PANews reported on June 8 that on June 6, the Hong Kong SAR government published a notice (Stablecoin Regulation (Effective Date)) in the official gazette, clarifying August 1, 2025, as the implementation date for the (Stablecoin Regulation) (Chapter 656). On June 7, Xu Zhengyu, Secretary for Financial Services and the Treasury of Hong Kong, stated in an interview that the underlying asset of stablecoins is fiat currency, which can later be used for payment functions in electronic asset form through technologies like blockchain.
Xu Zhengyu stated that the issuers of stablecoins are regulated by the Hong Kong Monetary Authority, and the main principles of regulation are similar to those for traditional financial assets. Relevant issuers must comply with regulations regarding reserve asset management and redemption, including properly segregating customer assets. When stablecoin holders request redemption, it must be completed within one working day to meet user demands.
When mentioning the future application scenarios of stablecoins, Xu Zhengyu cited an example. Due to the payment characteristics of stablecoins, when there are services or projects conducted in the 'Belt and Road' regions, and the local currency exchange rates are volatile or the financial system is not very mature, using the local currency for payment may carry certain risks. The other party can then use stablecoins for payment purposes.
