CoinVoice has recently learned that, according to Shanghai Securities News, the President of the Hong Kong Monetary Authority, Yu Weiwen, has once again discussed stablecoins. Yu Weiwen stated that the intensity of discussions about stablecoins in the market and society over the past month still needs to be strengthened, and he talked about how to implement the stablecoin regulations according to prudent and sustainable principles. Yu Weiwen indicated that it is necessary to prevent excessive speculation in the market and public opinion regarding stablecoins, and several recent phenomena are worth noting. First, there is excessive conceptualization.
Yu Weiwen revealed that, based on Hong Kong's experience, dozens of institutions have actively approached the Monetary Authority team, some of which clearly expressed their intention to apply for a stablecoin license, while others are in a preliminary exploratory phase. However, many remain at the conceptual stage, such as proposing to enhance cross-border payment efficiency, support Web 3.0 development, and improve foreign exchange market efficiency, but lack practical application scenarios and cannot present feasible specific plans and implementation strategies, let alone possess the awareness and ability to manage risks. Some institutions that can provide application scenarios, however, lack the technology to issue stablecoins and the experience and capability to manage various financial risks.
Yu Weiwen suggested that there can be various models for participating in stablecoins. For such institutions, a more practical approach seems to be collaborating with other stablecoin issuers to provide application scenarios, rather than pursuing the role of issuer. [Original link]