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Hong Kong officials: The positioning of stablecoins is clear, and the cost of cross-border payments may drop to 1%.
[Coin World] The Secretary for Financial Services and the Treasury, Christopher Hui, stated that Hong Kong's stablecoin has a clear positioning as a payment tool and represents another form of legal tender, with no speculative opportunities, reminding the public to be cautious. Hui added that the cost of payments through the banking system could reach 3%, while the cost of using stablecoins is expected to be as low as 1%, which could reduce cross-border payment costs and improve economic operational efficiency.