Hong Kong has introduced the concept of 'specified stablecoins' as part of a regulatory framework aimed at maintaining financial stability. These stablecoins are defined as those maintaining a stable value by referencing official currencies or designated economic value units, as outlined by the Hong Kong Monetary Authority (HKMA). The regulation targets two main activities: the issuance of specified stablecoins within Hong Kong and the issuance of such stablecoins outside Hong Kong that claim to be pegged to the Hong Kong dollar. This approach ensures that stablecoins linked to the Hong Kong dollar are subject to regulatory oversight, while allowing flexibility for other stablecoin types.