Wu Shuo learned that, according to a report by the China Securities Journal, on April 15, Hong Kong Monetary Authority Deputy Chief Executive Chen Weimin stated at the HSBC Investment Summit that Hong Kong is simultaneously testing three paths: central bank digital currency (CBDC), tokenized deposits, and stablecoins. At present, the final form of future money is still unknown. It is hoped that all three tracks will be explored, but it is believed that ultimately people’s trust will still be built on sovereign central bank money. On this basis, tokenized deposits can be developed as a form of commercial bank money, while stablecoins supported by fiat currency are more conducive to adoption by the younger generation, but the underlying trust still needs to rely on sovereign money.