The regulatory game rules for stablecoins are finally about to change.

Hong Kong's first batch of stablecoin licenses are expected to be officially issued in early 2026, with 36 institutions having already submitted applications, including major players like Standard Chartered and Ant International. But this is not a policy of floodgates opening—regulators have set quite strict thresholds.

Let's see what hurdles need to be cleared: reserves must be 100% backed by high-liquidity assets such as cash and government bonds, and held in custody by licensed banks; paid-in capital must be at least 25 million HKD; daily audits of redemption capacity are required; anti-money laundering and identity verification become core indicators. Simply put, this is about bringing stablecoins out of the gray area and into the sunlight.

What does this mean for the market? Previously, USDT was often criticized for opaque reserves and being easily used for money laundering. Hong Kong’s licensing system directly plugs the loopholes at the source—stablecoins are no longer "lawless," but are required to bear the responsibilities of legitimate financial infrastructure.

But don’t rush to predict the market trend. In the short term, the official licensing is more of an emotional catalyst. Projects that can truly stand out are likely those with real cross-border payment and supply chain finance scenarios—traditional banks and licensed fintech companies will have an easier time emerging. Small projects riding the hype may be precisely targeted and suppressed.

Essentially, Hong Kong is vying for the discourse power in digital finance. While USD-pegged stablecoins currently dominate the market, the compliant licensing system provides growth space for stablecoins pegged to HKD and RMB. Licenses are entry tickets, not money-making machines—this is the key point to understand.