Yu Weiwen: Hope everyone can objectively and calmly view stable coins. It is expected that only a few licenses will be issued in the initial stage.

The app of Wisdom Finance and Economics learned that on June 23, Norman Chan, the Chief Executive of the Hong Kong Monetary Authority, wrote in an article that as regulators of stablecoin regulatory system, while it is good to see the public's interest in stablecoin, it is also their responsibility to cool down the enthusiasm and let everyone view stablecoin more objectively and calmly. He stated that considering stablecoin is a relatively new product, the risks involved in issuing business, the protection of users, as well as the market's capacity and long-term development, the licensing process has high thresholds. The Hong Kong Monetary Authority expects to only issue a few licenses in the initial stage. Stablecoin issuers who receive licenses must have real-world applications, operate their business in a stable and sustainable manner, and establish trust with market participants to ensure the acceptance of their stablecoin.