Hong Kong media: The number of institutions planning to apply for Hong Kong stablecoin licenses is expected to increase to 50-60, with industry insiders stating that only 3-4 have been approved in the first phase

Golden Finance reported that according to Hong Kong 01, the number of institutions that intend to apply for a stable currency license in Hong Kong has increased to 50-60, of which half are payment companies and the other half are Internet companies, and most of them have Chinese investment background, which means that market competition has begun. Industry insiders believe that after the Hong Kong stablecoin regulations come into effect on August 1st, there will be a large influx of applications, but it is expected that only 3-4 companies will be approved in the first phase, and the total number will not exceed 10. This external hook currency may initially be Hong Kong dollars and US dollars, and the supervision of offshore RMB stablecoins may require the participation of the central bank.