ChainCatcher news, the Hong Kong Monetary Authority stated that it will adopt a risk-based regulatory approach, requiring fiat stablecoin issuers to demonstrate that their reserve asset investment policies and liquidity management policies are commensurate with the scale and complexity of their business, ensuring that they can meet redemption requests under both normal and stressed conditions.Regarding the types of reserve assets, the Monetary Authority indicated that, in general, high-quality and highly liquid reserve assets may include:Coins and banknotes;Deposits with licensed banks;High-quality securities that represent claims against governments, central banks, or qualified international organizations, or are guaranteed by them;Overnight reverse repurchase agreements with extremely low counterparty risk collateralized by such securities; andTokenized forms of the above assets.Issuers must take ultimate responsibility for the risk management of reserve assets and should also discuss investment policies with the Monetary Authority. As for other investment instruments, the Monetary Authority will consider them on a case-by-case basis, with relevant factors including the supply and liquidity of such assets, as well as the ability to liquidate such assets in a short time.