Deep Tide TechFlow News, on August 3, according to the Daily Economic News, Hong Kong Legislative Council member Yau Tat-Kan stated in an exclusive interview that the core characteristic of fiat-backed stablecoins is that they must be 100% backed by highly liquid monetary assets as reserves. The main function of fiat-backed stablecoins is still international payments, with no opportunity for speculation. During the formulation of the 'Stablecoin Regulations,' references were made to the U.S., Japan, and the EU's MiCA (Regulation on Markets in Crypto-assets), as well as Singapore's Payment Services Act (PSA). The legislation considers international circulation and demand, adhering to international and national standards. In addition, Yau Tat-Kan also stated that Hong Kong's stablecoins should not compete for the market of existing products but should explore new markets.