Hong Kong media: The number of institutions planning to apply for a Hong Kong stablecoin license has increased to 50-60, industry insiders say only 3-4 will be approved in the first phase.

According to Jinse Finance, as reported by Hong Kong 01, the number of institutions intending to apply for a Hong Kong stablecoin license has increased to 50-60, with half being payment companies and the other half being internet companies. Most of these companies have Chinese backgrounds, which may indicate that market competition has already begun. Industry insiders believe that after the Hong Kong stablecoin regulations come into effect on August 1, a large number of applications will be seen, but it is expected that only 3-4 will be approved in the first phase, with the total not exceeding 10. Additionally, the initial currencies pegged may be the Hong Kong dollar and the US dollar, and the regulation of offshore RMB stablecoins may require Central Bank involvement.