ChainCatcher News, according to Jinshi Data reports, Hong Kong's Secretary for Financial Services and the Treasury, Xu Zhengyu, stated that Hong Kong's positioning on stablecoins is clear, which are seen as a means of payment, another manifestation of fiat currency, with no speculative opportunities, and he reminds the public to be cautious. He mentioned that payment through the banking system could incur costs as high as 3%, while the cost of using stablecoins is expected to be as low as 1%, which could reduce cross-border payment costs and enhance economic operational efficiency.