Riding the Wave: Alchemy Pay and Hong Kong’s Stablecoin Moment

Hong Kong is quietly completing one of the most significant regulatory overhauls in its financial history. With the Stablecoins Ordinance now in force since August 2025, the city has moved stablecoin issuance from an experimental grey zone into a formal licensed industry, and the Hong Kong Monetary Authority (HKMA) granted first stablecoin licenses to HSBC […]