Significant Surge in Digital Currency Stocks
Today saw a significant upswing in the digital currency sector on the Hong Kong stock exchange, with various stocks making impressive gains. Lianlian Digital surged by as much as 80% during trading, ultimately closing up over 60%. Meanwhile, Yika witnessed a near 50% increase at one point, finishing the session with almost a 40% rise. OKEx Cloud Chain also displayed strong performance, climbing over 45% earlier in the day and settling with more than a 40% gain. ZhongAn Online also contributed to this positive trend, closing with an increase nearing 10%.
Favorable News for Stablecoins
This surge comes against a backdrop of favorable news for the digital currency industry, particularly regarding stablecoins. Following the official announcement of the Stablecoin Ordinance by the Hong Kong Special Administrative Region Government on May 30—marking its enactment into law—there is an expectation that compliant stablecoins will be launched in Hong Kong by year-end.
Regulatory Developments in Stablecoin Landscape
On a broader scale, the regulatory landscape for stablecoins is also evolving in the United States, where lawmakers are fast-tracking a stablecoin regulation bill. Financial analysts from various brokerage firms highlight that this momentum represents a pivotal moment of increased regulatory focus on stablecoins, which are viewed as a transformative innovation in the global financial sector. As supportive policies continue to develop, the potential for the industry appears promising, paving the way for future advancements in the digital currency market.
“As supportive policies continue to develop, the potential for the industry appears promising.” (Jinshi)
