Hong Kong is advancing its digital currency initiatives beyond stablecoins, with projects like the digital currency bridge led by the Hong Kong Monetary Authority and other central banks. The region is also exploring tokenized deposits issued by banks. These efforts could lead to a 'co-opetition' scenario, where collaboration and competition coexist among market participants. Hong Kong Legislative Council member Qiu Dagen emphasized that the region's regulatory bodies have established clear processes for monitoring stablecoin issuance and user bank accounts. Additionally, commodities are identified as a significant area for stablecoin application, highlighting the diverse potential uses of digital currencies in Hong Kong's financial landscape.