香港稳定币牌照申报进行时！首批发钞银行有望先行

Core Viewpoint - The issuance of stablecoin licenses in Hong Kong has officially begun, with a limited number of licenses expected to be granted, likely only a few, as the Hong Kong Monetary Authority (HKMA) aims for a cautious approach in the initial phase [2][3][4]. Group 1: License Application and Eligibility - The application window for stablecoin issuer licenses opened on August 1, with institutions required to submit applications by September 30 to be considered for the first batch of licenses [2][3]. - The HKMA has set specific eligibility criteria for applicants, including financial conditions, personnel qualifications, reserve assets, and custody redemption requirements [1][3]. - Major banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for these licenses due to their essential roles in the currency issuance system [3][4]. Group 2: Potential Applicants and Market Dynamics - In addition to the three major note-issuing banks, other potential applicants include Chinese banks, sandbox testing companies, large state-owned enterprises, and internet companies with payment licenses [4][5]. - The initial focus for securities firms will likely be on providing services related to stablecoin trading, custody, financing, and consulting, rather than applying for stablecoin licenses themselves [6][7]. - As of the end of July, 44 financial institutions have upgraded their existing securities trading licenses, indicating a growing interest in virtual asset trading, including stablecoins [6][7]. Group 3: Application Scenarios and Market Trends - The application scenarios for stablecoins are expected to include digital asset trading, cross-border payments in global trade, and traditional asset tokenization [4][5]. - The use of stablecoins in different regions varies, with financial applications being more prominent in Europe and the U.S., while B2B trade is expected to be a priority in regions like Africa and Latin America [5]. - The emergence of tokenized funds, such as the Huaxia RMB Digital Currency Fund, signifies a significant step towards exploring offshore RMB stablecoins [9].