I. Hong Kong stablecoin regulatory framework fully implemented, and the first batch of license applications enters countdown
Since the Hong Kong (Stablecoin Ordinance) came into effect on August 1, the market has entered a compliance sprint stage. The Hong Kong Monetary Authority revealed today that dozens of institutions have proactively contacted the regulatory team, including traditional banks, payment giants, and technology companies. According to the latest timetable, interested institutions need to conduct preliminary consultations with the Hong Kong Monetary Authority before August 31, the deadline for submitting formal application materials is September 30, and the first batch of licenses is expected to be issued in early 2026.
Core progress:
Banking institutions lead: Bank of China (Hong Kong), Standard Chartered Bank and other issuing banks are regarded as the first batch of hot applicants for licenses, and their financial strength and compliance capabilities meet the "high threshold" requirements of the Hong Kong Monetary Authority.
Technology giants accelerate their layout: AntChain, JD Coin Chain and other companies have started the application process, planning to launch stablecoins anchored to the Hong Kong dollar, aiming to cover cross-border payments, supply chain finance and other scenarios.
Regulatory details clarified: The Hong Kong Monetary Authority reiterated today that licensed institutions need to establish 100% high-liquidity reserves (cash + government bonds maturing within 3 months) and disclose the asset composition daily.
Market impact:
Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, emphasized in a public speech today that only "a few licenses" will be issued in the initial stage, aiming to avoid disorderly competition in the market through strict screening. This policy orientation has triggered market discussions on the "invitation system", but the Hong Kong Monetary Authority clarified that all compliant institutions can apply, and the maturity of the materials will be the core of the approval.
II. US SEC terminates investigation of PayPal stablecoin PYUSD, releasing compliance signal
The US Securities and Exchange Commission (SEC) confirmed today that it has terminated the investigation of PayPal's stablecoin PYUSD and has not taken enforcement action. The investigation began in November 2023, focusing on reviewing PYUSD's reserve transparency and whether it constitutes securities.
Compliance breakthrough:
As the first product that meets the SEC's "compliant stablecoin" standard (1:1 US dollar reserve, real-time redemption, no income attribute), its review sets a benchmark for traditional financial institutions to enter the stablecoin field. The SEC clarified in a policy statement issued in April 2025 that such stablecoins can be exempted from securities registration if they strictly meet the three elements of "payment function dominance, reserve transparency, and no investment attributes".Industry inspiration:
This result reinforces the mainstream status of the "fiat currency mortgage + strong supervision" model. Circle (USDC), Paxos (BUSD) and other leading projects have begun to optimize disclosure mechanisms with reference to SEC standards, such as increasing the proportion of cash in reserves from 40% to more than 50%.
III. EU MiCA framework further clarifies stablecoin compliance rules
The EU today released (Markets in Crypto-assets) (MiCA) supporting guidelines, which detail the issuance and trading rules for asset-referenced tokens (ARTs) and electronic money tokens (EMTs).
Key Requirements:
Transaction volume limits: ARTs with daily trading volumes exceeding 5 million euros need to be additionally reported to EU regulators. If the average daily trading volume exceeds 200 million euros for three consecutive months, a mandatory exit mechanism will be triggered.
Monetary sovereignty protection: Only euro stablecoins can be used for daily commodity payments, and the number of daily transactions for non-euro stablecoins shall not exceed 1 million.
Green finance orientation: Stablecoins using high-energy-consuming blockchains (such as PoW) need to pay carbon taxes, promoting the industry's transition to PoS consensus mechanisms.
Market reaction:
Affected by the new regulations, Tether (USDT) has suspended trading on some exchanges in the EU, while Circle (USDC) is adjusting its reserve structure to meet the requirement that "the proportion of euro assets is not less than 30%".
IV. Cryptocurrency market fluctuates sharply, and demand for stablecoins as safe havens surges
Today, the global cryptocurrency market experienced a sell-off, with Bitcoin's single-day drop exceeding 10%, once falling below $54,000, and Ethereum's drop reaching 20%, the largest single-day drop since 2024.
Stablecoin Performance:
USDT premium rate rises: USDT has a premium of 0.5% in some exchanges, reflecting the market's demand for stablecoins with fiat currency reserves as safe havens.
Regulatory arbitrage phenomenon: Hong Kong compliant stablecoins (such as the planned Hong Kong dollar stablecoin) attract some funds to withdraw from high-risk assets due to regulatory endorsement.
Risk warning:
The Hong Kong Monetary Authority reminded licensed institutions today that they need to strengthen liquidity management to ensure that they can still fulfill the commitment ofredemption within 5 working days.
V. China's digital RMB and stablecoin collaborative development receives policy support
The People's Bank of China proposed in the second half of 2025 working conference today that "promoting the interconnection between digital RMB and compliant stablecoins" be included in the key tasks.
Policy direction:
Cross-border payment pilot: It is planned to conduct real-time settlement tests of digital RMB and Hong Kong dollar stablecoins in the Guangdong-Hong Kong-Macao Greater Bay Area, exploring a "legal currency + stablecoin" dual-track cross-border payment model.
Compliance boundary demarcation: Clearly requires stablecoin issuers to access the central bank's anti-money laundering system to ensure that transaction data is traceable.
Industry Opportunities:
Payment institutions such as LianLian DigiTech are applying for Hong Kong stablecoin licenses, planning to reduce cross-border settlement costs through the "digital RMB - stablecoin" bridging solution.
Market Outlook
Today's news flash shows that the global stablecoin regulatory landscape has entered a "compliance race" stage: Hong Kong establishes an Asian benchmark through a licensing system, the United States refines rules with SEC precedents, and the European Union builds the strictest framework with MiCA. In the short term, market volatility will intensify the inflow of funds into compliant stablecoins; in the long term, regulatory collaboration (such as interconnection between Hong Kong and the mainland) may reshape the global digital asset clearing system. It is recommended to pay attention to the two key nodes of the Hong Kong license application deadline of September 30, 2025 and the issuance of the first batch of licenses in early 2026.
(Note: The data in this article is as of 18:00 on August 4, 2025, and some market dynamics may be lagging.)