Hong Kong's Deputy Financial Secretary stated that stablecoin development will prioritize stability over progress, and the central gold clearing system is planned to begin operation this year.

In his address at an event, Hong Kong's Deputy Financial Secretary Michael Wong addressed the topic of digital and crypto assets. He stated that Hong Kong will further promote the development of stablecoins, but emphasized "stability first, then progress," preventing the inflow of illicit funds and ensuring the robustness of the financial system. Furthermore, Wong pointed out that Hong Kong is actively expanding its gold storage capacity, aiming to increase the total capacity to 2,000 tons within the next three years. A central gold clearing system is currently being established, with the Shanghai Gold Exchange invited to participate, and the system is targeted to be operational this year. (Sina Finance)