The Hong Kong Monetary Authority recently announced the list of participants in the sandbox of stablecoin issuers, including JD.com Coin Chain, Yuan Coin Innovation, Standard Chartered, Security Group, Hong Kong Telecom and other institutions, Bank of China Shenzhen Branch Greater Bay Area Financial Research Institute researcher Zeng Shengjun, Bank of China Hong Kong Financial Research Institute researcher Guan Zhenqiu released a research report analysis, the Hong Kong dollar stablecoin can enhance the efficiency and inclusiveness of Hong Kong's financial system, its stability, convertibility, high security, high open source and cross-border liquidity, can provide support for a wider range of financial innovation. For example, the Financial Institution Group, which has obtained the sandbox qualification of stablecoin issuers, can take advantage of the opportunity of issuing stablecoins to strengthen the research and development of new products such as blockchain, and further strengthen the strength of fintech around the goals of improving transaction efficiency, reducing transaction costs, and improving existing payment systems. The Financial Institution Group can closely track the progress of Hong Kong's stablecoin pilot policy and gradually expand the scope of services, such as researching and launching stablecoin trading counter services, launching stablecoin custody services for institutional investors, and launching digital asset consulting services including stablecoin consulting, trading, and blockchain node operation.