According to TechFlame, on July 11, according to a report from the Hong Kong Commercial Daily, Tiansheng Capital announced plans to apply for a Hong Kong stablecoin license to promote cross-border trade settlement services for the cultural industry. The company will establish a digital asset trading and settlement company to use stablecoins as a digital currency for art transactions

and settlements to facilitate the exchange of art and cultural relics between the Middle East and Southeast Asia regions and Hong Kong.

Matthew Tai (Matthew Tai), CEO of Tiansheng Capital, said that the company will strictly follow the Hong Kong Monetary Authority's regulatory principle that “stablecoins should be positioned as payment instruments rather than speculative instruments” to ensure that issued stablecoins are supported by full fiat currency reserves.