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According to BlockBeats, Hong Kong's Financial Secretary, Paul Chan, highlighted the impact of digital asset growth on financial institutions in his recent essay, "Accelerating Progress and Steady Sailing." Last year, local banks in Hong Kong saw digital asset and related product transactions reach a total of HKD 17.2 billion, with digital assets under bank custody amounting to HKD 5.1 billion by the end of the year.The "Stablecoin Ordinance" has been passed by the Legislative Council and will take effect on August 1. This move aims to cautiously advance the development of stablecoins, offering a new paradigm for the global stablecoin market. It also reflects the dual functions of a firewall and testing ground under the "one country, two systems" framework, providing valuable experience and reference for national financial development.Hong Kong has adopted a more open approach, allowing licensed issuers to choose different fiat currencies as the anchor currency for issuing stablecoins. This strategy is expected to attract more global institutions to issue stablecoins in Hong Kong based on practical application scenarios, significantly enhancing the liquidity of related activities and the competitiveness of the Hong Kong market.