77 Firms Show Interest in Hong Kong’s Stablecoin Licensing Program

Hong Kong’s Monetary Authority (HKMA) has been flooded with expressions of interest for its upcoming stablecoin licensing program, attracting 77 diverse applicants. While this marks a significant development in the nascent stablecoin ecosystem, the process remains cautious and deliberate, as the HKMA aims to ensure market stability through a rigorous vetting process. The regulator’s focus on both technical capabilities and financial resources signals a complex selection strategy for choosing the final licensees.