Hong Kong confirms that the "Stablecoin Ordinance" will be officially implemented in August 2025, with the Monetary Authority overseeing redemption rights.

On June 8, it was reported that on June 6, the Hong Kong SAR government published the "Stablecoin Ordinance ( Effective Date ) Notice in the Gazette, clarifying that August 1, 2025 is the implementation date of the ( of Chapter 656 of the Stablecoin Ordinance ). On June 7, Hong Kong Secretary for Financial Services and the Treasury Hui Zhengyu said in an interview that the bottom layer of stablecoins is legal tender, which can be used as payment functions in the form of electronic assets through blockchain and other technologies in the future.

Xu Zhengyu stated that the issuers of stablecoins are regulated by the Hong Kong Monetary Authority, and the main principles of regulation are similar to those for traditional financial assets. Relevant issuers must comply with regulations regarding reserve asset management and redemption, including properly segregating customer assets. When a stablecoin holder requests redemption, it must be completed within one working day to meet user requirements.

When mentioning the future application scenarios of stablecoins, Xu Zhengyu cited an example. Due to the payment characteristics of stablecoins, when services or projects are conducted in the “Belt and Road” region, and the local currency exchange rates are highly volatile or the financial system is not very mature, using the local currency for payments would carry certain risks. The other party could use stablecoins for payment purposes.