Hong Kong digital asset insurance company OneDegree: Received more than 100 project teams expressing interest in developing stablecoins

Odaily News In response to the public consultation document on stablecoins jointly issued by the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority, Guo Yanlin, co-founder of OneDegree, a Hong Kong digital asset insurance company, said that stablecoins are crucial to the development of Web3 and will help mainstream investors enter Web3 and the cryptocurrency ecosystem, because stablecoins are supported by legal currency, can be easily converted into legal currency while maintaining value stability, providing investor protection while being flexible. He said that in the past few months, OneDegree has received more than 100 project teams expressing interest in developing stablecoins, with a variety of use cases, including payments, cross-border trade financing, equity and debt capital markets, DeFi and GameFi, etc. Some projects are also interested in stablecoins and applying for a virtual asset service provider (VASP) license in Hong Kong. He said that with a significant increase in use cases and the mainstream market acceptance of regulated stablecoins, he believes that virtual asset exchanges, custody and asset management companies will record greater trading volumes and capital flows. Under this premise, it is believed that the upper limit of investor protection coverage for warm wallets and hot wallets should be increased. (Economic Journal)