According to online reports, Hong Kong Legislative Council Member Ng Kit Chuang posted a message on social platforms today that the Legislative Council of the Hong Kong Special Administrative Region has passed the "Stabilizing Coin Bill" on third reading. It is expected that before the end of this year, institutions can apply to the HKMA to become compliant stablecoin issuers. Wu Jiezhuang said that he welcomed global companies to apply in Hong Kong, and emphasized the follow-up focus of developing application scenarios and releasing interest on stablecoins to help Hong Kong build an international Web3 center.