Here’s why banks in Hong Kong are taking the fight to crypto bros

Standard Chartered Plc’s plan to offer a Hong Kong dollar digital clone is the strongest signal yet that stablecoins are about to get gentrified.

These tokens, which convert 1:1 into dollar, euro or other fiat currencies, have emerged as a haven for gangsters, drug traffickers and sanctions evaders to move illicit funds over public blockchains. Entry of regulated financial institutions will hopefully chase away the unseemly squatters.