Hong Kong Investment Commission: Stablecoin as a Cross-Border Remittance Tool Will Reduce Payment Costs

BlockBeats News, August 31st. According to a report by Hong Kong 01, Doo Gon Kun, Chairman of the Hong Kong Investment and Financial Education Committee (Investment Committee), stated in a recent interview that the main use of stablecoins is as a cross-border remittance tool. If widely accepted by society in the future, stablecoins will have the opportunity to reduce the cost of cross-border payments. Stablecoins are related to cryptocurrency, issued by private institutions, and backed by mainstream fiat assets such as the US dollar. However, stablecoins backed by cryptocurrency can experience high volatility, so investment should not be made without a sufficient understanding of the relevant products.