Song Min, President of the Hong Kong Institute of International Finance, said: "Institutional advancement" will help Hong Kong explore the development path of stablecoins, which should be anchored in

Song Min, Dean of the China Central Development Research Institute at Wuhan University, stated that the emergence of stablecoins is an inevitable result of technology-driven development, but technology cannot replace regulation. China should cherish the opportunity to establish a regulatory framework, adopting a "system-first, scenario-based, and step-by-step" approach. Hong Kong's stablecoin will serve areas such as cross-border trade settlement and the on-chain integration of RWA assets, boosting the real economy. Hong Kong plays an irreplaceable strategic role in the internationalization of the RMB, with the greatest breakthrough in cross-border trade settlement, requiring the introduction of more RMB-denominated financial products.