{ "schemaVersion": 1, "reviewedOn": "2026-09-12", "method": "Public-source analytical study with separately labelled hypothetical scenarios", "references": [ { "reference_id": "1", "source_description": "[1] Hong Kong Monetary Authority. August 2025. *Guideline on Supervision of Licensed Stablecoin Issuers*, paragraphs 2.2.1 and 3.3.1-3.3.5. Final supervisory guideline.", "url": "https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf", "reviewed_on": "2026-09-12", "evidence_scope": "Dated regulatory or issuer statement; not a measured redemption outcome" }, { "reference_id": "2", "source_description": "[2] Financial Stability Board. 17 July 2023. *High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final report.* Recommendations.", "url": "https://www.fsb.org/2023/07/high-level-recommendations-for-the-regulation-supervision-and-oversight-of-global-stablecoin-arrangements-final-report/", "reviewed_on": "2026-09-12", "evidence_scope": "Dated regulatory or issuer statement; not a measured redemption outcome" }, { "reference_id": "3", "source_description": "[3] HKSAR Government. 10 June 2026. *LCQ6: Development and regulation of stablecoins.* Official reply.", "url": "https://www.info.gov.hk/gia/general/202606/10/P2026061000429p.htm", "reviewed_on": "2026-09-12", "evidence_scope": "Dated regulatory or issuer statement; not a measured redemption outcome" }, { "reference_id": "4", "source_description": "[4] HSBC. 10 April 2026. *HSBC welcomes HKMA's grant of a Hong Kong stablecoin issuer licence.* Issuer announcement.", "url": "https://www.about.hsbc.com.hk/news-and-media/hsbc-welcomes-hkmas-grant-of-a-hong-kong-stablecoin-issuer-licence", "reviewed_on": "2026-09-12", "evidence_scope": "Dated regulatory or issuer statement; not a measured redemption outcome" }, { "reference_id": "5", "source_description": "[5] Standard Chartered. 10 April 2026. *Standard Chartered-backed Anchorpoint granted Stablecoin Issuer Licence by the Hong Kong Monetary Authority.* Issuer-group announcement.", "url": "https://www.sc.com/en/press-release/standard-chartered-backed-anchorpoint-granted-stablecoin-issuer-licence-by-the-hong-kong-monetary-authority/", "reviewed_on": "2026-09-12", "evidence_scope": "Dated regulatory or issuer statement; not a measured redemption outcome" }, { "reference_id": "6", "source_description": "[6] Bank for International Settlements. June 2025. *The next-generation monetary and financial system*, Annual Economic Report, chapter III. BIS analysis.", "url": "https://www.bis.org/publications/aer-2025/next-generation-monetary-financial-system", "reviewed_on": "2026-09-12", "evidence_scope": "Dated regulatory or issuer statement; not a measured redemption outcome" }, { "reference_id": "7", "source_description": "[7] Monetary Authority of Singapore. 15 August 2023. *MAS Finalises Stablecoin Regulatory Framework.* Historical framework announcement; not used to certify present product status. Official release.", "url": "https://www.sgpc.gov.sg/api/file/getfile/Media%20Release_MAS%20Finalises%20Stablecoin%20Regulatory%20Framework.pdf?path=%2Fsgpcmedia%2Fmedia_releases%2Fmas%2Fpress_release%2FP-20230815-2%2Fattachment%2FMedia+Release_MAS+Finalises+Stablecoin+Regulatory+Framework.pdf", "reviewed_on": "2026-09-12", "evidence_scope": "Dated regulatory or issuer statement; not a measured redemption outcome" } ], "model": [ { "scenario_id": "requests-0.05", "metric": "cash_gap", "value": 