Stablecoins act like "quasi-money" in decentralized finance.  
Buying tokenized stocks with stablecoins moves funds directly into/out of markets.  
Crypto's volatility affects stock market expectations—Nasdaq and Bitcoin often move together.  
Crypto-linked stocks (exchanges, financial firms) impact prices through fundamentals.  
Regulating stablecoins, especially HKD-backed ones, boosts Hong Kong's cross-border payments and crypto influence.  
This strengthens HKD's global role and Hong Kong's