The Hong Kong Treasury and HKMA recently published a consultation summary on the regulatory regime for stablecoin issuers. KPMG believes that the main concern of stablecoin users is the lack of trust in the reserve assets that support stablecoins, which also limits the wide application of stablecoins. The consultation summary recommends that fiat currency assets be used as reserve assets for stablecoins and be supervised by regulators, which...