Hong Kong Stablecoin Review Tribunal: Only fiat-collateralized stablecoins are allowed, with a capital threshold of HKD 25 million for applicants

According to Aastocks, Lu Zhihong, a member of the Hong Kong Stablecoin Review Tribunal and the Web3 Development Group, stated that currently, Hong Kong only allows fiat-collateralized stablecoins backed by legal tender. Applicants must have a capital scale of at least HKD 25 million to ensure sufficient financial strength to operate and manage market risks. The issuer's fiat funds must be invested in highly liquid, low-risk assets to ensure that the stablecoin's value can be reliably supported, and they must also undergo independent audits to provide compliance proof to regulatory authorities.