Odaily News Hong Kong's "Stablecoin Ordinance" will take effect on August 1. Eddie Yue, chief executive of the Hong Kong Monetary Authority, said that Hong Kong has set relatively strict standards for stablecoin issuers, with a high entry threshold, almost in line with e-wallet and bank supervision. It is expected that only a few licenses will be issued in the first phase, and the licensed stablecoins will have different specific uses, such as cross-border trade. Eddie Yue mentioned that the Hong Kong Monetary Authority has very strict requirements for risk management, whether it is asset reserve management, stability mechanism, redemption policy, or most importantly, anti-money laundering regulations, which are almost the same as e-wallets and banks. Stablecoins have payment attributes, and the "Stablecoin Ordinance" provides issuers with a comprehensive regulatory framework to ensure that the same risks have the same regulatory rules, and the industry develops healthily and sustainably. (Jinshi)