More than 50 enterprises and institutions flock to the Hong Kong Monetary Authority to apply for stablecoin licenses, with cross-border trade giants among them

With the official implementation of Hong Kong's 'Stablecoin Regulation' on August 1, the stablecoin industry has ushered in a new development opportunity. According to Tencent News' 'Observation', before the regulation took effect, over 50 enterprises and institutions rushed to the Hong Kong Monetary Authority to apply for stablecoin licenses. Among them, certain energy state-owned enterprises and cross-border trade giants such as CITIC Group are included.

These enterprises actively met with the regulatory team of the Hong Kong Monetary Authority to discuss the possibility of applying for stablecoin licenses in depth. For cross-border trade enterprises, stablecoins have potential advantages such as cost reduction and efficiency improvement in cross-border payments. They hope to achieve more convenient and low-cost cross-border payments through blockchain technology, bypassing the traditional SWIFT system, thereby gaining an advantage in the fierce market competition.

It is reported that some institutions seeking to apply for licenses still have the ultimate goal of creating stablecoins pegged to offshore renminbi. The status of the renminbi in the international payment system is gradually increasing, and the offshore renminbi market is continuously developing, making stablecoins pegged to offshore renminbi extremely attractive. If successfully issued, it will provide a new vehicle for the circulation and use of offshore renminbi, promote the internationalization of renminbi, and meet the market's demand for stable assets priced in renminbi.

However, regarding this news, as of the time of publication, Tencent News' 'Observation' has yet to receive comments from CITIC Group. The Hong Kong Monetary Authority maintains a cautious attitude towards the issuance of stablecoin licenses. Previously, President Yu Weiwen revealed that only a few stablecoin licenses would be issued in the initial stage, and the applying institutions not only need to present specific business rationale and application scenarios but also must possess strong technical capabilities, especially in terms of anti-money laundering experience or feasible solutions.

Currently, the Hong Kong Monetary Authority has not issued any licenses; the licensing process will be ongoing. Institutions interested in applying for licenses are encouraged to contact via email by August 31, while those that are well-prepared and wish to be considered early should submit their applications by September 30. The subsequent situation regarding the issuance of stablecoin licenses and the application progress of these institutions is worth close attention from the market. #稳定币监管