According to Techub News, reported by the Hong Kong Ta Kung Pao, the Secretary for Financial Services and the Treasury, Xu Zhengyu, stated in a television program today that digital assets are the trend of the times, emphasizing that stablecoins are not tools for making money or getting rich, but rather tools for financial development.

Xu Zhengyu stated that financial activities currently flow through different intermediaries or institutions, and the circulation of stablecoins on the blockchain helps to improve the efficiency and speed of financial activities, making the real economy more efficient. When asked whether stablecoins might undermine the sovereignty of international currencies, Xu Zhengyu replied that the government fully understands the related risks, has clear regulatory concepts, and requires stablecoin issuers to have certain capital or reserves, as well as regulations on the redemption time of stablecoins, to ensure that purchasers or institutions can redeem the currency.