Odaily Planet Daily reports that Hong Kong's "Stablecoin Ordinance" officially came into effect on August 1st. The Hong Kong government has reportedly mandated that taxis in Hong Kong will be required to offer passengers at least two payment alternatives to banknotes starting April 1st of next year. As Hong Kong implements stablecoin market reforms, it is expected that the city may explore stablecoin application scenarios in the taxi market. Issuers should actively promote the upcoming Hong Kong dollar stablecoin in the taxi market to align with Hong Kong's status as Asia's cryptocurrency capital. A pilot program in Abu Dhabi, Middle East, has reportedly proven its feasibility. (Bloomberg)