Hong Kong Financial Secretary: Stablecoins are expected to bring changes to the capital market

Report: Hong Kong's Financial Secretary Chen Maobo published a blog post on the 29th, stating that financial technology has enormous potential in cross-border trade applications, with the goal of addressing long-standing pain points such as slow and costly cross-border payments, and better serving the real economy in the payment field. The "Digital Asset Development Policy Declaration 2.0" released last week highlighted "promoting application scenarios and cross-sector collaboration" as one of its four pillars, mentioning that stablecoins can provide cost-effective alternatives outside the traditional financial system and have the potential to bring transformation to payment and capital market activities, including cross-border payments. The stablecoin legislation will take effect on August 1st this year, and the special administrative region government and financial regulators will work to create a favorable market environment, with necessary regulatory measures, to promote the application of stablecoins in different scenarios and help address practical pain points for businesses and citizens. (Jintian)