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Former President of the Hong Kong Monetary Authority: The Hong Kong Dollar is actually the largest "USD stablecoin."
According to Hong Kong media Hong Kong 01, Hong Kong Executive Council member and former president of the Hong Kong Monetary Authority, Joseph Yam, stated that the evolution of geopolitical dynamics has increased the importance of the Hong Kong dollar's peg to the US dollar, and bluntly remarked that "the Hong Kong dollar is actually the largest stablecoin of the US dollar."
Joseph Yam pointed out that by 2025, Hong Kong is expected to hold approximately $256 billion in US Treasury bonds, a scale larger than any so-called US dollar stablecoin currently. Therefore, Hong Kong's financial direction is very clear: to maintain the linked exchange rate system. Hong Kong is the most active US dollar market in Asia, and it would not be wise to force a major buyer to sell if the Hong Kong dollar is no longer pegged to the US dollar.
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