Xu Zhengyu: The first phase of stablecoin licenses will be issued in limited quantities, and the tokenization of financial assets is expected to expand to ETFs

ChainCatcher news, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, stated in an interview with Cable News' "Finance and Business" that in the first phase, only a small number of stablecoin licenses will be issued. Regarding the issuance of a renminbi stablecoin, he mentioned that there are no legal restrictions on the pegged currency, but if it involves currencies from other regions, discussions with relevant institutions may be necessary.

Christopher Hui emphasized that the government will take the lead in promoting the application of stablecoins, particularly focusing on cross-border payment scenarios to help developing countries cope with currency depreciation and financial system risks. He also revealed that Hong Kong will promote the tokenization of financial assets in the future, expecting to extend from green bonds to exchange-traded funds (ETFs) next, and believes that trading in commodities such as metals could also be explored for token payments.