Hong Kong’s OneDegree May Launch Its Stablecoin Soon As Interest Increases

OneDegree, a Hong Kong-based virtual insurance company, reported interest from over 100 project teams for stablecoin development. The enthusiasm spans a variety of applications, including payments, international trade finance, the equity and debt capital markets, and emerging sectors like DeFi and GameFi. This uptick in interest coincides with the release of a public consultation paper by Hong Kong’s Financial Services, the Treasury Bureau, and the Hong Kong Monetary Authority focusing on stablecoins. Notably, several of these projects are exploring stablecoin applications and considering applying for a Virtual Asset Service Provider (VASP) license in Hong Kong.

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