Hong Kong has introduced a Stablecoin Review Tribunal to oversee appeals from unlicensed or dissatisfied institutions, aiming to ensure a fair and transparent regulatory process. The tribunal will focus on applicants with a minimum capital requirement of HKD 25 million, emphasizing highly liquid and low-risk assets, along with robust redemption mechanisms. This initiative is part of a comprehensive regulatory framework that governs the entire lifecycle of stablecoins, from entry to operation and exit, with the primary objective of safeguarding the assets of stablecoin holders.