The co-founder of Tether (USDT), the world’s largest stablecoin by market capitalization, reportedly says it is “inevitable” that China will change course and open up to crypto assets.
According to a new report from the South China Morning Post, Tether co-founder Brock Pierce says China – which banned all crypto-related commercial activities years ago – will eventually recognize digital assets as legitimate.
‘Is China going to open up? [to cryptocurrencies]? … I would say it’s inevitable. The question is not so much if, but when.”
Pierce further notes that he is also interested in Hong Kong as the financial authority, the Securities and Futures Commission (SFC), recently adopted clear crypto guidelines for investors, also noting that the region has potential in the area of trade finance (tradefi).
“I think Hong Kong is leading the way in many ways. I think the main opportunities in Hong Kong are in tradefi and that is where a digital dollar stablecoin from Hong Kong has huge potential.”
Pierce’s comments come as many crypto exchange platforms with ties to mainland China seeking to be licensed in Hong Kong have withdrawn their applications due to regulations introduced by the SFC last year.
According to the report, the SFC said last week that digital asset exchanges licensed in Hong Kong should not benefit citizens of mainland China.
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Generated image: Midjourney