Yao Zhisheng: Hong Kong's greatest opportunity to develop stablecoins lies in promoting offshore RMB stablecoins

According to Ming Pao, Yao Zhisheng, a member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference, stated that Hong Kong's greatest opportunity in developing stablecoins lies in promoting offshore Renminbi stablecoins, rather than Hong Kong dollar stablecoins. He suggested that the Hong Kong SAR government seek central government support to develop officially certified Renminbi stablecoins to enhance market confidence and help Hong Kong become a global stablecoin issuance hub. [Wu Shuo]