On August 1, $ENA , Hong Kong implemented the world's first comprehensive regulatory framework for stablecoins, requiring issuers to operate with a license (non-bank institutions need HKD 25 million in capital) and maintain 100% reserves in independent custody. The new regulations strictly limit advertising and interest payments, with the first batch of licenses to be issued in 2026.

Giants like Ant Group and JD.com have already laid out their plans, and it is expected to reduce cross-border payment costs by over 50%. However, the high barriers may squeeze small and medium-sized institutions, and KYC real-name systems have sparked controversy in the Web3 industry. Hong Kong is exploring offshore RMB stablecoins to promote the internationalization of the yuan.