Hong Kong Monetary Authority Chief Executive Eddie Yue responded that stablecoins will be launched within the year, and discussions on Wealth Management Connect 3.0 will continue.

Recently, the delegation led by Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, visited Beijing and conducted a collective media interview on June 8th. During the interview, Eddie Yue discussed hot topics of concern in the market such as stablecoin licenses in Hong Kong, cross-border financial regulation, and the internationalization of the RMB. Yue stated that Hong Kong, as a core hub for entering the Chinese market, with triple advantages of system, location, and market, will continue to attract global funds in the future. Regarding the next steps for stablecoin licensing, Yue revealed that Diem Technology is expected to launch stablecoins in the middle of the year, "probably starting to be used in a few weeks," while HSBC is expected to launch in the third to fourth quarter of this year. The application scenarios for stablecoins by Diem Technology and HSBC are different. According to Yue, Diem Technology focuses on cross-border payments, aiming to reduce the cost of cross-border remittances, increase circulation speed, and adapt to cross-border e-commerce and regional trade scenarios; HSBC focuses more on expanding retail payment scenarios, and in the future may involve connecting to clearing platforms to promote the clearing of tokenized assets.