Ping An Securities has released a report suggesting that Hong Kong may implement a dual-track regulatory framework for stablecoins. This structure would connect US dollar stablecoins to the international market and Hong Kong dollar stablecoins to the mainland, enhancing the financial role of the Hong Kong dollar and serving as a testing ground for RMB internationalization. The report highlights Hong Kong's broad definition of stablecoins, which is not restricted to any specific legal currency type. As Hong Kong's stablecoin market rapidly develops, the share of non-US dollar stablecoins is expected to rise, potentially leading to a unified international regulatory system. The report also notes that Hong Kong's jurisdiction covers the issuance of stablecoins both within and outside its borders, including those linked to the Hong Kong dollar. China's strategic involvement in the stablecoin market could drive RMB internationalization and challenge the dominance of US dollar stablecoins.