According to Hong Kong media reports, Hong Kong plans to submit a stablecoin issuer supervision system bill to the Legislative Council this year. Jeremy Allaire, co-founder and chief executive of Circle, the world's second largest stablecoin issuer, said that Hong Kong is an important market for USDC and intends to hire more employees and establish business in Hong Kong. It is waiting for the introduction of Hong Kong's new stablecoin regulations. After understanding the regulations, it will consider applying for a license. In addition, Chen Qinqi, Vice President of Circle Asia Pacific, said that Hong Kong has great advantages in developing stablecoins, including the ability to settle in US dollars on the same day, and it is also the largest capital market in the Asia-Pacific region. Coupled with factors such as backing the mainland market, Hong Kong has the opportunity to develop into an international stablecoin center. It is believed that there will be considerable market demand for the Hong Kong version of stablecoins.