The Hong Kong government has made it clear that the first batch of stablecoin licenses will be issued in 2026, and the quantity will be "extremely cautious"!

The clear regulatory requirements and scenario orientation this time not only demonstrate the determination of the Hong Kong government to balance financial innovation and risk prevention, but also lay the foundation for the standardized start of the stablecoin market in Hong Kong, further consolidating its position as an international digital asset center.

'Extremely cautious' is the core tone of the first batch of license issuance. Xu Zhengyu clearly stated that the first batch will only be issued to a few companies, conveying the strict control attitude of the Hong Kong government towards the early stage of the market. This cautious stance stems from the previous regulatory groundwork. The Hong Kong Monetary Authority has emphasized that licensing should prioritize institutional compliance, risk control, and business feasibility to avoid the risk of disorderly competition. Combined with the previous basic requirements of registering a Hong Kong corporation and a minimum paid up capital of HKD 25 million, as well as the strict reserve regulations, the entry threshold has been further raised to ensure the strength and market stability of the first batch of licensed institutions.

Strict reserve supervision is the core of risk control. The Hong Kong government explicitly requires licensed institutions to reserve 100% cash or highly liquid assets and entrust them to local banks for custody, in order to reduce the risk of stablecoin decoupling from the root and ensure the safety of holders' assets. This requirement draws lessons from the decoupling caused by insufficient global market reserves, and local custody enhances the transparency and watchability of reserves, facilitating risk control while strengthening market trust.

Clear scene orientation, excluding investment model projects. The Hong Kong government has set business boundaries and prioritized supporting stablecoin services for cross-border trade and Web3 payments, to eliminate speculative projects. This orientation aligns with Hong Kong's positioning as an international financial and trade hub, matching the core value of stablecoins: in cross-border trade scenarios, stablecoins can be used for low-cost and efficient settlement, solving traditional payment pain points, and facilitating small and medium-sized enterprises such as cross-border e-commerce in mainland China; In the Web3 payment scenario, the integration of compliant stablecoins will promote ecological standardization and help Hong Kong build a vibrant digital asset ecosystem.

From the perspective of industry background, the issuance of the first batch of licenses is a crucial step in the implementation of virtual asset regulation in Hong Kong. Since the implementation of the "Stablecoins Regulations" in August 2025, the Hong Kong Monetary Authority has issued comprehensive guidelines covering anti money laundering, risk control, and information disclosure, forming a sound regulatory framework. At present, Standard Chartered Bank (Hong Kong), Ant Group, JD.com and other institutions have expressed their intention to apply, and the market attention has increased. The landing of the first batch of licenses will establish a compliance benchmark and guide resources to gather towards real application scenario projects.

Industry insiders analyze that the Hong Kong government's "extremely cautious" licensing strategy may limit the number of market participants in the short term, but in the long run, it is more conducive to the healthy development of the stablecoin market. Strict access and regulatory requirements can effectively prevent financial risks, enhance market confidence, and attract high-quality institutions from around the world to participate in Hong Kong's stablecoin business. At the same time, focusing on cross-border trade and Web3 payment scenarios will promote the deep integration of stablecoins with the real economy, rather than becoming speculative tools, which is highly consistent with Hong Kong's development goal of promoting digital financial services for the real economy.