《HashKey Research: Hong Kong Stablecoin Licenses Are About to Launch—Who Will Make the First Batch?》 (Author: Li Qiang, HashKey Group) From initiating regulatory consultations in 2022, launching sandbox testing in 2024, to the Stablecoin Ordinance being passed with a high vote in May 2025 and officially taking effect in August of the same year, Hong Kong has been advancing stablecoin regulation with a prudent, transparent, and gradual approach, ushering the industry into a compliance era. As of now, the Hong Kong Monetary Authority (HKMA) has received stablecoin license applications from 36 institutions, including banks, licensed payment institutions, tech companies, and virtual asset service providers. Although the full list of 36 applicants has not been disclosed, in the eyes of the market and the industry, institutions that participated in the HKMA's stablecoin regulatory sandbox testing are the strongest contenders for the first batch of licenses. Read the full article: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=57555