President of the Hong Kong International Financial Association, Song Min: "Prioritizing institutional development will help Hong Kong explore a stable coin development path, should be anchored to cross-border trade and other real economy 'main battlefield'".

The Hong Kong "Stablecoin Regulations" will officially come into effect on August 1, 2025. Song Min, Dean of the China Central Development Research Institute at Wuhan University, stated that the emergence of stablecoins is an inevitable result of technological advancement, but technology cannot replace regulation. China should cherish the opportunity to establish a regulatory framework and adopt a path of "institution-led, scenario-based, and gradual advancement". Hong Kong stablecoins will serve in areas such as cross-border trade settlement and the on-chainization of RWA assets, supporting the real economy. Hong Kong plays an irreplaceable strategic role in the internationalization of the renminbi, with the greatest breakthrough in cross-border trade settlement requiring the introduction of more renminbi-denominated financial products.