More than 50 companies in Hong Kong intend to apply for stablecoin licenses.

With the "Stablecoin Ordinance" officially taking effect on August 1, it is reported that 50 to 60 companies intend to apply for Hong Kong stablecoin licenses. Half of these are payment institutions, and the other half are well-known internet companies, most of which have Chinese capital backgrounds. The industry expects only 3 to 4 licenses to be issued in the first phase, with initial stablecoins mainly pegged to the Hong Kong dollar and the U.S. dollar. (Hong Kong 01) [Odaily Planet Daily News]