Chan Mau-po: Stablecoins are expected to bring changes to the Capital Market.

According to Techub News, the Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, stated in a blog that the potential of fintech in cross-border trade applications is enormous, aiming to address long-standing pain points such as slow cross-border payment speeds and high costs, to better serve the real economy in the payment sector. One of the four pillars of the "Digital Asset Development Policy Declaration 2.0" released last week is "promoting application scenarios and cross-industry cooperation," which mentions that stablecoins provide a cost-effective alternative outside the traditional financial system, with the potential to bring about changes in payment and Capital Market activities, including cross-border payments. The regulations for stablecoins will take effect on August 1 of this year, and the HKSAR government and financial regulatory bodies will strive to create a favorable market environment, coupled with necessary regulatory measures, to encourage issuers to promote the application of stablecoins in various scenarios to help solve the substantial pain points in business operations and the lives of citizens.