Odaily News As the Stablecoin Ordinance is about to take effect on August 1, Hong Pizheng, Chairman of the Hong Kong Financial Development Council, said at the annual report release conference that stablecoins are part of the digitalization of Hong Kong's financial market 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. Although it takes time to develop, Hong Kong is already in the global leading echelon. In addition, Hong Pizheng proposed that Hong Kong should be positioned as a treasury center facing the "Global South", using the development of stablecoins to help diversify investment and supply chain risks.