According to Ming Pao, Hong Kong's Secretary for Financial Services and the Treasury, Eddie Hui, stated that the "Stablecoins Ordinance" will come into effect in August, and relevant guidelines will be announced within this month. The first batch of licenses is expected to be issued within the year, and the quantity will be controlled in single digits. At least 9 institutions have expressed their intention to apply. If it is proposed to issue a stablecoin pegged to the Chinese yuan, further discussions with relevant institutions are necessary due to the involvement of currencies from other jurisdictions.