Advancing Web3 in the Year of the Horse: Issuing Night-time Consumption Vouchers via Stablecoins The Web3 industry maintained strong momentum throughout the Year of the Snake. As Hong Kong enters the Year of the Horse, we must capitalize on this success to further consolidate our position as a global Web3 hub. The Chief Executive recently confirmed that the first batch of stablecoin issuer licenses will be granted in March. This has drawn keen attention from both industry and the public on how stablecoins will be implemented locally. I believe the fastest way to drive widespread adoption is to integrate stablecoins with the Government’s public fiscal policies. I previously urged the introduction of "night-time consumption vouchers" in this year’s Budget to revitalize Hong Kong’s night economy. Issuing these vouchers via stablecoins delivers four clear benefits: 1. HK residents receive and can immediately spend the vouchers directly in stablecoin form; 2. They are encouraged to open digital asset wallets and gain practical understanding of digital assets and stablecoins; 3. It significantly reduces administrative costs, as licensed issuers — typically well-resourced institutions — are expected to subsidize distribution and cover expenses; 4. Greater public familiarity with digital assets should lead to a substantial long-term decline in related fraud cases. This approach benefits our residents, lowers government expenditure, and strongly advances Web3 development. I therefore recommend that the HKSAR Government prioritize stablecoin issuance for all future fiscal cash disbursements, making them more convenient for the public and accelerating technology adoption across Hong Kong. 【Advancing Web3 Development in the Year of the Horse: Issuing Night-time Consumption Vouchers via Stablecoins】 The Web3 industry has shown strong momentum in the Year of the Snake. As we enter the Year of the Horse, we must seize this opportunity to further solidify Hong Kong's position as a global Web3 hub. The Chief Executive has previously stated that the first batch of stablecoin issuer licenses will be issued in March. At this critical moment, both the industry and the public are highly concerned about how stablecoins will be implemented and widely promoted in Hong Kong. I believe that one of the most effective ways to popularize stablecoins quickly is to deeply integrate them with the public fiscal policies of the Hong Kong SAR Government. I have previously called for the introduction of "night-time consumption vouchers" in this year's budget to fully revitalize Hong Kong's night economy. Issuing night-time consumption vouchers via stablecoins is the best solution to promote the practical use of stablecoins for four reasons: 1. Residents can directly receive night-time consumption vouchers issued in stablecoin form and use them immediately for consumption; 2. Residents can easily open digital asset wallets, further understanding and familiarizing themselves with digital assets and stablecoins; 3. It significantly reduces administrative costs. Stablecoin issuers are often compliant institutions with strength, and to quickly promote their stablecoin business, they are likely willing to subsidize and bear administrative costs themselves, allowing more local residents to use them; 4. As residents gain a deeper understanding of digital assets, it is believed that related fraud cases will significantly decrease in the long run. This "one move, four gains" approach not only benefits a wide range of residents but also helps the Hong Kong SAR Government save on administrative expenses while strongly promoting the development of the Web3 industry. Therefore, I recommend that the SAR Government prioritize the use of stablecoins in any future fiscal measures involving cash disbursement, making it more convenient for residents and more widespread in technology application.