The Hong Kong Monetary Authority issued its first two stablecoin issuer licenses last month. HKMA Chief Executive Eddie Yue stated that the authority aims for a stable start to the rollout of stablecoins, with gradual progression thereafter. The two licensed issuers are expected to launch their stablecoins by mid-year and year-end, respectively, with each serving distinct purposes. The HKMA plans to monitor the implementation of these stablecoins after their launch to assess whether actual risks align with expectations, thereby refining the regulatory process. Yue indicated that the decision on issuing new licenses will be made after observing the performance of the first batch. He reiterated that even if additional licenses are granted, the number will remain limited, depending on market capacity for issuers and emerging risks, emphasizing the importance of managing market expectations. HKMA Deputy Chief Executive Arthur Yuen mentioned that the authority has maintained close contact with the two licensees since approval. He noted that significant work remains before their official launch, including ensuring system readiness meets standards, risk controls are in place, and personnel are adequately coordinated. For applications involving cross-border scenarios, obtaining local approvals will also be necessary, along with third-party verification of control measures.