Hong Kong’s e-HKD Leap & The Lobbying Adventures of Stablecoin Issuers
GM, crypto fam!
Rise and grind, crypto goats! Cheers to another fantastic friday in the wild world of crypto.
Coming up: We’re jumping into a whirlwind of happenings, from Hong Kong’s e-HKD ride to the massive lobbying efforts of stablecoin honchos.
Ready for the journey? LFG!
Hong Kong’s Electronic Ambition: A Digital Dollar in Sight
Hong Kong has just started its digital currency pilot, the e-HKD, showing the world that it’s all-in on the crypto revolution.
What’s Cooking in the HKMA Kitchen?
HKMA, the Hong Kong Monetary Authority, has initiated a pilot for its central bank digital currency (CBDC). A CBDC is a digital version of a country’s legal tender, created and controlled by its central bank.
With this step, Hong Kong joins the likes of China, Russia, and the Bahamas in the global CBDC race.
The Many Flavors of e-HKD
This digital moolah isn’t just for online shopping and payments. Its use cases span full-fledged programmable payments, offline transactions, and tokenized deposits. Moreover, it’s gearing up to power Web3 transactions and tokenized asset settlements.
e-HKD’s Litmus Test: To test the mettle of e-HKD, 16 banks and payment processors will take part in the pilot program. They’ll be exploring the digital currency’s potential across online and retail payments, government transactions, and Web3 trading.
Stablecoin Chiefs’ Lobbying Spree
A stablecoin is one of many things the chiefs at Tether and Circle are pumping money into. Their wallets are also feeling lighter, thanks to lobbying efforts targeted at the U.S. Congress.
Tether’s Lobbying Ledger
Since the beginning of 2022, Tether has shelled out around $600K for lobbying the Senate and House. The primary goal? To sway stablecoin-related legislation.
Circle’s Lobbying Carousel
Following in Tether’s footsteps, Circle has dropped at least $560K since late 2021.
Circle’s motive isn’t just about promoting its business model; it’s about educating Congress members about crypto and monitoring the landscape for new proposals.
Zoom out: Despite these efforts, the lobbying spends of these stablecoin issuers are dwarfed by larger crypto companies like Coinbase, which has dropped ~$5.5M since 2015 on lobbying.
In the wise words of Franklin D. Roosevelt, “There are as many opinions as there are experts.”
And in the realm of crypto, it seems everyone is an expert!
So, here’s a coffe drink to navigating the crypto sea of opinions as we embrace the future of finance.
Quick Bites: Digestible Crypto Tidbits 👀
- Jack Dorsey backing Azteco to boost Bitcoin access for ‘unbanked’ populations.
- Texas demands ‘proof of reserves’ from Bitcoin companies.
- Coinbase eyes European expansion with new subscription service.
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Catch you tomorrow!
GOAT out ✌️
