Techub News report, Mulan Investment Legal Compliance Partner Wu Wenqian analyzed the "Hong Kong Stable Coin Regulations" and pointed out that the "regulated stable coin activities" in the regulations mainly include: issuing specified stable coins in Hong Kong; stable coins issued overseas but pegged to the Hong Kong dollar, as well as activities specifically designated by the Financial Management Commissioner. Tether and Circle are not issuing stable coins in Hong Kong, and USDT and USDC are not pegged to the Hong Kong dollar, so they do not need to apply for a license. In addition, Wu Wenqian pointed out that OTC business may be regulated by other licenses in the future, which is unrelated to the stable coin regulations.