Hong Pizheng: Stablecoins Are a Long-Term Game, Not a Tool for Short-Term Speculation

Odaily Planet Daily News: As the "Stablecoin Regulation" is set to take effect on August 1, Hong Kong Financial Development Council Chairman Laurence Li stated at the annual report press conference that stablecoins are an integral part of the digitalization of Hong Kong's financial market and should serve a "stabilizing" function rather than be manipulated by short-term speculation. He noted that dozens of companies have already expressed interest in applying for stablecoin business licenses. Although development will take time, Hong Kong is already among the global leaders. In addition, Li proposed that Hong Kong should position itself as a treasury center for the "Global South," leveraging stablecoin development to help diversify investment and supply chain risks.