Hong Kong with New Partnerships Amid Regulatory Push
According to the Hong Kong Economic Journal, Jeremy Allaire, the co-founder and chief executive of Circle, meanwhile flagged Hong Kong as a priority market for the company, where it will expand operations once new rules kick in.
Speaking for the first time at the maiden Circle Forum in Hong Kong, Allaire said that Circle is very seriously considering applying for a license locally lured by the city’s attractions, which include same-day U.S. dollar settlement capacity and being the largest capital market in the Asia-Pacific region.
The company also announced two new partnerships at the forum, which was held at Hong Kong’s Four Seasons Hotel. The first is a memorandum of understanding with Hong Kong Telecom to consider blockchain-based loyalty programs, the second is with fintech firm Thunes, a partnership to facilitate cross-border payments in USDC.
Circle to Introduce New Fees for Large USDC Redemptions
USDC issuer Circle has revised its fee schedule for token redemption via the Circle Mint platform. Instead of offering unlimited, no-fee redemptions, Circle implemented a tiered fee structure in February for transactions above $15 million.
Meanwhile, new charges are being imposed on redemptions that are above $2 million per day with near-instant settlements at 0.03% per transaction but growing to 0.1% in cases where the amount being redeemed tops $15 million.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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