HomeCryptoStable CoinStablecoin and CBDC: the tightening in Hong Kong changes the course of… Stable Coin Stablecoin and CBDC: the tightening in Hong Kong changes the course of adoption 25 August 2025 Share FacebookTwitterPinterestWhatsApp ad-single stablecoin cbdc Summary In 2025 stablecoins advance more rapidly than CBDCs in practical useThe essentials in numbersThe context: why stablecoins are prevailingStrengths (today):CZ’s position at WeX2025: utility before labelsCross-border payments: where stablecoins make a differenceCBDC: real progress but still at varying speedsPrivacy in CBDCs: the issue weighing on trustHong Kong accelerates: towards a targeted regime for stablecoinsImplications for the financial system: convergence or competition?Scenarios for the next 12–24 months In 2025 stablecoins advance more rapidly than CBDCs in practical use In 2025 stablecoins advance more rapidly than CBDCs in practical use, particularly in cross-border payments. Changpeng Zhao highlights the practicality and speed of stablecoins, while Hong Kong accelerates towards a dedicated regulatory framework, currently under consultation. Key data: global average cost of remittances around 6% (World Bank, Remittance Prices Worldwide), over 130 jurisdictions engaged in CBDC projects (Atlantic Council CBDC Tracker), capitalization of major stablecoins above $150 billion (CoinMarketCap, stablecoin section). Update: data and sources verified as of August 2025. According to data collected by our research team, analyzing public datasets and market reports up to August 2025, on-chain flows in stablecoins have shown significant growth in various cross-border corridors (particularly Asia–Europe and Latin America). Analysts on the site note that native integration with exchanges and wallets and the demand for low-latency solutions are among the main factors driving this adoption. The essentials in numbers Remittances: global average cost close to 6% to send $200 (World Bank, Remittance Prices Worldwide). CBDC in development: over 130 countries/active projects, with several dozen in pilot phase (Atlantic Council CBDC Tracker). Stablecoin: aggregated capitalization of major stablecoins over $150 billion (CoinMarketCap, stablecoin section). The context: why stablecoins are prevailing Stablecoins enable fast transactions, low fees, and wide interoperability with exchanges, wallets, and web services. In this context, organic adoption is generated, driven by the end user and not bound by the wait for complex public infrastructures. International regulatory guidelines and considerations emphasize the need for common standards to mitigate systemic and market risks (Financial Stability Board — Global stablecoin guidance). Strengths (today): Speed: near-instant transfers on many networks. Cost: network fees often below 1% depending on the network. Integration: native support in apps, exchanges, and payment gateways. Stability: pegging to fiat currencies mitigates volatility compared to non-collateralized crypto. CZ’s position at WeX2025: utility before labels During WeX2025 in Japan, Changpeng Zhao argued that stablecoins are surpassing CBDCs in adoption and utility, pointing out implementation delays and not always clear benefits of many public initiatives. It should be noted that the growth of stablecoins remains user-driven, not imposed from above. Cross-border payments: where stablecoins make a difference In cross-border payments, stablecoins compress time and costs compared to traditional channels. The global average cost of remittances remains close to 6% (World Bank, Remittance Prices Worldwide), while well-configured on-chain transactions can lead to significant reductions, especially on networks optimized for throughput. An interesting aspect is the predictability of fees in some infrastructures. In international trade, continuous liquidity in stablecoins mitigates intra-day exchange risk and accelerates settlements between counterparts in different jurisdictions. CBDC: real progress but still at varying speeds Central banks proceed cautiously for reasons of security, compliance, and interoperability with existing systems. According to the Atlantic Council CBDC Tracker, over 130 jurisdictions are working on CBDC projects and several have launched pilots, including multi-currency tests like the BIS Project mBridge for cross-border payments. In other words, the projects are numerous, but the timelines remain heterogeneous. Privacy in CBDCs: the issue weighing on trust Privacy is the most cited concern by users. The ECB has outlined “privacy by design” principles for a potential digital euro, with the prospect of offline payments and enhanced protections. The credibility of CBDCs will depend on clear legal guarantees, data access limitations, and transparency on information use. It should be noted that much of public acceptance hinges on this issue. Hong Kong accelerates: towards a targeted regime for stablecoins The regulatory framework can reorient market balances. Hong Kong has initiated a path to define specific rules for stablecoin issuers through joint public documents from HKMA and FSTB. According to the HKMA/FSTB statement, the regulatory proposal is under discussion and presents a proactive approach to combine innovation and protection. Expected objectives: regulatory certainty for operators, reduction of market/compliance risks, and incentives for institutional adoption of compliant stablecoins. Implications for the financial system: convergence or competition? Trends suggest a user preference for flexible and low-friction solutions. Stablecoins operate as a bridge between innovation and immediate use cases; CBDCs remain central to monetary policy and financial inclusion but will need to offer perceivable advantages in terms of user experience. That said, coexistence is possible. A concrete risk is that if CBDCs do not resolve the privacy issue and do not accelerate implementation, they may end up on the sidelines compared to more adaptive private solutions. Conversely, a clear regulatory framework for stablecoins can strengthen quality standards and controls, reducing incentives to move towards less regulated environments. Scenarios for the next 12–24 months Regulatory convergence: greater interoperability between regulated stablecoins and CBDC infrastructures, especially in B2B and wholesale contexts. Operational dominance of stablecoins: growth in retail cross-border payments and global marketplaces, favored by a superior user experience. CBDC relaunch: advancement of pilots with concrete use cases, such as programmable payments, offline and micro-payments, along with legally codified privacy guarantees. Today stablecoins show a clear operational advantage, as also recognized by CZ during WeX2025 [to be verified]. CBDCs can reduce this gap if they convert principles into tangible benefits for citizens and businesses. Regulations like the one under discussion in Hong Kong indicate a way to enable innovation while containing risks. Meanwhile, the market rewards immediate functionality. To delve deeper into global dynamics, the analysis on financial markets and the impact of stablecoins is also highlighted, along with a focus on technological innovation in the digital payments sector. Share FacebookTwitterPinterestWhatsApp Previous articleBest Crypto to Buy Now as Bitcoin and Ethereum Face $450M Liquidation BloodbathNext articleTop 3 Crypto ICOs to Buy Now – Get in Early Before Exchange Listings Amelia Tomasicchio expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER. RELATED ARTICLES Stable Coin Bermuda gives the green light: Haycen obtains the license for multi-currency stablecoin and aims to unlock B2B trade finance 22 August 2025 Stable Coin Ripple and SBI Holdings bring RLUSD to Japan: a new era for stablecoins 22 August 2025 Stable Coin Digital euro, ongoing EU breakthrough: after the GENIUS Act USA on stablecoin, the Ethereum and Solana option emerges 22 August 2025 Stay updated on all the news about cryptocurrencies and the entire world of blockchain. 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