The bill would allow stablecoins—tokens intended to take care of a steady price, commonly $one—to get issued by nondepository rely on providers (nonbanks) when the nominal worth of all its tokens is under $ten billion. A larger issuer must be “a depository establishment approved for a countrywide payment stablecoin issuer,” according to the

while in the proposal, the FSTB and HKMA reference opinions from consultation participants, industry developments, and international dialogue on stablecoins in its conclusion to "take forward the legislative proposal to employ a regulatory regime for issuers of fiat-referenced stablecoin (FRS) in Hong Kong." among the list of most important use ca