[Yu Peiheng: Hong Kong's First Batch of Stablecoin Licenses May Be Limited] According to a report by Jinse Finance, Yu Peiheng, a member of the Guangdong-Hong Kong-Macao Greater Bay Area Legal Advisory Group under Hong Kong's Department of Justice, stated at the 'Phoenix Bay Area Financial Forum 2025' that the Hong Kong Monetary Authority's stablecoin regulatory framework has attracted consultations from over 77 institutions. However, the number of licenses issued in the first batch is expected to be limited, with specific outcomes likely to become clear in October or November. He pointed out that the cross-regional nature of stablecoins requires coordinated global regulatory standards. Currently, the rules in Hong Kong, the United States, and Europe differ, and a unified global regulatory framework is needed to enable secure cross-chain circulation.