Map the complete customer journey
A stablecoin distribution plan needs more than an issuer name. Show where a customer enters, who receives money, who delivers tokens, how they are used and how the customer exits. Identify the contracting party at every step. This exposes dependencies between issuance, customer access, wallet support, payment acceptance and redemption before commercial discussions begin.
Anchor issuer identity to the HKMA register
The Hong Kong Monetary Authority publishes an official register of licensed stablecoin issuers. Check the exact legal entity and the effective date in that record. Keep the source and review date with the commercial brief. Do not extend an issuer record into an assumption that every distributor, use case or customer journey is authorized; each participant and activity needs its own review.
Distinguish issuance from distribution
Ask which participant serves the end customer, performs onboarding and handles support. Establish whether access is direct or through an intermediary and who owns the relationship. A proposed distribution partner should explain its customer base, integration requirements and commercial responsibilities. Transaction volume forecasts should state their assumptions and should not be presented as committed demand.
Follow redemption and settlement all the way through
Record who can request redemption, the contractual claim, fees, operating windows and the destination of cash. Walk through a delayed transfer, a rejected onboarding application and a service interruption. Ask for the escalation owner and reconciliation evidence. Compare counterparties using the same flow so that a faster onchain transfer is not mistaken for a faster end-to-end cash outcome.
Make the introduction commercially useful
The final brief should name the objective, proposed flow, open requirements, counterparties and decision owners. PANASIA can support research, qualification and introductions across those roles. A completed introduction is a step in evaluation, not proof of regulatory permission, a signed distribution agreement or a live payment service.
Primary source
Hong Kong Monetary Authority: Register of Licensed Stablecoin Issuers
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PANASIA Research. Market research for business planning; not investment, legal or tax advice.
