Xu Zhengyu: Exploring More Applications of Compliant Stablecoins in the Digital Finance Field

According to Jinshi reports, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Xu Zhengyu, stated that two licensed stablecoin issuers participated in the central bank digital currency and tokenized deposit-related projects led by the Monetary Authority. The Monetary Authority will continue to follow up, urging institutions to implement relevant application scenarios and explore more applications of compliant stablecoins in the digital finance sector.

In addition, the Monetary Authority has established the Ensemble project framework working group to promote the construction of local unified standards and achieve interoperability between central bank digital currency and tokenized assets.