Recently, the Hong Kong SAR government said that it welcomes the Legislative Council's passage of the Stablecoin Bill to establish a licensing system for issuers of fiat stablecoins in Hong Kong, China, and improve the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability and promote financial innovation. During the same period, the US Stablecoin Bill is about to be launched. The "Guiding and Establishing a National Innovation for Stablecoins in the United States Act" (GENIUS Act) has currently passed the procedural vote of the US Senate by 66 votes to 32, marking an important progress in the Senate. Subsequently, the bill will enter the Senate full vote stage. If the Senate finally passes it, the bill will need to be sent to the House of Representatives for deliberation and passage, and finally signed by the President to take effect. In fact, the Hong Kong SAR government has been paying attention to stablecoins since three years ago. What are the considerations behind the Hong Kong dollar stablecoin? Which institutions are eligible to obtain a license? In this regard, Yicai exclusively interviewed Li Lianxuan, senior manager of tokenization at the financial technology group Hashkey, who was previously responsible for leading the design of the first batch of Bitcoin ETFs launched in Hong Kong by the country's leading public fund. In his view, clarifying the regulatory framework is the main intention, especially after the collapse of TerraUSD in 2022 (the value of the stablecoin returned to zero within a week), regulators around the world have begun to realize that the orderly development of the stablecoin market requires a clear and clear regulatory framework. At the same time, this will also help maintain Hong Kong's status as an international financial center, especially to enhance its attractiveness to global Web3 projects and talents. In the future, the institutions most likely to apply for and obtain a fiat stablecoin issuance license may be banks, large Internet companies, fintech companies, etc.