{
  "register": "Cross-Border Stablecoin Register",
  "version": "0.11.0",
  "generated": "2026-08-20",
  "endpoint": "corridor_directed",
  "guardrail": "static projection of the public register; no facts added here",
  "data": {
    "corridor_id": "us-hk-usd-hkd-settlement",
    "name": "United States -> Hong Kong SAR (USD->HKD settlement)",
    "schema": "corridor/v3-directed-edge",
    "origin": "US",
    "destination": "HK",
    "direction": "directed",
    "currencies": "USD -> HKD",
    "feasibility_class": "Category I (dual authorization available)",
    "compatibility_category": "I/II",
    "compatibility_pair": "HK-US",
    "divergence": {
      "kind": "interaction_sets",
      "against_pair": "HK-US",
      "pair_interaction_sets": [
        "A",
        "C"
      ],
      "edge_interaction_sets": [
        "A",
        "C",
        "D"
      ],
      "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.5 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent."
    },
    "archetypes": [
      "RC",
      "SC",
      "TC",
      "DC"
    ],
    "interaction_sets": [
      "A",
      "C",
      "D"
    ],
    "infrastructure_overlap": {
      "bloc": "cross-bloc",
      "note": "US on Project Agora; HK on Project Ensemble + mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)."
    },
    "inbound_mechanism": {
      "test": "HKMA fiat-referenced-stablecoin licence",
      "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token anywhere; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or a partnership with a licensed issuer.",
      "administrator": "HKMA"
    },
    "note": "A dollar issuer seeking Hong Kong distribution confronts a first cohort that is HKD-only and bank-led. There is no general inbound recognition of a foreign dollar token for payment use; the operator needs a later HKMA licence for a non-HKD product (timing not public) or a partnership with a licensed HK issuer. The regulatory corridor is the gating archetype; the settlement corridor is contingent on it.",
    "source": {
      "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.3 (United States -> Hong Kong SAR)",
      "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x HK: Category I/II hybrid — undirected §5.14 pair; see this edge's `divergence` field)"
    },
    "valid_as_of": "2026-06",
    "evidence_tier": "firm_summary",
    "version_added": "0.5.0",
    "tags": [
      "corridor",
      "directed_edge",
      "from_atlas_v0.2.5",
      "v0.5.0_corridor_layer"
    ],
    "materialized_from": "authored",
    "authored_source_file": "us-hk-usd-hkd-settlement.yaml",
    "class_code": "I",
    "origin_drag": false,
    "class_basis": {
      "rule": "destination_gate",
      "governing_jurisdiction": "HK",
      "signal": "inbound_gate",
      "signal_value": "authorization",
      "claim_class": "tier1_legal",
      "binding_status": "in_force_enacted",
      "evidence_tier": "firm_summary",
      "instrument": "HKMA fiat-referenced-stablecoin licence under Cap. 656.",
      "record_ref": "hk-frs-monetary_sovereignty-001",
      "record_ref_meta": {
        "dimension": "monetary_sovereignty",
        "match": "same_instrument",
        "record_binding_status": "in_force_enacted",
        "record_evidence_tier": "resolution_text",
        "record_claim_class": "tier1_legal"
      }
    }
  }
}