[Viewpoint: Hong Kong's re-issuance of USD stablecoins is not very meaningful, and HKD stablecoins are most suitable for focusing on the RWA field] Golden Finance reported that Wang Yang, Vice President of the Hong Kong University of Science and Technology and Chief Scientist of the Hong Kong Web3.0 Association, and others wrote an article entitled "Issuing HKD Stablecoins to Build a New Web3.0 Ecosystem", which pointed out that it is not very meaningful to re-issue USD stablecoins in Hong Kong at this stage. The penetration rate of USD stablecoins in the crypto market is already very high and the market structure is relatively stable. The leading position of USDT and USDC is difficult to be challenged in the short term. Looking at the current development direction of virtual assets and Web3.0 in Hong Kong, RWA may be the most suitable area for HKD stablecoins to focus on and exert their strength. The vast majority of RWA transactions in Hong Kong will be completed with compliant HKD stablecoins as the carrier, and the connection and interoperability will be completed with traditional finance through stablecoins. Without compliant HKD stablecoins, Hong Kong RWA practice will face huge challenges in terms of convenience and security. Therefore, the introduction of a stablecoin regulatory framework may lay the foundation for the innovative development of Hong Kong's RWA ecosystem, and with the prosperity of the RWA ecosystem, the role and value of the HKD stablecoin as a bridge for Hong Kong's Web3.0 to connect to the outside world will become more prominent.