Recently, the Hong Kong Treasury Bureau and the Hong Kong Monetary Authority jointly issued a consultation summary on legislative proposals for stablecoin regulation. They plan to finalize the regulatory system based on market feedback and submit a draft bill to the Legislative Council as soon as possible. Hong Kong will become one of the first regions in the world to regulate stablecoin issuers.

As a bridge between virtual assets and traditional finance, the regulatory framework of stablecoins has attracted much attention. While ensuring effectiveness, Hong Kong's regulatory framework maintains greater flexibility and is relatively friendly to international issuers. International stablecoin issuers such as USDT/USDC will benefit from this policy.

However, it may be difficult for small and medium-sized institutions to directly participate in the issuance of stablecoins, and the main participants will be banks and large technology/financial institutions. In the future, stablecoins issued by commercial banks may explore more application scenarios and promote the development of the digital ecosystem.