Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, emphasized that the city's stablecoin is designed as a payment tool rather than a speculative asset. Hui highlighted that the stablecoin serves as a form of legal tender, aiming to reduce transaction costs and improve economic efficiency. Hui noted that while traditional banking systems may charge up to 3% for payments, stablecoins could lower these costs to around 1%. This reduction is expected to decrease cross-border payment expenses, offering a more efficient alternative for financial transactions.