Stablecoins could undermine local currency, according to the Hong Kong Monetary Authority

Some crypto investors prefer stablecoins, such as Tether (USDT) and USD Coin (USDC), over their Bitcoin (BTC) and Ether (ETH) as they promise lesser price volatility as the former are backed by more stable assets such as fiat. However, Hong Kongs financial watchdog recently expressed its concerns over the rising popularity of stablecoins as they could undermine local currencies. While governments worldwide are in various stages of developing their own central bank digital currencies (CBDCs) in response to the rising popularity of stablecoins, the Hong Kong Monetary Authority (HKMA) warned...


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