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France 24
a day ago
- Business
- France 24
Stablecoins inspire hope, and hype, in Hong Kong
The digital units have been touted as a cheaper, easier way to carry out monetary transactions -- and their popularity is soaring, with more than US$270 billion in circulation worldwide. Unlike the heady highs and lows of bitcoin, the value of most stablecoins is kept steady by being linked to an existing national currency -- mainly the dollar -- or a commodity like gold. Stablecoins are useful internationally because they enable fast, low-cost cross-border payments, handy in markets where hard currency is limited, such as Argentina and Nigeria. The tokens, bought and sold on digital exchanges, are also used as a safe way for crypto investors to station their profits, instead of converting to cash. "The size of the stablecoin market has reached a level where the cash flows have geopolitical implications," said Paul Brody, global blockchain leader at consulting firm EY. More than 99 percent of stablecoin assets are in US dollars, so for other countries "if you're not a player, you could find yourself frozen out", Brody told AFP. The US House of Representatives this month passed an act codifying stablecoin use, which Senator Bill Hagerty said will "ensure the dominance of the US dollar". Hong Kong's own stablecoin regulations come in on Friday, part of a push to position itself as an Asian crypto hub as US President Donald Trump's support for the sector fuels a global resurgence. 'Overly idealistic' "The opportunities are massive," said Rita Liu, whose payment company is developing a Hong Kong dollar-denominated stablecoin in a government-run trial. "There's a wave of legitimising the digital asset industry... Hong Kong is trying to be at the forefront of that wave," said Liu, chief executive of RD Technologies. Crypto trading has been banned since 2021 in mainland China, which sees it as a "bit too close to gambling", Brody said. He and others think stablecoins could prove more acceptable to Beijing, which has experimented with its own "e-yuan" central bank digital currency. Officials may first want to see how things go in the semi-autonomous territory of Hong Kong. So far, "a few dozen institutions" have expressed interest in issuing stablecoins or requested more information, Hong Kong Monetary Authority head Eddie Yue said last week. But he called for the public to "rein in the euphoria" over the new bill, as "in the initial stage, we will at most grant a handful of stablecoin issuer licences". "Some discussion on stablecoins may be overly idealistic," Yue warned, especially around their "potential to disrupt the mainstream financial system". The hype can inflate companies' stock prices, he added, a point echoed by Lily King of crypto company Cobo. "Some applications may be influenced by public relations strategies, as stablecoin-related news often drives market sentiment," she said. Bigger problems RD's Liu, a former senior manager at Chinese payment platform Alipay, feels that "some of it is fake hype, and some is real", fuelled by "people's hope in this industry". Stablecoins account for about seven percent of the global cryptocurrency market capitalisation, according to CoinGecko. If they eventually become "a mainstay of the plumbing" in finance, Hong Kong could enjoy something of a "first-mover advantage", said Jonas Goltermann at Capital Economics. Japan and Singapore already regulate stablecoins, while South Korea is exploring the possibility. While stablecoin issuers usually assure buyers their currency is backed up by real-world reserves, they are not risk-free, and sometimes deviate from their pegged value due to market fluctuations, tech issues or problems with the underlying assets. There is also the risk that stablecoins will become "more of a niche product" if banks work out how to make their own programmable money, Goltermann said. "It makes sense for Hong Kong to try anything -- it's kind of on a declining path, for reasons that are not to do with technology. It's mostly about the politics, and its relationship with China," he told AFP.
Sky News AU
4 days ago
- Politics
- Sky News AU
US House of Representatives breaks for summer recess
Members of the US House of Representatives are beginning to leave Washington, DC for the annual summer recess. Senators still have a further week left before they can leave, as both Republicans and Democrats try to get through a list of unfinished business.
