Xu Zhengyu discusses the stablecoin redemption mechanism again: it must be completed within one trading day, one business day, or one working day

ChainCatcher news, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Xu Zhengyu, stated in an interview at the Lujiazui Forum that the use of stablecoins is aimed at returning to the essence of finance, effectively addressing pain points in economic activities, rather than merely pursuing technological applications or simply achieving interconnectivity. The regulation of stablecoin issuance is similar to the regulation of similar financial institutions, specifically:

1. The issuer itself needs to have capital;
2. After exchanging money with stablecoin holders, the reserves must at all times not be less than the value of the underlying currency of the unredeemed stablecoins;
3. If stablecoin holders wish to exchange for the local currency with the issuer, it must be completed within one trading day, one business day, or one working day.