Xu Zhengyu, Secretary for Financial Services and the Treasury of the Government of the Hong Kong Special Administrative Region, said in an interview at the Lujiazui Forum that the use of stablecoins is to return to the essence of finance and effectively solve the painpoints in economic activities, rather than simply pursuing the application of technology or Just to achieve interconnection, the supervision of stablecoins is similar to that of similar Financial Institution Groups.
First, the issuer itself needs to have a capital base;
Second, if the issuer exchanges money with stablecoin holders, the reserve must at any time be no less than the value of the currency behind the unredeemed stablecoin.
Third, if the holder of a stablecoin wants to exchange the local currency with the issuer, it must be completed within one trading day, one business day, or one working day.
Xu Zhengyu talks about the stablecoin redemption mechanism again: it must be completed within one trading day, one business day, or one working day
2025-06-20 07:54:38
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