Time of India
7 days ago
- Politics
- Time of India
Student visa: US lawmakers flag delay; urge swift action for Indian students
Representative image As the new academic session nears, Congresswoman Deborah Ross (NC-02) has led a bipartisan group of 14 members of the US House of Representatives in urging the State Department to address delays affecting Indian students seeking visa appointments to study in the United States. In a letter addressed to secretary of state Marco Rubio, the lawmakers cited concerns raised by research universities in their constituencies regarding Indian students being unable to obtain visas to continue or begin their studies. 'As members of Congress who represent research universities, we are concerned by reports from our constituent universities about Indian students who have been unable to obtain visas to continue their education in the United States,' the letter stated. The lawmakers highlighted the significant presence and contribution of Indian students in the US, noting that they represent the largest group of international students and contribute $9 billion annually to the US economy. They added that these students are vital to the country's scientific and research community and help maintain its global competitiveness. 'We are dismayed at the possibility that many of these bright young individuals may be blocked… from continuing their education and research in the United States,' the members wrote. The letter also underscored the role of research universities in advancing innovation and economic growth, and emphasised the importance of educational exchange in strengthening US-India relations. The letter was co-signed by Representatives Pramila Jayapal, Raja Krishnamoorthi, Jim Costa, Zoe Lofgren, Stephen Lynch, Tom Suozzi, Shri Thanedar, Dina Titus, Hank Johnson, Marc Veasey, Bonnie Watson Coleman, Don Bacon, Eric Swalwell, and Brad Sherman.
Euronews
23-07-2025
- Business
- Euronews
Bitcoin boom: Trump's policies create 15,000 new millionaires in 2025
Almost 16,000 Bitcoin holders have joined the millionaires' club between 20 January and 20 July 2025, according to a new report from Finbold. The 15,841 new additions bring the total number of Bitcoin millionaires to 192,205, an increase of 9% in just six months and an average of 88 new millionaires every day. The report noted that large investors with Bitcoin holdings exceeding $10 million (€8.5M) also benefited greatly, with their profits increasing by more than 16% over the same period. The platform attributed the boom in the cryptocurrency market to Trump's support for the sector and the optimism that has gripped the markets since the beginning of his second term, explaining that the day after his election victory was announced in November 2024, there were just 132,842 Bitcoin wallets belonging to millionaires. This momentum has continued to grow, and about 6 months after the Republican leader took office, the number of millionaire crypto investors has risen by more than 59,000, an indication of market activity and investor confidence. This effect is attributed to regulatory policies encouraged by the Trump administration. Earlier in the week, the US House of Representatives passed the first major legislation regulating cryptocurrencies in the country, dubbed Genius. The legislation is seen as a turning point for the digital asset sector, providing a long-awaited clear legal framework for taxation, stablecoin issuance, and institutional custody rules.
The Sun
23-07-2025
- Politics
- The Sun
Republicans push to rename Kennedy Center opera house after Melania Trump
WASHINGTON: Republicans in the US House of Representatives have proposed renaming the opera house at Washington's John F. Kennedy Center for the Performing Arts after former First Lady Melania Trump. The Republican-led House Appropriations Committee voted to include the name change as a condition for funding the cultural institution during 2026 budget discussions. Idaho congressman Mike Simpson introduced an amendment to designate the venue as the 'First Lady Melania Trump Opera House,' calling it 'an excellent way to recognize her support and commitment to promoting the arts.' The proposal follows President Donald Trump's earlier moves to reshape the Kennedy Center, including firing board members and appointing allies to key positions. Trump, who criticized the center as too 'woke,' recently appointed White House chief of staff Susie Wiles and other loyalists as trustees. His appearance at a June performance of 'Les Miserables' drew mixed reactions from attendees. Republicans have pursued multiple efforts to honor Trump's legacy, including renaming Dulles International Airport after him and proposing his likeness on Mount Rushmore. The Kennedy Center amendment was attached to a funding bill for the Department of the Interior and the Environmental Protection Agency. The 2,364-seat opera house, the second-largest venue at the Kennedy Center, would only be renamed if both chambers of Congress approve the change. With Republicans holding 53 Senate seats and 60 votes needed to pass spending bills, Democrats may block the proposal before a final vote. - AFP
