According to Deep Tide TechFlow news on August 3, Hong Kong Legislative Council member Qiu Dagen stated in an exclusive interview that the core feature of fiat stablecoins is that they must be 100% backed by highly liquid currency-like assets. The main function of fiat stablecoins currently is still international payments, with no opportunity for speculation. During the formulation of the "Stablecoin Regulations," references were made to the U.S., Japan, and the EU's MiCA (Market in Crypto-Assets Regulation), as well as Singapore's Payment Service Act (PSA). The legislation considers international liquidity and demand, adhering to international and national standards. In addition, Qiu Dagen also mentioned that Hong Kong's stablecoins should not compete for the market of existing products, but should explore new markets.

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