Core Viewpoint - The implementation of the Stablecoin Regulation marks a significant step for Hong Kong in the development and regulation of virtual assets, reinforcing its status as an international financial center [1] Group 1: Regulatory Impact - The regulation enhances the certainty and compliance foundation of the virtual asset ecosystem, allowing the Hong Kong government to proactively promote its legal framework to global stablecoin issuers and potential investors [1] - The regulatory framework provides clear guidelines for licensees, requiring adherence to asset management and risk control regulations, which helps improve market transparency and boosts investor and consumer confidence in stablecoins [1] Group 2: Economic Opportunities - The regulation supports the government's initiative to develop a Web 3.0 and digital asset innovation hub, promoting the potential of stablecoins in cross-border payments, capital flow, and transaction settlement [1] - The framework aims to advance the tokenization process, establishing a leading advantage for Hong Kong in the digital finance sector [1]

Domestic News - The first batch of pilot programs for long-term investment reform of insurance funds is set at 50 billion yuan, with a second batch of 112 billion yuan and a third batch of 60 billion yuan, totaling 222 billion yuan [1] - The People's Bank of China announced a 500 billion yuan MLF operation to be conducted on Friday, with a term of one year [1] - Xiaomi launched its flagship processor, the Xuanjie O1, utilizing second-generation 3nm advanced process technology, and introduced the YU 7, positioned as a "luxury high-performance SUV" [1] International News - BYD's pure electric vehicle sales in Europe surpassed Tesla for the first time in April [2] - The U.S. Senate voted to terminate California's ban on the sale of fuel vehicles, sending the bill to President Trump for signing [2]