According to Ming Pao, Yao Zhisheng, a member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference, stated that stablecoins are a major opportunity for Hong Kong's financial development. In terms of international market payment demand, there will not be too many application scenarios for Hong Kong dollar stablecoins, and their usage is unlikely to be too large. For Hong Kong, the development of stablecoins is not mainly due to the importance of the Hong Kong dollar stablecoin itself, but rather because Hong Kong can take the lead in the field of stablecoins by internationalizing the renminbi, becoming the main platform for offshore renminbi stablecoins, and thus creating a global stablecoin issuance hub. The biggest opportunity for Hong Kong stablecoins is to develop renminbi stablecoins. Yao Zhisheng added that he would suggest the SAR government to seek central support for the development of officially certified offshore RMB stablecoins in Hong Kong, in order to enhance market confidence in offshore RMB stablecoins and promote their development, and to expand and strengthen offshore RMB stablecoins.
