What are the impacts of Hong Kong's implementation of the Hong Kong dollar stablecoin?

Recently, the Hong Kong SAR government stated that it welcomes the Legislative Council to pass the "Stablecoins Bill" to establish a licensing system for stablecoin issuers in Hong Kong, China, improve the regulatory framework for virtual asset activities in Hong Kong, maintain financial stability, and promote financial innovation. During the same period, the introduction of the stablecoin bill in the United States was imminent. The GENIUS Act, which aims to guide and establish a stable coin nation in the United States, has passed the procedural vote in the US Senate with 66 votes to 32, marking significant progress in the bill's passage in the Senate. Subsequently, the bill will enter the stage of a full Senate vote. If the Senate ultimately passes the bill, it needs to be sent to the House of Representatives for review and approval, and finally signed into law by the President. In fact, the Hong Kong SAR government has been paying attention to stablecoins since three years ago. What are the considerations behind the Hong Kong dollar stablecoin? Which institutions are eligible to obtain licenses? Regarding this, First Financial exclusively interviewed Li Lianxuan, Senior Manager of Hashkey tokenization at the fintech group. Previously, he was responsible for leading the design of the first batch of Bitcoin ETFs launched by top domestic public funds in Hong Kong. In his view, clarifying the regulatory framework is the main intention, especially after the TerraUSD crash in 2022 (where stablecoins reset to zero value within a week), regulatory agencies around the world have begun to realize that the orderly development of the stablecoin market requires a clear and explicit regulatory framework. At the same time, this will also help maintain Hong Kong's position as an international financial center, especially enhancing its attractiveness to global Web3 projects and talent. In the future, the institutions that are most likely to apply for and obtain the issue license of French currency stable currency may be banks, large Internet enterprises, financial technology companies, etc. (First Financial)