Hong Kong and APAC move stablecoin payments toward institutional use — Eter News

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Hong Kong and APAC move stablecoin payments toward institutional use香港与亚太推动稳定币支付迈向机构化应用

Hong Kong has moved from stablecoin sandbox experiments to live pilots, while Singapore is advancing tokenisation toward institutional use. The shift is supported by regulatory safeguards, cross-border payment demand and infrastructure for issuance, custody, settlement and liquidity, with APAC accounting for 60% of global stablecoin payment volume according to McKinsey.香港已从稳定币沙盒试验迈向实际试点，新加坡则推动代币化走向机构应用。监管保障、跨境支付需求，以及发行、托管、结算和流动性基础设施共同支撑这一转变。麦肯锡称，亚太占全球稳定币支付量的60%。

Asian Business Review 6 Oct 2026 2026年10月6日

6060

APAC share of global stablecoin payment volume亚太占全球稳定币支付量

01The Story新闻事实

Hong Kong has moved from stablecoin sandbox experiments to live pilots, while Singapore is advancing tokenisation toward institutional use. The shift is supported by regulatory safeguards, cross-border payment demand and infrastructure for issuance, custody, settlement and liquidity, with APAC accounting for 60% of global stablecoin payment volume according to McKinsey.香港已从稳定币沙盒试验迈向实际试点，新加坡则推动代币化走向机构应用。监管保障、跨境支付需求，以及发行、托管、结算和流动性基础设施共同支撑这一转变。麦肯锡称，亚太占全球稳定币支付量的60%。

  • Hong Kong issued its first batch of stablecoin licences earlier this year.香港于今年早些时候发放了首批稳定币牌照。
  • Hong Kong dollar-backed stablecoins began their first rollout through institutional beta access in mid-August.首批港元支持的稳定币于8月中旬通过机构测试访问启动。
  • McKinsey estimates that APAC accounts for 60% of global stablecoin payment volume, equivalent to US$245 billion in annualised payments.麦肯锡估计，亚太占全球稳定币支付量的60%，对应年化支付额2450亿美元。
  • Hong Kong requires licensed stablecoin issuers to maintain full reserve backing, provide clear redemption rights and undergo annual reserve-asset audits.香港要求持牌稳定币发行方保持足额储备支持、提供明确的赎回权，并接受每年一次的储备资产审计。
  • Hong Kong’s Project Ensemble has moved to the live-pilot stage through EnsembleTX, which enables real-value transactions using tokenised deposits.香港的Project Ensemble已通过EnsembleTX进入实际试点阶段，支持使用代币化存款进行真实价值交易。

The regional shift is from testing digital-asset concepts to building regulated payment and tokenisation infrastructure that institutions can use.该地区正从测试数字资产概念，转向建设机构可以使用的受监管支付与代币化基础设施。

024 Dimensions维度分析

Consequence影响推演

APAC’s payment scale亚太的支付规模

Stablecoin activity is becoming relevant to institutional payment operations, particularly in markets with significant international trade and treasury flows. Providers are using the infrastructure to collect cross-border payments and settle them into fiat.稳定币活动正对机构支付运营产生实际意义，尤其是在国际贸易和资金管理流动活跃的市场。支付服务商利用相关基础设施收取跨境款项，并将其结算为法定货币。

APAC share of global stablecoin payment volume亚太占全球稳定币支付量

60 %60%

annualised estimate年化估计

APAC annualised stablecoin payment volume亚太稳定币年化支付额

245 US$ billion245十亿美元

annualised estimate年化估计

  • Activity is driven largely by Hong Kong, Singapore and Japan.相关活动主要由香港、新加坡和日本推动。
  • Payment providers can settle cross-border payments into fiat without businesses managing digital assets directly.支付服务商可以将跨境支付结算为法定货币，企业无需直接管理数字资产。
Stakeholder impact利益相关方

