[Hong Kong Only Allows Fiat-Backed Stablecoins, Applicants Must Have Capital of No Less Than HKD 25 Million] Louis Lui, a member of the Hong Kong Stablecoin Review Tribunal and Web3 Development Task Force, stated that currently, Hong Kong only permits fiat-backed stablecoins supported by legal tender. Applicants must have a capital scale of at least HKD 25 million and invest fiat funds in highly liquid, low-risk assets to ensure the reliable backing of the stablecoin's value. Additionally, issuers are required to undergo independent audits and provide compliance certifications to regulatory authorities.