0, "unit": "HKD", "evidence_type": "hypothetical", "formula": "max(L*q-C,0)", "inputs": "L=100000000;R=102000000;C=10000000;q=0.05" }, { "scenario_id": "requests-0.1", "metric": "cash_gap", "value": 0, "unit": "HKD", "evidence_type": "hypothetical", "formula": "max(L*q-C,0)", "inputs": "L=100000000;R=102000000;C=10000000;q=0.1" }, { "scenario_id": "requests-0.2", "metric": "cash_gap", "value": 10000000, "unit": "HKD", "evidence_type": "hypothetical", "formula": "max(L*q-C,0)", "inputs": "L=100000000;R=102000000;C=10000000;q=0.2" }, { "scenario_id": "requests-0.4", "metric": "cash_gap", "value": 30000000, "unit": "HKD", "evidence_type": "hypothetical", "formula": "max(L*q-C,0)", "inputs": "L=100000000;R=102000000;C=10000000;q=0.4" }, { "scenario_id": "sale-0", "metric": "securities_sold", "value": 10000000, "unit": "HKD", "evidence_type": "hypothetical", "formula": "cash_needed/(1-h)", "inputs": "cash_needed=10000000;h=0" }, { "scenario_id": "sale-0", "metric": "execution_loss", "value": 0, "unit": "HKD", "evidence_type": "hypothetical", "formula": "securities_sold-cash_needed", "inputs": "cash_needed=10000000;h=0" }, { "scenario_id": "sale-0", "metric": "remaining_buffer", "value": 2000000, "unit": "HKD", "evidence_type": "hypothetical", "formula": "initial_buffer-execution_loss", "inputs": "initial_buffer=2000000;h=0" }, { "scenario_id": "sale-0.005", "metric": "securities_sold", "value": 10050251.256281408, "unit": "HKD", "evidence_type": "hypothetical", "formula": "cash_needed/(1-h)", "inputs": "cash_needed=10000000;h=0.005" }, { "scenario_id": "sale-0.005", "metric": "execution_loss", "value": 50251.25628140755, "unit": "HKD", "evidence_type": "hypothetical", "formula": "securities_sold-cash_needed", "inputs": "cash_needed=10000000;h=0.005" }, { "scenario_id": "sale-0.005", "metric": "remaining_buffer", "value": 1949748.7437185925, "unit": "HKD", "evidence_type": "hypothetical", "formula": "initial_buffer-execution_loss", "inputs": "initial_buffer=2000000;h=0.005" }, { "scenario_id": "sale-0.01", "metric": "securities_sold", "value": 10101010.1010101, "unit": "HKD", "evidence_type": "hypothetical", "formula": "cash_needed/(1-h)", "inputs": "cash_needed=10000000;h=0.01" }, { "scenario_id": "sale-0.01", "metric": "execution_loss", "value": 101010.10101010092, "unit": "HKD", "evidence_type": "hypothetical", "formula": "securities_sold-cash_needed", "inputs": "cash_needed=10000000;h=0.01" }, { "scenario_id": "sale-0.01", "metric": "remaining_buffer", "value": 1898989.898989899, "unit": "HKD", "evidence_type": "hypothetical", "formula": "initial_buffer-execution_loss", "inputs": "initial_buffer=2000000;h=0.01" }, { "scenario_id": "sale-0.02", "metric": "securities_sold", "value": 10204081.632653061, "unit": "HKD", "evidence_type": "hypothetical", "formula": "cash_needed/(1-h)", "inputs": "cash_needed=10000000;h=0.02" }, { "scenario_id": "sale-0.02", "metric": "execution_loss", "value": 204081.6326530613, "unit": "HKD", "evidence_type": "hypothetical", "formula": "securities_sold-cash_needed", "inputs": "cash_needed=10000000;h=0.02" }, { "scenario_id": "sale-0.02", "metric": "remaining_buffer", "value": 1795918.3673469387, "unit": "HKD", "evidence_type": "hypothetical", "formula": "initial_buffer-execution_loss", "inputs": "initial_buffer=2000000;h=0.02" }, { "scenario_id": "cash-sleeve", "metric": "annual_income_difference", "value": 199999.99999999997, "unit": "HKD/year", "evidence_type": "hypothetical", "formula": "additional_cash*(asset_yield-cash_yield)", "inputs": "additional_cash=10000000;asset_yield=.03;cash_yield=.01" } ] }