In addition, the 'Stablecoin Regulation' has been passed and will take effect on August 1, establishing a licensing system for the issuance of fiat-backed stablecoins. The global stablecoin market has a market value of approximately $240 billion, with a trading volume exceeding $20 trillion. Stablecoins combine the efficiency of blockchain with the stability of fiat currencies, which can reduce costs, enhance efficiency, and support programmable innovation. Within the framework of 'one country, two systems', this also highlights the characteristics of a firewall and experimental field, providing references for the country's financial development. Hong Kong has adopted a more open model, allowing licensed issuers to choose different fiat currencies as the pegged fiat currency for issuing stablecoins, which is beneficial for attracting more institutions from different parts of the world to issue stablecoins in Hong Kong based on actual application scenarios, greatly enhancing the liquidity of relevant activities and the competitiveness of the Hong Kong market.

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