According to a press release from the Hong Kong Special Administrative Region, the Secretary for Financial Services and the Treasury, Christopher Hui, stated in his speech at the Hong Kong Digital Finance Awards 2025 that the licensing system for stablecoin issuers will help promote the development of substantial application scenarios, addressing the pain points faced by the real economy. Proper requirements have been established for reserve asset management, stabilization mechanisms, redemption processes, and prudent Risk Management, such as ensuring that reserve assets should never be below the value that can be redeemed at any time. At the same time, reserve assets can only be placed in high-quality, high-Liquidity assets. Market participants are welcome to provide suggestions on how the government can take the lead in experimenting with and utilizing licensed stablecoins.