Odaily Planet Daily News: As the "Stablecoin Regulation" is set to take effect on August 1, Hong Kong Financial Development Council Chairman Hong Pi stated at the annual report release that stablecoins are a part of the digitalization of Hong Kong's financial market and should play a "stabilizing" role, rather than being manipulated by short-term speculation. He pointed out that there are currently dozens of companies interested in applying for stablecoin operations; development may take time, but Hong Kong is already among the global leaders. Additionally, Hong Pi is proposing that Hong Kong should position itself as a financial center aimed at the "Global South," leveraging the development of stablecoins to help diversify investments and supply chain risks.