Hong Kong Treasury Secretary, Eddie Hui: Redemption of stablecoins must be completed within one working day

Odaily Star Daily News: Hong Kong Treasury Secretary Xu Zhengyu stated in an interview on a radio program yesterday that the underlying of stablecoins is legal tender, which can be used as electronic assets in the future for payment functions through technologies such as blockchain. The issuer of Xu Zhengyu stablecoins is regulated by the Hong Kong Monetary Authority, and the regulatory principles are similar to traditional financial assets. The relevant issuers must comply with regulations on reserve asset management and redemption, including properly separating customer assets. When stablecoin holders request redemption, it must be completed within one working day to meet user requirements. Xu Zhengyu added that due to the payment characteristics of stablecoins, when services or projects are carried out in the "Belt and Road" region, and the local currency exchange rate fluctuates greatly or the financial system is not mature, there will be certain risks if using the local currency for payment. The other party can use stablecoins for payment purposes. （Aastocks）