Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority (HKMA), announced that the authority is presently in the process of evaluating license applications submitted by stablecoin issuers. It has also asked certain institutions to furnish additional materials. The HKMA aims to grant the first batch of licenses for stablecoin issuers in Hong Kong this March. Initially, only a restricted number of licenses will be issued, reflecting a cautious and prudent approach.

Yue underscored that there are well-defined principles governing the supervision of cross-border activities. Specifically, stablecoins issued overseas that are targeted at retail investors in Hong Kong are required to secure a license within the jurisdiction. The market is keenly observing which entities will be awarded the first batch of licenses. Notably, technology and financial behemoths such as Ant Group, JD.com, Xiaomi, and Standard Chartered Bank have already made strategic moves in the stablecoin sector. The application window for the inaugural batch of licenses concluded on September 30, 2025, with the HKMA receiving a total of 36 applications from a wide array of institutions.