President of the Hong Kong International Finance Society, Song Min: The development of stablecoins in Hong Kong should be anchored in the "main battlefield" of the real economy, such as cross-border trade

ChainCatcher news, the Hong Kong "Stablecoin Regulation" will officially take effect on August 1, 2025. Song Min, the director of the Central China Development Research Institute at Wuhan University, stated that the emergence of stablecoins is an inevitable result driven by technology, but technology cannot replace regulation. China should cherish the opportunity to establish a regulatory framework, adopting a path of "institutional precedence, scenario implementation, and phased advancement." Hong Kong's stablecoins will serve areas such as cross-border trade settlement and RWA asset tokenization, supporting the real economy. Hong Kong plays an irreplaceable strategic role in the internationalization of the renminbi, with the biggest breakthrough in cross-border trade settlement, necessitating the launch of more renminbi-denominated financial products. (Everyday Economic News)