Hong Kong Stablecoin Licenses: Chinese Firms Lead Application Rush

14 July, 2025, 02:30 AM

Hong Kong is poised to become a major hub for stablecoins, with Chinese companies leading the charge to secure coveted operating licenses. Local media outlet hk01 reports that approximately 60 firms are gearing up to apply when the Stablecoin Ordinance takes effect on August 1st. Roughly half of these prospective applicants are Chinese payment and internet companies, signaling strong interest from the mainland in leveraging Hong Kong's regulatory framework for digital asset innovation. Competition for licenses is expected to be intense. Authorities are anticipated to approve only a select few, possibly only 3 or 4, creating a high-stakes race to establish a foothold in the burgeoning stablecoin market. The potential for Hong Kong to become a regional stablecoin leader is attracting significant attention and investment. ```