Foresight News reports that Hong Kong Legislative Council member Wu Jiezhuang tweeted that the Hong Kong Legislative Council has passed the (Stablecoin Ordinance Bill) after three readings. It is expected that by the end of this year, institutions can apply to the Monetary Authority to become compliant stablecoin issuers. The stablecoins in Hong Kong are based on fiat currency as the underlying asset, and they welcome global businesses and institutions interested in issuing stablecoins to apply in Hong Kong.