香港立法推进，美国同样迫切，稳定币的背后是“数字币铸币权”

Group 1: Core Insights - The rise of stablecoins is becoming a significant trend in the market, with various countries, including the US and regions in Asia, advancing stablecoin legislation, and Hong Kong leading the way by passing the Stablecoin Ordinance [1][2] - The importance of stablecoins is increasing, as they are seen as a bridge between traditional finance and cryptocurrencies, with potential applications in cross-border payments and decentralized finance [2][3] - The global stablecoin market is expected to grow significantly, with estimates suggesting it could reach between $1.6 trillion and $3.7 trillion by 2030 [2] Group 2: Hong Kong's Stablecoin Legislation - Hong Kong's Legislative Council has passed the Stablecoin Ordinance, which officially incorporates stablecoins into the legal regulatory framework, allowing institutions to apply for compliance as stablecoin issuers by the end of the year [1][5] - The ordinance requires any entity issuing fiat-backed stablecoins in Hong Kong to apply for a license, emphasizing the importance of regulatory clarity in the stablecoin market [3][5] - The legislation outlines specific conditions for license applicants, including minimum capital requirements of at least HKD 25 million and strict asset reserve requirements to ensure stability [6][7] Group 3: Regulatory Environment and Challenges - The stablecoin market faces challenges such as insufficient asset backing, lack of transparency, and potential systemic risks, highlighting the need for regulatory oversight [3][10] - The Hong Kong Monetary Authority (HKMA) has introduced a "sandbox" arrangement to allow institutions to test their stablecoin operations in a controlled environment, facilitating regulatory feedback and refinement of the final regulations [8] - The US is also accelerating its stablecoin regulatory efforts, with proposed legislation requiring stablecoin issuers to hold short-term US Treasury securities, which could create new demand for US debt [10]