IMF Deputy Managing Director: What Stablecoins Mean for Emerging Markets
Author: Dan Katz, First Deputy Managing Director of the International Monetary Fund (IMF); Compiled by: Qin Jin The following is the full text of the speech delivered by Dan Katz, First Deputy Managing Director of the International Monetary Fund (IMF), at the University of Cape Town in South Africa on August 7. Good morning. Thank you, Vice-Chancellor, for your kind introduction. I am delighted to be here at the University of Cape Town. While this may be the oldest institution of higher learning in the region, it is also one of the most forward-looking and future-oriented universities, thanks to your Financial Innovation Hub. As new technologies reshape
What will happen to Hong Kong's Web3 ecosystem following the launch of its first compliant HKD stablecoin?
The Hong Kong stablecoin market has reached a significant milestone. On August 12, Anchorpoint Financial launched the first phase of its Hong Kong dollar stablecoin, HKD At Par (hereinafter referred to as "HKDAP"), initially making it available to institutional distributors and professional investors. This is neither a retail-oriented "mass-market stablecoin" nor another crypto-asset project reliant on liquidity and exchange trading volumes for growth. Rather, it is the first compliant Hong Kong dollar stablecoin product to enter operational status following the implementation of Hong Kong's Stablecoin Ordinance. For Hong Kong, the significance of HKDAP lies in its attempt to bridge the digital gap.
Hong Kong's first compliant stablecoin, HKDAP, has been officially launched, with the initial batch of institutional distributors and professional investors granted access.
Source: Caiwen. As more ecosystem partners gradually join, exploration of retail-level applications remains targeted for an initial launch by the end of 2026, subject to market conditions. On August 12, the Hong Kong stablecoin market witnessed a historic moment. Anchorpoint Financial, jointly established by Standard Chartered Bank (Hong Kong), Animoca Group, and HKT, officially launched "HKDAP" (HKD At Par), a regulated stablecoin pegged to the Hong Kong dollar. This marks the first project to materialize under Hong Kong’s licensing regime for compliant stablecoin issuers. On the same day, Anchorpoint Financial announced the commencement of its initial phase of promotion.
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Express News | Will the second batch of stablecoin licenses be issued around National Day? Hong Kong Monetary Authority: No comment on market rumors; maintains an open yet cautious stance
August 6 news – Recent market reports suggest that as the first batch of stablecoin issuers advances testing and business preparations, Hong Kong’s stablecoin issuance could accelerate further, with a possibility that licenses for a second batch of stablecoin issuers may be granted around National Day. In response to these market rumors, a spokesperson for the Hong Kong Monetary Authority (HKMA) replied today to a Caixin reporter, stating that the HKMA does not comment on market speculation. However, regarding whether additional stablecoin issuer licenses will be granted and the timing thereof, the HKMA maintains an open yet cautious attitude and currently has no definitive inclination. The spokesperson added that the HKMA’s current priority is to support the two licensed stablecoin issuers in their business preparations and, following their successful issuance of compliant stablecoins, to monitor the implementation of relevant use cases, operational effectiveness, and market responses. Any future decision on granting additional licenses will require comprehensive consideration of multiple factors, including whether applications meet licensing requirements, market demand for stablecoins, real-world usage scenarios, and international developments and regulatory discussions.
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While JPMorgan moves settlement onto the blockchain, your finance department is still holding 'feasibility workshops.'
Authors: Yi Heyi First, let’s correct a misjudgment: this is not “yet another hype cycle,” but rather a migration of cash pipelines. Many executives, upon seeing figures like “USD 27.5 billion” and “30% quarterly growth,” instinctively respond: “The scale is still too small—it’s far from the trillion-dollar mark; let’s wait and see.” While this assessment may be mathematically sound, it is strategically perilous. The crux of RWA tokenization does not lie in how many billions of dollars are currently on-chain, but in which institutions have already migrated core functions—such as settlement, registration, issuance, and custody—onto programmable ledgers. According to RWA.xyz, on-chain RWAs (excluding stablecoins) stood at approximately USD 21 billion at the beginning of 2026.
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Express News | Hong Kong Government: Regulated stablecoins expected to launch from mid- to late this year
On June 27, the Hong Kong government stated in a written reply to the Legislative Council that the Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to two institutions with banking backgrounds in April 2026. According to the existing business plans of these two institutions, regulated stablecoins in Hong Kong are expected to be launched between mid- and late this year. The government noted that the HKMA has already sent letters to unregulated entities operating stablecoin issuance businesses in the market to clarify legal requirements and will continue monitoring these cases; where necessary, cases may be referred to the police or the Department of Justice. The government also indicated that it will submit a bill to the Legislative Council this year to establish a regulatory regime for providers of virtual asset trading, custody, advisory, and management services.
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Daily Summary of Investment Bank/Institutional Views (2026-06-17)
Mini Program: Daily Summary of Investment Bank/Institutional Views — International 1. UBS Group: Pushes back Fed rate cut expectations to 2027; expects hawkish signal from this week’s meeting UBS Global Wealth Management has pushed back its expectation for Federal Reserve rate cuts to March and June 2027, and no longer anticipates any cuts this year. The firm stated that this adjustment reflects its view that the upcoming Fed meeting will deliver a hawkish message. UBS now forecasts the Fed will cut rates by 25 basis points each in March and June next year, compared with its previous forecast of 25-basis-point cuts in December 2026 and March 2027. The Federal Reserve will announce its interest rate decision this week.
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