As cryptocurrencies gain traction across the world, stablecoins, a type of currency that offers greater stability by being pegged to underlying liquid assets, is drawing increased attention from businesses. U.S. President Donald Trump gave the sector a boost with his Genius Act in July, which set clear rules for issuing payment stablecoins. Hong Kong has also jumped on the bandwagon, rolling out a regulatory framework for stablecoins in August.
Such positive signals are drawing a growing number of companies into the mix, including sportswear maker 361 Degrees International Ltd. (1361.HK), which announced this month it’s looking into stablecoin payment and settlement systems. The move makes the company, one of China’s smaller homegrown sportswear makers, one of the first major retailers to divulge some cryptocurrency aspirations.
The company said it has opened accounts with an unidentified third-party provider specializing in comprehensive fiat and stablecoin digital payment systems. It added the partner assists companies in achieving efficient, borderless value transfers globally.