CoinVoice has learned that, according to Hong Kong Radio, the Secretary for Financial Services and the Treasury, Hui Chengyu, stated that the positioning of Hong Kong's stablecoin is clear—it serves as a payment tool, another manifestation of fiat currency, and there are no speculative opportunities, urging the public to be cautious.

Hui Chengyu added that payment through the banking system may incur costs of up to 3%, while using stablecoins could reduce costs to as low as 1%, thereby lowering cross-border payment costs and enhancing economic operational efficiency. [Original link]