Hong Kong will introduce a stablecoin linked to the Hong Kong dollar, what impact will this have?

Recently, the Hong Kong Special Administrative Region government stated that it welcomes the Legislative Council's passage of the "Stablecoin Bill" in order to establish a licensing system for fiat stablecoin issuers in Hong Kong, to enhance the regulatory framework for virtual asset activities in Hong Kong, to maintain financial stability, and to promote financial innovation. At the same time, a stablecoin bill is being introduced in the United States. The "Guiding and Establishing the U.S. Stablecoin National Innovation Act" has recently passed a procedural vote in the U.S. Senate with 66 votes in favor and 32 against, marking an important step forward in the Senate. The bill will now proceed to the full Senate vote stage. If the Senate ultimately passes the bill, it will then be sent to the House of Representatives for consideration and approval before being signed into law by the President. In fact, the Hong Kong SAR government has been paying attention to stablecoins for three years. What are the considerations behind the Hong Kong dollar stablecoin? Which institutions are eligible to obtain licenses? In response to this, First Financial interviewed Li Lianxuan, the senior manager of tokenization at the financial technology group Hashkey, who previously led the design of the first batch of Bitcoin ETFs launched by top domestic public funds in Hong Kong. In his view, establishing a clear regulatory framework is the main intention, especially after the collapse of TerraUSD in 2022, regulators around the world have begun to realize that the orderly development of the stablecoin market requires a clear and explicit regulatory framework. This will also help maintain Hong Kong's status as an international financial center, particularly enhancing its attractiveness to global Web3 projects and talent. In the future, institutions most likely to apply for and obtain a fiat stablecoin issuance license may include banks, large internet companies, and financial technology companies.