三家银行或率先获稳定币牌照，相关人士：“邀请制”非官方说法

Core Viewpoint - The Hong Kong Stablecoin Regulation officially took effect on August 1, 2023, with the first batch of licenses expected to be issued in early 2026, but the number of licenses will be limited to single digits, indicating a high barrier to entry for applicants [1][7]. Licensing Process - The Hong Kong Monetary Authority (HKMA) has not issued any licenses yet, and the timeline for issuing licenses is later than initially expected [1]. - The HKMA clarified that the term "invitation system" is not an official description of the licensing process, as any interested institutions can proactively communicate with the HKMA regarding their applications [2]. - Institutions wishing to apply for a license must demonstrate compliance, specificity in application scenarios, and sustainability in financial conditions [2]. Transition Arrangements - A six-month transition period has been established for existing stablecoin issuers to comply with the new regulations, running from August 1, 2025, to January 31, 2026 [3][4]. - Existing issuers have the option to either actively apply for a formal license or enter a winding-up period if they do not succeed in their application within three months of the regulation's enactment [4][5]. Expected License Recipients - The three major note-issuing banks in Hong Kong—Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), and HSBC—are likely to be among the first to apply and receive licenses [8]. - Other potential applicants include Chinese-funded banks, sandbox testing companies, large state-owned enterprises, and internet giants with payment licenses [9]. Market Sentiment - The HKMA has indicated a cautious approach towards stablecoins, emphasizing the need to avoid market bubbles and the importance of a well-prepared application process [7].