Hong Kong Financial Secretary: Exploring stablecoins to provide experience and reference for national financial development

Hong Kong's Financial Secretary Chen Maobo pointed out in his latest essay "Speeding Forward and Sailing Steadily" on June 15 that the development of digital assets has also driven related business for financial institutions. For example, the total transaction amount of digital assets and related products by local banks reached 17.2 billion Hong Kong dollars last year; the total amount of digital assets under custody by banks at the end of last year reached 5.1 billion Hong Kong dollars. In response to the latest developments and changes in the situation, we will soon publish a second policy declaration on the development of digital assets, outlining the next policy vision and direction, including a series of specific measures such as better integrating the advantages of traditional financial services with technological innovation in the digital asset field, improving the safety and flexibility of digital assets in real economic activities, and encouraging local and international enterprises to explore innovation and application of digital asset technologies. Hong Kong is cautiously promoting the development of stablecoins, providing a new paradigm for the global stablecoin market, which also reflects our function as a firewall and experimental field under the one country, two systems principle, and provides experience and reference for the country's financial development.