BOC HONG KONG's stock price hits a new high, actively competing for stablecoin issuance licenses

BOC HONG KONG's stock price soared over 7% today, reaching a peak of HKD 38.2 during intraday trading, setting a new historical high. This surge is attributed to market news that BOC HONG KONG is preparing to apply for a stablecoin issuer license, aiming to become one of the first local financial institutions to be approved.

Although it is not yet confirmed which partners the bank will collaborate with for the application, reports indicate that BOC HONG KONG places great importance on its stablecoin business layout. It is understood that BOC HONG KONG was not included in the three stablecoin issuer sandbox institutions piloted by the Hong Kong Monetary Authority, but has already established a dedicated internal team to actively promote the progress of related plans. The industry generally believes that stablecoins have become a key component in the development of digital assets, and if they can connect with offshore RMB in the future, it will further assist in the internationalization of the RMB. BOC HONG KONG not only sees long-term potential in stablecoins but also hopes to seize the initiative in this wave of innovation. This move also reflects the local banking industry's active exploration of new opportunities in digital finance, unwilling to fall behind regional and global peers