Hong Kong can be said to have gotten an early start in the stablecoin space but arrived too late; the race for RMB stablecoins has already been completely lost, with no chance remaining. For us, it's a bit regrettable, after all, we once had the best blockchain environment.

Of course, all of this is reasonable. After all, we are a superpower, capable of mobilizing the whole body with a single move. While the world still conducts transactions using the old global dollar-based currency system, if RMB settlement hasn't been established yet, launching RMB stablecoins prematurely could plunge the RMB into irreversible trouble.
So, playing it safe is always the right choice, but it's a pity for this historical opportunity.