In light of the growing international competition in fintech and the advancements in Web 3.0 technologies, Hong Kong legislator Lin Lin has recently called for an expedited rollout of multi-asset collateralized stablecoins pegged to the Hong Kong dollar. Lin Lin argues that with ASEAN countries already investing in Web 3.0, Hong Kong risks marginalization if it does not promptly follow suit. Consequently, she recommends the government to actively promote the digitalization and tokenization of tangible assets (TAs) and establish a legal framework for the circulation of TA tokens. By launching a stablecoin based on diversified assets issued in Hong Kong dollars, not only will this foster innovation and growth within the fintech sector but also attract companies from the Web 3.0 industry along with substantial capital and talent to Hong Kong. This initiative is expected to revitalize the local economy, boost related industries, and solidify Hong Kong's fintech status. In essence, Lin Lin's proposal aims to leverage the potential of Web 3.0 technologies to accelerate Hong Kong's fintech innovation, facilitate economic diversification, and secure a favorable position in global technological competition.