Hong Kong's Treasury Secretary, Paul Hui, announced that stablecoin redemptions must be completed within one working day. Speaking on a radio program, Hui emphasized that stablecoins, backed by legal tender, can function as electronic payment assets via blockchain technology. The Hong Kong Monetary Authority supervises stablecoin issuers, requiring them to adhere to regulations on reserve asset management and customer asset separation. Hui highlighted the payment utility of stablecoins, particularly in regions with volatile local currencies or underdeveloped financial systems, such as those involved in the Belt and Road Initiative. In such cases, stablecoins offer a safer alternative for transactions, mitigating risks associated with local currency fluctuations.