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

With the "Stablecoin Ordinance" officially taking effect on August 1, currently 50 to 60 companies intend to apply for Hong Kong stablecoin licenses, half of which are payment institutions and the other half are well-known Internet companies, most of which have Chinese backgrounds. The industry expects that only 3 to 4 licenses will be issued in the first phase, and the initial stablecoins will mainly be pegged to the Hong Kong dollar and the U.S. dollar. [ChainCatcher]