Wang Yang and others jointly published an article: Hong Kong stablecoins should focus on the RWA ecosystem and be wary of fragmentation issues

Wang Yang, Vice President of the Hong Kong University of Science and Technology and Chief Scientific Advisor of the Hong Kong Web3.0 Association, Bo Liang, Founder and CEO of Zero One Think Tank, and Jiang Zhaosheng, Senior Researcher at Europe Chain Research Institute, jointly published an article titled "Insight into Web3.0 / Issuing Hong Kong Dollar Stablecoins to Build a New Web3.0 Ecology", which has sparked a lot of discussion. In the article, Wang Yang and others proposed that the biggest problem facing Hong Kong's stablecoin at this stage is not who will issue it, but who will use it. Finding suitable scenarios and business models is the key to the continued development of Hong Kong's stablecoin. However, the demand for virtual asset transactions does not make much sense for the reissue of US dollar stablecoins in Hong Kong. Relevant institutions should delve into the Web3 ecosystem, try more innovation from the asset side, and make RWA the main focus and force of stablecoin in the current stage. At the same time, we should be alert to the problem of fragmentation, avoid further dispersion of already scarce liquidity, and even trigger vicious competition between different stablecoins. Within the current regulatory framework, Hong Kong should concentrate its advantages in finance and resources, promote the development of the leading stablecoin, and then drive the stablecoin to flourish in an open environment, explore vertical advantages in the increasingly prosperous RWA ecosystem, and compete freely.