Hong Kong Secretary for Financial Services and the Treasury, Xu Zhengyu: The redemption of stablecoins must be completed within 1 trading day.

[Coin World][Xu Zhengyu Talks Again About Stablecoin Redemption Mechanism: Must Be Completed Within One Trading Day, One Business Day, or One Working Day] Xu Zhengyu, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, stated in an interview at the Lujiazui Forum that the use of stablecoins is to return to the essence of finance, effectively addressing the pain points in economic activities, rather than simply pursuing technological applications or merely achieving interconnectivity. The regulation of stablecoin issuance has similarities with the regulation of similar Financial Institutions. Specifically: First, the issuer itself needs to have capital; Second, if the issuer exchanges money with stablecoin holders, the reserves must at any time not be less than the value of the currency backing the unredeemed stablecoins; Third, if the holder of the stablecoin wants to exchange it back to the fiat currency with the issuer, it must be completed within one trading day, one business day, or one working day.