On May 21, 2025, the Hong Kong Legislative Council officially passed the "Stablecoin Bill" in its third reading. The bill will come into effect as soon as it is signed by the Chief Executive of Hong Kong and published in the government gazette. This means that Hong Kong will officially implement stablecoin regulation. According to the current progress, the cryptocurrency industry may see the birth of compliant Hong Kong stablecoins by the end of 2025. Stablecoins are about to reshape the global financial system and order in the future.