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Stablecoin "License Month" Countdown: Hong Kong to Issue Licenses in March, Market Sparks Compliance Wave

As March approaches, Hong Kong's stablecoin market is entering a critical regulatory milestone. From intensive statements by regulators to the enthusiasm of Hong Kong-listed concept stocks, from continuous attention in institutional research reports to tech companies taking the lead in deployment, this digital asset is accelerating toward mainstream under Hong Kong's institutional framework.

36 Bids for 1 License: The First Batch of Licenses "Quality Over Quantity"

The Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue previously revealed that since the framework for the "Stablecoin Ordinance" was clarified, the HKMA has received 36 applications for stablecoin issuer licenses. He emphasized that the issuance of the first batch of licenses will follow the principle of "stability first," with limited numbers and strict review standards. Some applicants have been asked to provide additional details on use cases, risk management, and reserve assets. This cautious approach lays a foundation for the long-term healthy development of the industry.

Market Leaders: Concept Stocks Show Active Performance

Although licenses have not yet been officially issued, the capital market has responded early. On February 16, Hong Kong-listed cryptocurrency concept stocks collectively strengthened, with Star Tai Chain Group experiencing significant gains that day, and others like Guofu Quantum and Maze Strategy also rising. One market focus is the combination of real-world asset (RWA) tokenization and stablecoins. Star Tai Chain Group previously announced a strategic cooperation framework agreement for the tokenization of gold-backed real-world assets, aiming to explore digital financial innovation within Hong Kong's regulatory framework.

Huaxi Securities pointed out in its report that stablecoins, with features such as asset anchoring, low volatility, and high settlement efficiency, are gradually becoming important tools for on-chain payments and cross-border settlements. Meanwhile, RWA tokenization provides diverse application scenarios for stablecoins.

Institutional Deployment: Tech and Financial Companies Enter the Market

Behind the license applications, many internet and financial institutions have already begun deploying in Hong Kong. Previously, companies like Ant International and JD Chain Technology expressed interest in Hong Kong's stablecoin regulatory developments and participated in related technical testing and cooperation. Analysts believe that fiat-backed stablecoins can continue to serve functions such as value measurement and transfer, and are expected to become important financial intermediaries in the Web3 ecosystem.

Compliance Red Line: Reserve Assets Must Be Held in Hong Kong

The HKMA clarified that any stablecoin intended for retail users in Hong Kong must obtain a license, and the issuing entity must establish an office in Hong Kong and keep reserve assets stored there. This means that future compliant stablecoin issuance and redemption will be subject to strict regulation.

Additionally, for cross-border business, licensed institutions must comply with the regulatory requirements of their operating jurisdictions to avoid cross-border regulatory arbitrage.

Looking Ahead: From "Gray Area" to "Compliance" Evolution

A Citibank research report predicts that by 2030, the market capitalization of stablecoins could reach $3.7 trillion under optimistic scenarios. S&P Global Ratings also believes that with a clear regulatory framework, the application of stablecoins in the real world will support their growth.

For Hong Kong, the issuance of the first batch of licenses in March is not only a regulatory screening but also an important step in building digital financial infrastructure. As Yue emphasized, "Start strict, proceed steadily, and then relax appropriately based on practical experience," which will help ensure the market's sustainable and healthy development.
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