The Hong Kong Monetary Authority has received stablecoin license applications from 36 institutions and plans to issue the first batch of licenses in March.

Hong Kong Monetary Authority Chief Executive Eddie Yue stated that 36 institutions have submitted applications for stablecoin licenses. The authority is currently evaluating these applications and has requested additional information from some applicants, including details on application scenarios, risk management measures, and the composition of reserve assets. Yue mentioned that if all required information is collected, the first batch of licenses is expected to be issued in March. However, the number of licenses in the initial batch will be kept prudent and limited.