Brock Pierce, co-founder of Tether (USDT), the world’s largest stablecoin by market cap, believes that China will inevitably change its stance on cryptocurrencies and embrace them. Despite the country’s previous ban on crypto-related activities, Pierce predicts that China will eventually recognize digital assets as legitimate. He also expresses his interest in Hong Kong, highlighting the Securities and Futures Commission’s recent introduction of clear crypto guidelines for investors. Pierce sees potential in trade finance (tradefi) in Hong Kong and believes that a Hong Kong digital dollar stablecoin could have tremendous opportunities. However, many crypto exchange platforms with ties to mainland China have withdrawn their license applications in Hong Kong due to regulatory challenges introduced by the SFC last year. The SFC has stated that licensed digital asset exchanges in Hong Kong should not serve mainland Chinese citizens. Despite these developments, Pierce remains optimistic about the future of cryptocurrencies in China and Hong Kong.
