According to reports from the Daily Economic News, Hong Kong Legislative Council member Siu Tak-gan stated in an exclusive interview that the core feature of fiat-backed stablecoins is that they must be 100% backed by highly liquid monetary assets as reserves. Currently, the main function of fiat-backed stablecoins is still international payments, with no opportunity for speculation. During the formulation of the 'Stablecoin Regulation,' references were made to the United States, 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. Additionally, Siu Tak-gan mentioned that Hong Kong's stablecoins should not compete for the market of existing products but should explore new markets.