Earlier this week CITIC Securities, China’s largest securities company, published a research note regarding Hong Kong enacting stablecoin laws in late May. It views stablecoins as supporting the expansion of real world asset (RWA) tokenization. A key takeaway is that Hong Kong stablecoins will expand the tokenization activities of firms from mainland China, especially in supply chain finance.
This assessment is largely driven by the activities of Ant Digital which has been involved in a few tokenization initiatives spanning the two territories.
One of Ant Digital’s first tokenization projects was through an alliance with Shenzhen-listed Longshine Technology Group. This involved tokenizing 9,000 electric vehicle charging piles (charging points), which raised funding via tokenization in Hong Kong. This work was part of the Hong Kong Monetary Authority’s (HKMA’s) Project Ensemble. In this case, instead of stablecoins the settlement used tokenized deposits, as that’s a key focus for Ensemble.
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