Techub News reports that in an interview, the Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, stated that in the first phase, only a small number of stablecoin licenses will be issued. Regarding the issuance of RMB stablecoins, he mentioned that there are no legal restrictions on the pegged currency, but if it involves currencies from other regions, discussions with relevant institutions may be necessary. Xu Zhengyu emphasized that the government will take the lead in promoting the application of stablecoins, particularly focusing on cross-border payment scenarios to help developing countries cope with local currency depreciation and financial system risks. He also revealed that Hong Kong will promote the tokenization of financial assets in the future, expecting to extend beyond green bonds to exchange-traded funds (ETFs) and believes that commodity trading such as metals can also be explored for token payments.