According to reports from Hong Kong Wen Wei Po, Ping An Securities has released a report indicating that Hong Kong is accelerating the promotion of stablecoin regulation and application, forming a dual-track regulatory framework of "US dollar stablecoins connecting to international markets and Hong Kong dollar stablecoins linking to the mainland," which not only strengthens the financial attributes of the Hong Kong dollar but also provides a testing ground for the internationalization of the renminbi. The report mentions that Hong Kong's "Stablecoin Ordinance" has clearly defined the regulatory scope of "designated stablecoins" and guides institutions to test compliance solutions in scenarios such as cross-border payments with Hong Kong dollar stablecoins and nested financial products through regulatory sandboxes and stress testing mechanisms.