PANews reported on June 21 that according to Hong Kong China News Service, Hong Kong Liberal Arts Federation Chairman and Legislative Council member Lo Wai-kwok said that the development of stablecoins is a "breakthrough" in Hong Kong's financial market. Issuing offshore RMB stablecoins in Hong Kong can reduce Hong Kong's dependence on the SWIFT system. He has suggested striving to expand the size of Hong Kong's RMB funding pool, increasing it five times to RMB 5 trillion from the current level, to meet the needs of the development of RMB stablecoins.