Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) Government, stated in a published article that stablecoins provide a cost-effective alternative outside the traditional financial system and have the potential to bring transformations to payment and capital market activities, including cross-border payments. The legislation on stablecoins will come into effect on August 1 this year. The HKSAR Government and financial regulatory authorities will commit to fostering a favorable market environment, complemented by necessary regulatory measures, to encourage issuers to promote the application of stablecoins in different scenarios, helping to address the practical pain points in enterprises' business operations and citizens' daily lives.