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Hong Kong officials: Stablecoins help reduce cross-border payment costs to 1%, improving economic efficiency.
According to reports, the Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, stated that the positioning of Hong Kong's stablecoin is clear: it is intended as a payment tool and is another manifestation of fiat currency, with no speculative opportunities, urging the public to be cautious.
Xu Zhengyu added that the cost of payment through the banking system could reach 3%, while the cost of using stablecoins is expected to be as low as 1%, which could reduce cross-border payment costs and improve economic operational efficiency.