Tether and its parent company iFinex were previously registered in Hong Kong, where the government plans to strengthen regulations on stablecoins.

Odaily Planet Daily reports that Tether and its parent company iFinex were both registered in Hong Kong and are closely related to Bitfinex, one of the largest cryptocurrency exchanges in the world. The Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Christopher Hui, stated in a radio interview yesterday that the government will regulate issuers of such stablecoins in the future, focusing on two areas: custodians and over-the-counter (OTC) virtual asset trading.

Currently, the board of directors of Tether in Hong Kong consists of two members: Giancarlo Devasini, who is the CFO of Tether and also one of the co-founders of Bitfinex; and JL van der Velde, the former CEO of Tether and the current CEO of Bitfinex.

At present, $USDT is widely used in Hong Kong's cryptocurrency exchanges and OTC markets, becoming an important tool for cross-border capital flow and is also one of the cryptocurrencies commonly used in illegal activities. Hong Kong Legislative Council member Wu Jiezhuang stated that $USDT has high stability and low price volatility, providing investors and traders with a reliable value storage tool. Nearly all major cryptocurrency exchanges globally support it, and due to its fast transaction speed and low fees, it is particularly suitable for cross-border trade payments. "Although there are other stablecoins in the market, $USDT has taken the lead due to its earlier issuance," he added. (Wen Wei Po)