Written exclusively for family offices and wealth managers
Historical perspectives and practical guidance
HONG KONG, Aug. 27, 2025 /PRNewswire/ — Annum Capital, a leading financial services group in Hong Kong, today released “Flying Cash: Rise of Stablecoins” – a report that discusses historical precedents and ongoing evolution of stablecoins and provides insights for family offices and wealth managers at a time when technological maturity, regulatory clarity, and rising institutional demand are converging to drive the rise of stablecoins.
This report is co-authored by Annum Capital, Deane Consulting and Anndy Lian, and supported by global firms including Schroders Capital, FTSE Russell, FactSet, Aberdeen, Marex, Synpulse as well as Hong Kong’s local institutions such as Family Office Association of Hong Kong (FOAHK), China Family Office Research Institute, uSmart, Easyview, and Turoid.
- This report examines the evolution of asset-backed, privately-issued instruments of value transfer, drawing parallels from financial innovations in ancient China (e.g. “flying cash” in Tang dynasty) to more recent incarnations including stablecoins.
- The report narrates the birth of USDT and USDC, and recounts how stablecoins have gone mainstream when the stars were finally aligned. The report reviews global regulatory stance towards stablecoins, from initial ambivalence to gradual encouragement to potential jurisdictional competition on the horizons.
- The economic implications of stablecoins are explored, including digital dollarization in emerging markets, new dynamics in the US deficit calculus, challenges to policy independence, and how the reduced friction in payment can impact the velocity of money and market volatilities.
- The report also surveys the broader digital assets ecosystem – issuers, exchanges, infrastructure providers, custodians, corporate adopters, and early movers in Hong Kong.
This report is the first publication of the Annum Capital Digital Finance Whitepaper Series, a multi-year collaboration project between Annum Capital and its partners in traditional and digital finance.
Click to download the report: https://www.annum.com.hk/wp-content/uploads/2025/08/Annum-Capital_Stablecoin-Report_August-2025.pdf
About Annum Capital
Annum Capital is a Hong Kong-based financial services group with market leadership in external asset management (EAM), fund management, index investing, private markets, and strategic advisory.
About Deane Consulting
Founded by Andrew Deane, a well-known publisher and specialist adviser in the wealth management sector, Deane Consulting works with companies in the wealth eco-system across Asia, Middle East and Europe on strategic topics.
About Anndy Lian
Anndy Lian is an all-rounded business strategist in Asia. He has provided advisory across a variety of industries for local, international, and public-listed companies and governments. He is an early blockchain adopter and experienced serial entrepreneur, book author, investor, board member, and keynote speaker.
Disclaimer:
This report – “Flying Cash: Rise of Stablecoins” – is intended solely for informational purposes for family offices and wealth managers. It has not been reviewed or approved by any regulatory authority in Hong Kong or elsewhere.
Any reference to specific cryptocurrencies, tokens, digital assets, financial instruments, insurance or investment products, platforms, or companies is provided solely for illustrative or informational purposes. Such references do not constitute, and should not be interpreted as, an offer, solicitation, endorsement, or recommendation to transact in any of the products or entities mentioned, nor do they represent the formation of any legal or advisory relationship.
This report does not constitute investment advice or advertisement or invitation to acquire, dispose of or trade any assets or products referred to in this report. Nothing in this report should be relied upon as a basis for making any investment decision. This report does not constitute and should not be regarded as financial, investment, legal, or tax advice.
This report is intended for readers in Hong Kong and is to be distributed only in jurisdictions where local laws and regulations allow its distribution.
This report is based on resources as of July 2025 that the authors reasonably believe to be reliable. The authors do not give any warranty on the accuracy of the information contained in this report and accept no liability of any kind for any damage or loss of any nature arising from or in connection with this report.
© 2025 Annum Capital. All rights reserved. This press release and the report referenced herein are protected by copyright and other intellectual property laws. No part of this material may be reproduced, distributed, transmitted, displayed, published, or broadcast in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of Annum Capital.
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