Hong Kong Authorities Target 2025 for Stablecoin Licensing Launch

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Hong Kong’s government is preparing to issue its first stablecoin licenses later this year, though only a select few firms are expected to meet regulatory requirements, according to Financial Services Secretary Christopher Hui.

In a Monday interview with Ming Pao, Hui confirmed that the licensing regime—scheduled for implementation in August—will prioritize stablecoins that solve real economic challenges, particularly in cross-border payments for high-risk or less-developed markets.

The policy was originally designed for Hong Kong dollar-pegged stablecoins, but industry interest has shifted toward offshore yuan-backed alternatives. Reuters reports that Chinese tech giants, including JD.com and Ant Group, are actively lobbying Beijing for approval.