TechFlow news, August 31 — According to Hong Kong 01, Dominic Kwok, Chairman of the Investor and Financial Education Council (IFEC), stated that stablecoins are primarily used as tools for cross-border remittances. If widely adopted by society in the future, they could help reduce cross-border payment costs. Stablecoins are related to virtual assets, issued by private institutions, and backed by major fiat currencies such as the U.S. dollar. In contrast, those collateralized by cryptocurrencies tend to be highly volatile, and individuals lacking sufficient understanding should not invest in such products.
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