Odaily Planet Daily reported that on August 1st, Hong Kong's Stablecoin Ordinance officially came into effect, establishing a licensing system for stablecoin issuers and improving Hong Kong's regulatory framework for virtual asset activities. Yang Debin, President of the Greater Bay Area International Information Technology Association, stated that the development of stablecoins has now reached a considerable scale internationally. The introduction of the Stablecoin Ordinance at this juncture in Hong Kong reflects its regulatory advancement. In line with international standards, Hong Kong, China, also strives to align its regulations on stablecoins with those of other countries and regions around the world. Under the Hong Kong Stablecoin Ordinance, licensees must ensure that the market value of the reserve assets of designated stablecoins they issue is always no less than the face value of the unredeemed and circulating stablecoins. Licensees should consider the risk profile of their reserve assets and ensure appropriate overcollateralization to cover market risks. (21 Finance)