Group 1 - The majority of stablecoin-related stocks experienced declines in the afternoon trading session, with notable drops including Yunfeng Financial down 7.24% to HKD 2.82, Guotai Junan International down 5.43% to HKD 5.4, and OSL Group down 1.83% to HKD 14.49 [1] - The Hong Kong Stablecoin Regulation officially came into effect on August 1, requiring any entity issuing fiat-backed stablecoins in Hong Kong to apply for a license from the Financial Management Commissioner [1] - Zheshang Securities highlighted that the Hong Kong Monetary Authority emphasizes three core requirements for licensing: strict compliance review, specificity, and sustainability, with the first licenses expected to be issued in early 2026, later than market expectations [1] Group 2 - Currently, the active stablecoins in Hong Kong are primarily USD-backed, such as USDT and USDC, and failure to obtain a license post-transition period will prevent these stablecoins from operating on compliant VATP exchanges in Hong Kong [2] - Citigroup projects the median market size for stablecoins in Hong Kong to be USD 16 billion, with potential fluctuations of USD 8 billion depending on various factors, including monetary expansion and increased external demand for Hong Kong stablecoins [2]
稳定币概念午后多数下跌 牌照发放时点晚于市场预期 花旗称香港市场规模存在上行风险