With the "Stablecoin Ordinance" set to take effect on August 1, around 50-60 companies are vying for licenses in Hong Kong, with only a few expected to be granted.
As the "Stablecoin Ordinance" is set to be implemented on August 1, approximately 50 to 60 companies, primarily payment institutions and well-known internet firms of Chinese origin, are interested in applying for stablecoin licenses in Hong Kong. The first phase is anticipated to issue only 3 to 4 licenses, mainly for stablecoins pegged to the Hong Kong dollar and the US dollar.