Odaily Planet Daily reported that a research report released by HSBC pointed out: Even if the supply of Hong Kong dollar stablecoins increases, it will not affect the linked exchange rate system, because when each Hong Kong dollar stablecoin is created, the stablecoin issuer needs to hold reserves. If the reserves are held in Hong Kong dollars, issuing stablecoins only transfers Hong Kong dollars from the buyer's wallet to the issuer's reserves. The total amount of Hong Kong dollars in the system has not changed.

HSBC analysis shows that Hong Kong stablecoin issuers can hold part of their reserves in the form of highly liquid foreign currency assets such as the US dollar. Although this situation may affect the exchange rate by converting Hong Kong dollars into US dollars, it is essentially no different from other Hong Kong dollar outflows for the Hong Kong linked exchange rate system. Once the Hong Kong dollar-US dollar exchange rate falls to 7.85, it will trigger the Hong Kong Monetary Authority to take over the Hong Kong dollar selling orders, and vice versa. If the market buys a large amount of Hong Kong dollar stablecoins, the Hong Kong Monetary Authority will sell Hong Kong dollars and maintain the exchange rate at 7.75. (Hong Kong Ta Kung Pao)