According to reports from Wu, the Chairman of the Hong Kong Financial Development Council, Hong Pi, stated that stablecoins should not be used as short-term speculation tools, but rather as a long-term strategy. The key is to promote the digitization of payment infrastructure and asset markets.
Hong Kong will officially implement a stablecoin regulatory system on August 1, providing a clear compliance framework to attract global institutions to conduct issuance, custody, and trading business in Hong Kong. Hong Kong does not intend to compete with US dollar stablecoins, but rather focuses on consolidating its strategic position in financial technology infrastructure.
