Hong Kong: The "Stablecoin Regulation" comes into effect on August 1, requiring issuers to hold a 100% reserve of USD/HKD, and transactions must be traceable. HSBC and Ant Group have applied for licenses and may launch stablecoins pegged to the digital RMB in the future.


Shanghai: Testing "Blockchain + Cross-border Payment", with fees reduced from 2% to 0.1%, and arrival in 10 minutes. Companies like Shibei Hi-tech are exploring applications in supply chain finance to pave the way for the internationalization of the digital RMB.
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