The so-called 'stablecoin' that Hong Kong is currently promoting is actually more like a central bank digital currency (CBDC) in its underlying logic: emphasizing regulatory trust and fiat currency anchoring, it is a digital currency, not a true cryptocurrency.
While stability is certainly 'guaranteed', the problem is: there is excess stability but insufficient freedom.
With the loss of anonymity, censorship resistance, cross-border circulation, and on-chain settlement—these essential soul applications of crypto—it is left with nothing but a digital payment shell authorized by the central bank. Such a 'stablecoin' cannot be considered Web3, nor can it integrate into the true decentralized financial world.