Internet reports that on August 1, Hong Kong's "Stabilizing Coin Ordinance" officially came into effect, establishing a stablecoin issuer licensing system and improving Hong Kong's regulatory framework for virtual asset activities. Yang Debin, president of the Greater Bay Area International Information Technology Association, said that the development of stablecoins internationally has reached a certain scale. Hong Kong's launch of the "Stable Coin Ordinance" at this time is a reflection of its regulatory progress with the times. In line with international standards, China Hong Kong also strives to align with the standards of other countries and regions around the world when formulating relevant regulations on stablecoins. According to Hong Kong's stablecoin Ordinance, licensees must ensure that the market value of the reserve assets of the designated stablecoin they issue is never lower than the par value of the type of stablecoin that has not yet been redeemed and is in circulation. Licensees should consider the risk profile of reserve assets and ensure that there is appropriate over-collateralization to cover market risks. (21 Finance and Economics)