Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui Ching-yu, has officially declared that stablecoins will be treated as payment tools rather than speculative assets. This policy aims to improve the efficiency of cross-border payments, with potential cost savings of up to 2% compared to traditional banking methods.
Hui emphasized that stablecoins are seen as a form of legal tender for transactions, not for speculative investment. This approach is intended to boost economic activity and financial inclusion while maintaining strong regulatory oversight. The move has been met with little opposition from the public or the industry, who support the focus on practical payment applications.
August 2025, Cryptoniteuae