Hong Kong's Stablecoin Positioned as a Payment Tool, Says Official

According to BlockBeats, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, has clarified the role of Hong Kong's stablecoin. He stated that the stablecoin is clearly positioned as a payment tool and represents another form of legal tender, with no speculative opportunities. Hui advised the public to exercise caution. He further noted that while payment costs through the banking system could reach up to 3%, using stablecoins could potentially reduce these costs to as low as 1%, thereby lowering cross-border payment expenses and enhancing economic efficiency.