Hong Kong Treasury Board's Xu Zhengyu: Stablecoins can be used as payment functions through blockchain and other means, and holders' redemption requests must be completed within one working day According to Zhitong Finance, on June 6th, the Hong Kong SAR government published the "Notice on the Effective Date of the Stablecoins Ordinance" in the Gazette, specifying August 1, 2025 as the implementation date of the Stablecoins Ordinance (Chapter 656). On June 7th, the Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, stated in an interview 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. Xu Zhengyu stated that the issuers of stablecoins are regulated by the Hong Kong Monetary Authority, and the regulatory principles are similar to traditional financial assets. 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. Referring to the application scenario of stable currency in the future, Xu Zhengyu gave an example. Because stable currency has payment characteristics, when there are services or projects in the "the Belt and Road" area, and the local currency exchange rate fluctuates greatly or the financial system is not mature, if there is a certain risk in using local currency for payment, the other party can use stable currency for payment purposes.