Recently, the Chairman of the Hong Kong Financial Development Council expressed his views on the stablecoin issue, emphasizing the importance of long-term development. He pointed out that the value of stablecoins lies not in short-term speculation, but in their actual applications, especially in the fields of payments and asset trading.

In the global wave of digitalization, stablecoins are seen as an important tool for promoting the online payment system and asset market. Hong Kong is set to implement new regulations for stablecoin supervision starting August 1, a move that is expected to attract more global financial institutions to conduct business in the region. The new regulations clarify the compliance framework for issuing stablecoins, asset custody, trading, and other activities, providing clear guidance for market participants.

It is worth noting that Hong Kong's move is not aimed at competing for market share with the US dollar stablecoin, but rather focuses on strengthening its own financial technology infrastructure. This strategy aims to attract international participants by improving the regulatory environment and technological services, rather than directly engaging in fierce market competition.

This prudent and forward-looking approach reflects the wisdom of the Hong Kong financial authorities. Against the backdrop of the booming global digital currency development, Hong Kong has created favorable conditions for industry growth by establishing a transparent and predictable regulatory framework. Financial markets are most averse to uncertainty, and this initiative from Hong Kong has precisely injected confidence into the market.

In the long run, Hong Kong's launch of stablecoin regulation will not only help standardize the industry's development but also further consolidate its position as an international financial center. By providing fertile ground for digital financial innovation, Hong Kong is expected to gain an advantageous position in the global fintech competition, attracting more international participants and promoting the prosperous development of the entire ecosystem.