Multicurrency stablecoins are designed to maintain their value by being backed by a basket of fiat currencies on a blockchain
Hong Kong has a “huge opportunity” to become a global finance hub for multicurrency stablecoins but being a “first mover” in the market would be key to success, according to PwC.
“From an ecosystem perspective, having stablecoin issuers is just the first part of the puzzle,” said Peter Brewin, partner at PwC Hong Kong. He predicted a world with “multiple stablecoins in different currencies and with differing global footprints in terms of usage and acceptability”.
For example, a supplier in Latin America or Southeast Asia may not want to be paid in stablecoins pegged to Hong Kong dollars, but companies in Hong Kong may not want to hold inventories of multiple foreign stablecoins on their balance sheets, he said.
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