The Secretary for Financial Services and the Treasury of Hong Kong elaborates on the regulatory policy and application prospects of stablecoins.

2025-06-08 05:27:41

Gate News bot message, Hong Kong Financial Secretary Paul Chan explained the regulatory and application details of stablecoins during a radio interview. Paul Chan pointed out that stablecoins are based on fiat currency and will achieve payment functions in the future through Blockchain and other technologies.

According to Zhitong Finance, the Hong Kong Monetary Authority is responsible for regulating stablecoin issuers. The regulatory principles are similar to those for traditional financial assets, requiring issuers to comply with reserve asset management and redemption regulations to ensure that customer assets are properly segregated. Redemption requests from stablecoin holders must be completed within one business day.

Xu Zhengyu further explained that stablecoins have practical value in the “Belt and Road” regions. In the face of significant fluctuations in local currency exchange rates or underdeveloped financial systems, stablecoins provide an alternative option for payments.

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