Director of the Hong Kong Treasury Bureau: Only a small number of stablecoin licenses will be issued in the first phase, and the tokenization of assets such as ETFs will be promoted in the future

Odaily Planet Daily News: Hong Kong Financial Services and Treasury Bureau Director Xu Zhengyu said in an interview that only a small number of licenses will be issued in the first phase of stablecoin supervision. Regarding whether the RMB stablecoin can be issued, he said that there is currently no restriction on the linked currency, but if it involves other regional currencies, it may be necessary to negotiate with relevant institutions. Xu Zhengyu pointed out that the government will take the lead in promoting the application of stablecoins in cross-border payments and other applications to assist developing countries in dealing with currency depreciation and financial system risks. He also revealed that Hong Kong will promote the tokenization of financial assets in the future. Following green bonds, the next step will be to explore token payment methods for commodities such as ETFs and metals.