Song Min, President of the Hong Kong Institute of International Finance, said: "Institutional advancement" will help Hong Kong explore the development path of stablecoins, which should be anchored in

PANews reported on July 30 that Hong Kong's Stablecoin Ordinance will officially take effect on August 1, 2025. Song Min, Dean of the China Central Development Research Institute at Wuhan University, stated that the emergence of stablecoins is an inevitable result of technology-driven development, but technology cannot replace regulation. China should cherish the opportunity to establish a regulatory framework, adopting a "system-first, scenario-based, and step-by-step" approach. Hong Kong's stablecoin will serve areas such as cross-border trade settlement and the on-chain integration of RWA assets, supporting the real economy. Hong Kong plays an irreplaceable strategic role in the internationalization of the RMB. The biggest breakthrough lies in cross-border trade settlement, and more RMB-denominated financial products need to be introduced.