PANews reported on August 25th that according to AASTOCKS, Hong Kong's Secretary for Financial Services and the Treasury, Paul Chan, stated that Hong Kong's stablecoins are positioned as a delivery tool, an alternative form of legal tender, and pose no opportunity for speculation. The Stablecoin Ordinance, which came into effect this month, is expected to reduce the cost of cross-border payments, from 3% through the banking system, to 1% with the use of stablecoins. This will reduce cross-border payment costs and improve efficiency.

Xu Zhengyu also said that two meetings are being held to invite different parties to discuss the development of Hong Kong into an international gold trading center. It will start with the establishment of warehousing, and there will be new construction in the top-level design including trading and settlement. The government is fully planning the development of Hong Kong in commodities, especially precious metals.