
How Hong Kong stablecoin licences enforce redemption at par
Hong Kong requires stablecoin issuers to hold reserves at least equal to par and to redeem within one business day. Two licences are on the HKMA register.

Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem. He covers token economics, L1/L2 infrastructure, DeFi protocols, wallets/custody, and the bridge between crypto and forex—broker technology, liquidity, and macro drivers. Karthik’s writing focuses on clear, practical frameworks that help professionals evaluate new products and on-chain innovation alongside FX market realities.

Hong Kong requires stablecoin issuers to hold reserves at least equal to par and to redeem within one business day. Two licences are on the HKMA register.

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