Just call it digital Hong Kong dollars, it's fine, don't call it a stablecoin.
Users can only hold Hong Kong dollar stablecoins after completing KYC identity verification, which means that if I want to trade Hong Kong dollar stablecoins, I can only buy and sell them on a centralized exchange where I have completed KYC identity verification.
If someone wants to transfer Hong Kong dollar stablecoins to me, they cannot transfer them on-chain to my Metamask wallet because that wallet has not completed KYC.
They can only transfer to my exchange account where I have completed KYC identity verification.
With such Hong Kong dollar stablecoins, how can they be used? Who will use them?
It would be better to launch a dedicated alliance chain for Hong Kong dollars, where everyone must complete KYC to trade on this public chain.