According to reports from Hong Kong media, the Hong Kong government plans to submit a regulatory framework for 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 a business in Hong Kong, waiting for the new stablecoin regulations to be introduced before considering applying for a license. Additionally, Chen Qinqi, Vice President of Circle Asia Pacific, mentioned that Hong Kong has significant advantages in developing stablecoins, including the ability to achieve same-day USD settlement, being the largest capital market in the Asia-Pacific region, and factors such as backing from the mainland market, believing that Hong Kong has the opportunity to develop into an international stablecoin center, and that a Hong Kong version of stablecoin will have considerable market demand.