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Paper short abstract

This paper explores how stability is produced through governing, infrastructuring, and moralising stablecoins in Hong Kong’s digital finance scene, highlighting the emergence of stabilising subjectivities amid efforts to position the city as a global Web3 hub.

Paper long abstract

In classical anthropological theories, stability is often regarded as the ‘default state’ of society, articulated through concepts such as Radcliffe-Brown’s (1940) notion of ‘natural equilibrium’ or Bourdieu’s (1977) idea of ‘enduring dispositions’. Building upon ethnographic research conducted among blockchain industry professionals and regulators in Hong Kong, this paper explores how stability is conceptualised and produced within the context of digital financialisation. This inquiry is situated amidst broader efforts to position the city as a ‘global Web3 hub’.

Specifically, we focus on the introduction of a Hong Kong dollar stablecoin, a novel form of digital currency that, in contrast to volatile cryptocurrencies, claims to offer intrinsic stability by referencing an underlying fiat currency. Through this case, we identify three key processes through which stability is constituted: governing, infrastructuring, and moralising. Governing is enacted via innovative regulatory approaches such as sandboxing, which allow for controlled experimentation. Infrastructuring involves the development of ostensibly ‘agnostic’ transactional technologies, designed to operate amidst ongoing geopolitical polarisation. Moralising occurs as industry figures present themselves as responsible actors, aligning their practices with normative ideals appropriate for licensed stablecoin issuers.

This paper examines how these interrelated processes give rise to distinct stabilising subjectivities—those individuals and organisations who internalise and enact stability through their practices. We argue that these emerging subjectivities are central to understanding the broader anthropological significance of stability amidst digital financialisation, highlighting the ways in which stability is actively produced, moralised, and embodied within Hong Kong’s transforming financial landscape.