Wu said that the Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, stated at the Lujiazui Forum that the essence of stablecoins is to solve practical financial pain points, rather than simply pursuing technology. He pointed out that stablecoin issuers must have capital, ensure that reserves cover unredeemed amounts, and complete redemption within one working day. At the same time, he stated that from a regulatory perspective, the possibility of pegging stablecoins to the Chinese yuan cannot be ruled out, but if implemented, the national exchange rate and monetary policy need to be considered comprehensively. https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=44297