Hong Kong Legislator Pushes Stablecoin Vouchers Ahead of Licensing

Hong Kong lawmaker Johnny Ng has proposed issuing government consumption vouchers in stablecoin form. It is to boost the city’s night economy and Web3 adoption. In a post shared on February 19, Ng suggested upcoming “night-time consumption vouchers.” That could be distributed through licensed stablecoin issuers.

Advancing Web3 in the Year of the Horse: Issuing Night-time Consumption Vouchers via Stablecoins

The Web3 industry maintained strong momentum throughout the Year of the Snake. As Hong Kong enters the Year of the Horse, we must capitalise on this success to further consolidate… pic.twitter.com/H4CzpKaC13

— Johnny Ng 吴杰庄 (@Johnny_nkc) February 19, 2026

His proposal comes just weeks before Hong Kong is expected to grant its first batch of stablecoin issuer licenses in March. The idea links public spending policy with digital asset adoption at a key moment for the city’s Web3 ambitions.

Hong Kong’s Stablecoin Licensing Moment

Hong Kong has moved steadily toward regulated stablecoins over the past year. The Stablecoins Ordinance passed in 2025 and took effect later that year. The Hong Kong Monetary Authority (HKMA) has since reviewed dozens of applications from. Firms seeking licenses to issue fiat-referenced stablecoins. While many expected it to be pegged to the Hong Kong dollar.

Officials have confirmed that the first batch of licenses will be granted in March 2026. Financial Secretary Paul Chan and HKMA Chief Executive Eddie Yue have spoken publicly about the plan. The move positions HK as a regulated digital asset hub. Especially as mainland China maintains strict limits on crypto activity.

The “Four-in-One” Stablecoin Voucher Plan

Johnny Ng argues that stablecoins should not stay in the financial sector alone. Instead, he wants them tied directly to government fiscal policy. His idea is simple. If the government introduces night-time consumption vouchers to support restaurants, retail and entertainment. It should issue them as stablecoins. 

He lists four main benefits. First, residents could receive the vouchers directly in digital wallet form and spend them instantly. Second, people would need to open digital asset wallets, giving them hands-on experience with stablecoins. Third, administrative costs could fall because licensed issuers may subsidize distribution to promote their platforms. Finally, Ng believes better public understanding of digital assets could reduce fraud over time. He also suggests that future government cash handouts could follow the same model. In his view, stablecoins could become the default tool for public disbursements.

Linking Web3 to the Night Economy

Ng has previously called for night-time vouchers to revive Hong Kong’s evening economy. After the pandemic years, officials have looked for ways to bring back restaurant traffic and retail spending after dark. Past electronic voucher schemes reached millions of residents and boosted digital payment adoption across the city.

If stablecoins replace traditional e-payment tools, the scale could be similar. Millions of residents could enter regulated Web3 systems almost overnight. That could fast-track adoption in a way private campaigns alone cannot achieve.

For now, Ng’s proposal remains a policy suggestion. The government has not announced formal plans to adopt it. However, the timing is strategic. As stablecoin licenses approach, Hong Kong faces a real test of how digital finance integrates into daily life. Whether or not the voucher plan moves forward, the debate signals that stablecoins are shifting from theory to practical policy discussion.