Internet reports that Hong Kong's "Stabilized Coin Ordinance" will come into effect on August 1. Yu Wai-man, President of the Hong Kong Monetary Authority, said that Hong Kong has set relatively strict standards for stablecoin issuers and has high entry barriers, almost in line with e-wallets and banking supervision. It is expected that only a few licenses will be issued in the first phase, and the licensed stablecoins will have different specific uses, such as cross-border trade. Yu Weiwen mentioned that the Hong Kong Monetary Authority has very strict requirements on risk management, whether it is asset reserve management, stability mechanisms, redemption policies, or most importantly, anti-money laundering regulations, which are almost the same as e-wallets and banks. Stabilized coins have payment attributes, and the Stabilized Coin Ordinance provides issuers with a comprehensive regulatory framework to ensure the same risks and the healthy and sustainable development of the industry. (Jin Shi)