Hong Kong Treasury Secretary Hui Zhengyu: Stablecoins are not a tool for generating wealth

Hong Kong's Secretary for Financial Services and the Treasury, Hui Zhengyu, said in a TV program today (29th) that digital assets are the trend of the times, emphasizing that stablecoins are not a tool for making money or making money, but a tool for financial development. Xu Zhengyu said that at present, financial activities are circulated through different intermediaries or institutions, and stablecoins are circulated on the blockchain, which can help improve the efficiency and speed of financial activities and make the real economy more efficient. Asked about the possibility that stablecoins may weaken international monetary sovereignty, Xu Zhengyu said that the government fully understands the relevant risks, has a clear regulatory concept, requires stablecoin issuers to have certain capital or reserves, and regulates the redemption time of stablecoins to ensure that buyers or institutions can redeem the currency.