Hong Kong has established a Stablecoin Review Tribunal to address disputes from institutions that either lack a license or disagree with audit results. The tribunal aims to ensure a fair and transparent application and review process. Key evaluation criteria include a minimum capital requirement of HKD 25 million, high liquidity and low-risk assets, and a robust redemption mechanism. The regulatory framework in Hong Kong covers the entire lifecycle of stablecoins, from entry to operation and exit, aiming to minimize risks associated with assets, networks, and smart contracts. The primary goal is to safeguard the assets of stablecoin holders. It is emphasized that stablecoins are intended as payment tools rather than investment products.