PANews reported on June 16 that Hong Kong SAR Government Financial Secretary Paul Chan Mo-po recently wrote that with the booming digital asset market, the market demand for stablecoins is expected to increase further. Stablecoins can be used as a medium of exchange without being restricted by traditional payment time and location, and can also develop diversified innovative solutions with their programmable characteristics to automate and intelligentize financial service processes. Noting that many market participants are very interested in this, the Hong Kong Monetary Authority will process the license applications received as soon as possible after the Stablecoin Ordinance comes into effect so that qualified applicants can conduct their business.