According to a report by Hong Kong media outlet Hong Kong 01, Joseph Yam, a member of the Hong Kong Executive Council and former Chief Executive of the Hong Kong Monetary Authority, stated that geopolitical developments have increased the importance of the Hong Kong dollar's peg to the US dollar, and bluntly stated that "the Hong Kong dollar is actually the largest stablecoin for the US dollar." Yam pointed out that by 2025, Hong Kong will hold approximately US$256 billion in US Treasury bonds, a larger amount than any so-called US dollar stablecoin currently in existence. Therefore, Hong Kong's financial direction is clear: to maintain the linked exchange rate system. Hong Kong is the most active US dollar market in Asia, and it would be unwise to force a major buyer to sell off its holdings if the Hong Kong dollar were not allowed to continue being pegged to the US dollar.