On June 29, Hong Kong Financial Secretary Paul Chan said that financial technology has huge potential in cross-border trade applications. The goal is to solve the long-standing pain points of slow cross-border payments and high costs, and better serve the real economy in the payment field. One of the four pillars of the "Digital Asset Development Policy Declaration 2.0" released last week is "promoting application scenarios and cross-border cooperation." It mentions that stablecoins are a cost-effective alternative to the traditional financial system and have the potential to bring changes to payments and capital market activities, including cross-border payments. The stablecoin legislation will come into effect on August 1 this year. The SAR government and financial regulators will strive to create a favorable market environment, coupled with necessary regulatory measures, to encourage issuers to promote the application of stablecoin to different scenarios, and to help solve the problem of business and real pain points in citizens 'lives.