The President of the Hong Kong Monetary Authority, Eddie Yue, recently published an article regarding the upcoming implementation of the "Stablecoin Ordinance," which has attracted widespread attention from the market. With only one week left until the ordinance officially takes effect, Eddie Yue reminds investors to maintain a rational attitude towards the stablecoin market.

Yu Weiwen acknowledged that it is normal for stablecoins, as an emerging payment tool, to attract public interest and expectations. However, he also observed that there has been excessive speculation in the market, particularly as some publicly listed companies unrelated to digital assets have begun to claim they will enter the stablecoin space, leading to soaring stock prices and a surge in trading volume.

In this regard, Yu Weiwen specifically pointed out that the Monetary Authority may only issue a few stablecoin licenses in the initial stage. This means that most applicants may be unsuccessful. Even if they successfully obtain a license, due to the Monetary Authority's desire for steady development of the industry, along with the resource investment required in the early stages, the short-term profitability contribution of these companies may be uncertain.

What is even more concerning is that recent fraudulent activities have emerged in the market under the guise of promoting digital assets and stablecoins, resulting in losses for some individuals. Therefore, Yu Weiwen urges investors to remain calm and think independently when faced with 'positive' news from the market, and to carefully assess the risks.

The Hong Kong Monetary Authority's move demonstrates the regulator's emphasis on the healthy development of the stablecoin market and reflects concerns for investor protection. With the implementation of the Stablecoin Regulation approaching, the development of the fintech sector in Hong Kong will enter a new stage, and how to strike a balance between innovation and risk control will be a challenge that both regulators and market participants will face together.