According to reports from Hong Kong media, the Hong Kong government plans to submit a bill for the regulation of stablecoin issuers to the Legislative Council within this year. Jeremy Allaire, co-founder and CEO of Circle, the issuer of the world's second-largest stablecoin USDC, stated that Hong Kong is an important market for USDC and they intend to hire more employees and establish business operations in Hong Kong. They are waiting for the new stablecoin regulations to be released in Hong Kong and will consider applying for a license after understanding the regulations. Additionally, Chen Qinqi, Vice President of Circle Asia Pacific, indicated that Hong Kong has significant advantages in developing stablecoins, including same-day USD settlement capabilities. It is also the largest capital market in the Asia-Pacific region, coupled with factors such as support from the mainland market. He believes that Hong Kong has the opportunity to develop into an international stablecoin center and is confident that the Hong Kong version of stablecoins will have considerable market demand.