Hong Kong's "Stablecoin Ordinance" has a global demonstration effect and is expected to accelerate the construction of a local stablecoin ecosystem.

Song Ke, Executive Vice President of the Shenzhen Research Institute of Renmin University of China, stated that Hong Kong's "Stablecoin Ordinance" is the world's first comprehensive regulatory framework for fiat-backed stablecoins, which has an important demonstration effect. He pointed out that after the implementation of the ordinance, relevant institutions can quickly transform the early pilot experience into actual products, accelerating the development of Hong Kong's stablecoin ecosystem; at the same time, promoting the application of the digital RMB and Hong Kong dollar stablecoins is expected to gradually reduce reliance on the US dollar clearing system. (Golden Ten) [Odaily]