77 Firms Flock to Hong Kong’s Stablecoin License Quest — Is the Race Already Over?
🔑 Key Takeaways 77 institutions , including banks, fintechs, and Web3 startups, expressed intent to apply for Hong Kong’s new stablecoin license. The Stablecoin Ordinance took effect August 1, creating Asia’s first full licensing regime for fiat-linked stablecoins. HKMA has held preliminary meetings , but warns only a small group will win approval in the first round. Bank of China Hong Kong’s shares jumped 6.7% on speculation of its application. Fintech funding soared $1.5B in July , fueled by license-driven optimism. CryptoQuibbler notes: this isn’t just licensing—it’s a geopolitical play with global money at stake. 🗞 Main Story Hong Kong officially launched its Stablecoin Ordinance on August 1, 2025 , making it the first Asian jurisdiction to mandate full licensing for fiat-backed stablecoins. Until now, stablecoins like USDT or USDC were largely tolerated but not directly regulated in Asia—leaving a grey zone between adoption and oversight. ...