According to Techub News, in an exclusive interview with the Daily Economic News, Hong Kong Legislative Council member Chiu Tak-gan stated that the core feature of fiat stablecoins is that they must be 100% backed by highly liquid monetary assets as reserves. The main function of fiat stablecoins currently is still international payments, with no opportunity for speculation whatsoever. In the process of formulating the "Stablecoin Regulation," references were made to the MiCA (Market in Crypto-Assets Regulation) of the United States, Japan, and the European Union, as well as Singapore's Payment Services Act (PSA). The legislation takes into account international liquidity and demand, following international and national standards. In addition, Chiu Tak-gan also stated that Hong Kong's stablecoins should not compete for the market of existing products but should explore new markets.