Hong Kong Treasury Secretary: Only a small number of stablecoin licenses will be issued in the first phase, and in the future, asset tokenization such as ETFs will be promoted

Odaily Star Daily News: Hong Kong's Secretary for Financial Services and the Treasury, Xu Zhengyu, stated in an interview that the first phase of stablecoin regulation will only issue a small number of licenses. Regarding the possibility of issuing RMB stablecoins, he stated that there are currently no restrictions on pegged currencies, but if it involves currencies from other regions, negotiations with relevant institutions may be necessary. Xu Zhengyu pointed out that the government will take the lead in promoting the application of stablecoins in cross-border payments and other fields, to assist developing countries in dealing with currency depreciation and financial system risks. He also revealed that Hong Kong will promote the tokenization of financial assets in the future, and after green bonds, the next step will be to explore token payment methods for ETFs and metals and other commodities.