Stablecoin Licenses Coming to Hong Kong—But Only a Handful

Hong Kong is gearing up to approve its first stablecoin issuers this year, but don’t expect a flood of new players. In an interview with Ming Pao, Financial Services Secretary Christopher Hui said the number of licenses will likely stay “in the single digits.”

The new rules, kicking in this August, aim to push stablecoins toward real-world use cases—like smoother cross-border payments for currencies in volatile or underbanked markets.

Interestingly, while the framework was built for Hong Kong dollar-pegged stablecoins, offshore yuan-backed tokens are stealing the spotlight. Big names like JD.com and Ant Group are reportedly pushing China’s central bank to greenlight such projects.

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