Hong Kong's Stablecoin Regulations Set to Enhance Financial Market Stability

According to Odaily, as the Stablecoin Ordinance is set to take effect on August 1, Hong Kong Financial Development Council Chairman Hong Pi emphasized the role of stablecoins in the digitalization of Hong Kong's financial market. He stated that stablecoins should maintain stability rather than be subject to short-term speculative manipulation. Hong noted that dozens of companies are interested in applying for stablecoin business licenses, indicating that while development will take time, Hong Kong is already among the global leaders in this field. Furthermore, Hong is advocating for Hong Kong to position itself as a financial hub for the 'Global South,' leveraging stablecoin development to aid in diversifying investment and mitigating supply chain risks.