TechFlow news, July 3 — According to Securities Times, Calvin Kan, CEO of China Asset Management (Hong Kong), stated that the stablecoin industry is currently at a critical juncture transitioning from policy implementation to real-world pilot scenarios, reaching an inflection point where "basic regulations are set and application use cases are poised for explosion." He believes Hong Kong's Web3 ecosystem is entering a new phase of development opportunities, demonstrating strong growth momentum. Kan revealed that China Asset Management has joined the Hong Kong Monetary Authority's stablecoin sandbox testing program, exploring integrated applications combining payments, subscriptions/redemptions, and asset management. He emphasized that whoever first establishes a closed loop of "compliance + implementation + asset connectivity" will have the opportunity to become a market leader.
Regarding Hong Kong's Policy Address 2.0, Kan praised its deeper strategic vision, noting that this step-by-step, comprehensive development framework will significantly enhance market efficiency, drive business innovation, and boost market participation. He further analyzed that Web3 technologies are driving the full tokenization of financial assets, and stablecoins—thanks to their efficient, low-cost cross-border payment advantages—have already achieved wide penetration in developing countries, with transaction volumes even surpassing some sovereign currency systems. Kan predicted that the global monetary system may eventually converge around a few major stablecoins, and Hong Kong's initiatives not only offer a new pathway for RMB internationalization but could also reshape the foundational logic of global financial infrastructure.
