Hong Kong Financial Secretary: Allow licensed issuers to choose different fiat coin types as the anchor fiat for issuing stablecoins.

According to Mars Finance, Hong Kong's Financial Secretary Paul Chan published an article titled "Speeding Up Progress and Setting Sail Steadily," in which he pointed out that the development of digital assets has driven related businesses in Financial Institutions. Last year, the total trading volume of digital assets and related products by local banks in Hong Kong reached HKD 17.2 billion, and by the end of last year, the total amount of digital assets custodied by banks reached HKD 5.1 billion. The previously proposed "Stablecoin Regulation" has been passed by the Legislative Council, and Hong Kong is cautiously advancing the development of stablecoins, providing a new paradigm for the global stablecoin market. This is also reflected in the firewall and experimental field functions under the principle of "One Country, Two Systems," offering experience and reference for national financial development. For example, Hong Kong has adopted a more open model, allowing licensed issuers to choose different fiat currencies as the anchor fiat for issuing stablecoins, which is beneficial in attracting more institutions from different parts of the world to issue stablecoins in Hong Kong according to practical application scenarios, significantly enhancing the Liquidity of related activities and the competitiveness of the Hong Kong market.