Hong Kong's stablecoin is positioned as a payment instrument, says official

According to BlockBeats, Hong Kong's Secretary for Financial Services and the Treasury, Christopher, clarified the role of Hong Kong's stablecoin. He noted that the stablecoin is clearly positioned as a payment instrument and represents another form of legal tender, without speculative opportunities. He advised the public to exercise caution. He also mentioned that while payment costs through the banking system can reach up to 3%, using stablecoins could potentially reduce these costs to 1%, lowering cross-border transaction expenses and increasing economic efficiency.