On July 7, Hong Kong Monetary Authority Deputy Chief Executive Chen Weimin wrote in Huisi that the main application scenarios proposed by the first three institutions participating in the "Sandbox" for stablecoin issuers include payment, supply chain management and capital market use cases. In addition to the above application scenarios, the "Sandbox" participating institutions also proposed other use cases, including Web19, games and virtual asset transactions.
Chen Weimin said that these institutions must strictly abide by the requirements of the "Sandbox", such as not raising funds from the public or providing any investment products in the name of the "Sandbox", and not using public funds in the initial stage. If the "Sandbox" participants can use public funds to a limited extent due to adjustments to the test scope, the HKMA will make a separate announcement. If any violations are found, the HKMA will immediately terminate the qualifications of the relevant participating institutions.