Regulation as an institutional foundation监管成为机构应用基础

Hong Kong’s licensing requirements link stablecoin use to full reserve backing, redemption rights and annual audits. These controls are intended to give institutional participants greater confidence in regulated infrastructure.香港的牌照要求将稳定币应用与足额储备支持、赎回权和年度审计挂钩。这些控制措施旨在增强机构参与者对受监管基础设施的信心。

  • Hong Kong issued its first batch of stablecoin licences earlier this year.香港于今年早些时候发放了首批稳定币牌照。
  • Hong Kong dollar-backed stablecoins received institutional beta access in mid-August.港元支持的稳定币于8月中旬获得机构测试访问。
Future signal前瞻信号

From tokenised assets to operating ecosystems从代币化资产走向运营生态

Commercial relevance depends on more than putting assets on-chain. The article highlights issuance, custody, secondary liquidity and real-world use as the elements needed to support a full lifecycle.商业意义不只是将资产放到区块链上。文章强调，发行、托管、二级流动性和现实应用共同构成支撑完整生命周期的必要要素。

  • Project Ensemble’s live pilot EnsembleTX enables real-value transactions using tokenised deposits.Project Ensemble的实际试点EnsembleTX支持使用代币化存款进行真实价值交易。
  • EnsembleTX has a roadmap toward 24/7 settlement in tokenised central bank money.EnsembleTX的路线图包括以代币化央行货币实现全天候结算。
  • Singapore’s Project Guardian is in its fifth year and is helping move tokenisation toward institutional use.新加坡的Project Guardian已进入第五年，正帮助推动代币化走向机构应用。
Stakeholder impact利益相关方

Custody and operational controls托管与运营控制

Institutional digital-asset adoption requires custody standards comparable to traditional finance. The focus is on governance, authorisation frameworks, asset safeguarding and operational discipline.机构采用数字资产需要达到与传统金融相当的托管标准。重点包括治理、授权框架、资产保护和运营纪律。

  • Custody has become essential as digital-asset adoption deepens.随着数字资产应用加深，托管已成为机构采用的必要条件。
  • Traditional finance’s controls need to extend to digital infrastructure as institutions expand into digital assets.随着机构拓展数字资产业务，传统金融的控制原则也需要延伸至数字基础设施。

Key takeaway核心结论

Hong Kong and Singapore illustrate how regulation, settlement infrastructure and custody controls are moving APAC’s digital-asset market toward institutional utility.香港和新加坡表明，监管、结算基础设施与托管控制正推动亚太数字资产市场走向机构化应用。

04What to Watch后续关注

  1. Whether Hong Kong’s licensed stablecoin model expands beyond beta access into broader institutional deployment.香港持牌稳定币模式能否从测试访问扩展到更广泛的机构应用。
  2. Progress toward 24/7 settlement in tokenised central bank money through EnsembleTX.EnsembleTX向代币化央行货币全天候结算推进的进展。
  3. Whether Singapore’s Project Guardian continues moving tokenisation from experimentation toward institutional use.新加坡Project Guardian能否继续推动代币化从试验走向机构应用。
  4. How custody and governance standards develop as institutions increase their digital-asset exposure.随着机构增加数字资产敞口，托管和治理标准将如何发展。

05Uncertainties不确定因素

  • The article does not identify which stablecoins will ultimately endure as utility and settlement products.文章没有说明最终哪些稳定币能够作为实用型和结算型产品长期存在。
  • The scale and timing of broader institutional deployment beyond the cited pilots remain unclear.在所述试点之外，更广泛机构应用的规模和时间仍不明确。
  • The article describes a roadmap toward 24/7 settlement but does not state when that capability will be delivered.文章提到全天候结算路线图，但未说明该能力何时实现。

06Sources信息来源

  1. Stablecoin payments are going mainstream. Hong Kong and APAC are showing how - Asian Business ReviewStablecoin payments are going mainstream. Hong Kong and APAC are showing how - Asian Business Review Asian Business Review · 2026-10-06

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