Hong Kong’s Stablecoin: Payment Tool, Not Investment Speculation

Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, has underscored the stablecoin’s function as a payment tool, emphasizing its legal tender status with no speculative opportunities. He advised public to exercise caution while highlighting the potential cost savings associated with stablecoins. Using these digital assets could lower cross-border payments by up to 2%, significantly reducing transaction fees compared to traditional banking systems that can reach up to 3%.