According to online reports, according to the Hong Kong media and Hong Kong Economic Journal, Hong Kong plans to submit a draft bill on the supervision system for stablecoin issuers to the Legislative Council within this year. Jeremy Allaire, co-founder and chief executive officer of Circle, the world's second largest stablecoin issuer, said that Hong Kong is an important market for USDC. It intends to hire more employees and establish business in Hong Kong. It is waiting for the introduction of new stablecoin regulations in Hong Kong. It will consider applying for a license after understanding the regulations. In addition, Circle Asia Pacific Vice President Chen Qinqi said that Hong Kong has great advantages in developing stablecoins, including its ability to achieve intra-day US dollar settlement and being the largest capital market in the Asia-Pacific region. Coupled with factors such as its reliance on the mainland market, Hong Kong believes that Hong Kong has the opportunity to develop into an international stablecoin center and believes that there will be considerable market demand for the Hong Kong version of stablecoins.