Hong Kong Financial Development Bureau Chairman Hong Pizheng: Stablecoins should not be used as short-term speculative tools, regulatory system will be launched in August.

Hong Kong Monetary Authority Chairman Norman Chan said that stablecoins should not be used as short-term speculative tools, but rather as a long-term strategic game. The key is to promote the digitalization of payment infrastructure and asset markets. Hong Kong will officially implement a stablecoin regulatory system on August 1, providing a clear compliance framework, which will help attract global institutions to conduct issuance, custody, and trading business in Hong Kong. Hong Kong does not intend to compete with USD stablecoins, but rather to focus on consolidating its strategic position in financial technology infrastructure.