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Xu Zhengyu discusses stablecoin redemption mechanism: must be completed within one trading day, one business day, or one working day
Summary: During an interview at the Lujiazui Forum, Hong Kong's Financial Secretary and Treasury Bureau Director Xu Zhengyu stated that the use of stablecoins is to return to the essence of finance, effectively addressing pain points in economic activities, rather than simply pursuing technological applications or achieving interoperability. The regulation of stablecoin issuance is similar to ...
During an interview at the Lujiazui Forum, Hong Kong's Financial Secretary and Treasury Bureau Director Xu Zhengyu stated that the use of stablecoins is to return to the essence of finance, effectively addressing pain points in economic activities, rather than simply pursuing technological applications or achieving interoperability. The regulation of stablecoin issuance is similar to the regulation of similar financial institutions, with specific requirements such as the issuer having capital, the reserve fund always being equal to or higher than the value of the currency behind the unredeemed stablecoin, and the redemption of stablecoins for fiat currency must be completed within one trading day, one business day, or one working day.
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Link: Xu Zhengyu discusses stablecoin redemption mechanism: must be completed within one trading day, one business day, or one working day [Copy]
