Hong Kong plans to submit a draft of regulations for the supervision of stablecoin issuers to the Legislative Council within this year. Jeremy Allaire, co-founder and CEO of Circle, the second largest issuer of the stablecoin USDC, stated that Hong Kong is an important market for USDC. Circle intends to hire more employees and establish business in Hong Kong, but is waiting for the new stablecoin regulations to be introduced before considering applying for a license. In addition, Chen Qinqi, Vice President of Circle Asia-Pacific, believes that Hong Kong has significant advantages in developing stablecoins, including the ability to settle in US dollars on the same day and being the largest capital market in the Asia-Pacific region. With the support of the mainland China market and other factors, he believes that Hong Kong has the opportunity to become an international stablecoin center and expects significant market demand for Hong Kong's version of stablecoins.