on August 1, the Hong Kong "Stablecoin Ordinance" officially came into effect, establishing a stablecoin issuer licensing system and improving Hong Kong's regulatory framework for virtual asset activities. Yang Debin, President of the Greater Bay Area International Information Technology Association, stated that the development of stablecoins internationally has reached a certain scale. Hong Kong's introduction of the "Stablecoin Ordinance" at this time is a reflection of keeping up with regulations. In line with international standards, China's Hong Kong strives to align its stablecoin regulations with those of other countries and regions around the world. According to the Hong Kong "Stablecoin Ordinance," license holders must ensure that the market value of the reserve assets for the specified stablecoin they issue is always not less than the face value of the stablecoin that has not yet been redeemed and is in circulation. License holders should consider the risk status of reserve assets and ensure adequate over-collateralization to cover market risks.