Hong Kong Media: Number of Institutions Planning to Apply for Hong Kong Stablecoin License Rises to 50-60, Industry Insiders Say Only 3-4 Will Be Approved in the First Phase

According to a report by Jinse Finance, as disclosed by HK01, the number of institutions planning to apply for a Hong Kong stablecoin license has now increased to 50-60, with half being payment companies and the other half internet companies. Most of these institutions have Chinese capital backgrounds, which may indicate that market competition has already begun. Industry insiders believe that after the Hong Kong stablecoin regulations take effect on August 1, there will be a surge in applications, but it is expected that only 3-4 will be approved in the first phase, with the total number not exceeding 10. In addition, the initial pegged currencies are likely to be the Hong Kong dollar and the US dollar, while regulatory oversight of offshore RMB stablecoins may require the involvement of the central bank.