Hong Pizheng: Stablecoins are a long-term battle and should not be reduced to a short-term speculation tool

Planet Daily News: As the "Stablecoin Regulations" are about to take effect on August 1st, Hong Kong Financial Development Bureau Chairman Hung Pei-cheng stated at the annual report press conference that stablecoins are part of Hong Kong's financial market digitalization and should play a "stabilizing" role, rather than being manipulated by short-term speculation. He pointed out that dozens of companies are currently interested in applying for stablecoin business, and while development will take time, Hong Kong is already in the global leading tier. Additionally, Hung Pei-cheng proposed that Hong Kong should position itself as a financial center facing the "Global South", using stablecoin development to help diversify investment and supply chain risks.