Odaily Planet Daily reported that Hong Kong Legislative Council member Qiu Dagen said in an exclusive interview that the core feature of fiat stablecoins is that they must be 100% reserved in highly liquid monetary assets. The current main function of fiat stablecoins is international payments, and there is no opportunity for speculation.

During the formulation of the Stablecoin Regulations, reference was made to the MiCA (Markets in Crypto-Assets) regulations of the United States, Japan, and the European Union, as well as Singapore's Payment Services Act (PSA). The legislation took into account international liquidity and demand, adhering to both international and national standards. Furthermore, Chiu stated that Hong Kong's stablecoins should not compete with existing products but rather explore new markets. (Daily Economic News)