The Hong Kong Monetary Authority (HKMA) announced that the Commissioner of Monetary Authority has granted stablecoin issuer licenses to two institutions—Ice Point Financial Technology Limited (a joint venture between Standard Chartered Bank (Hong Kong), HKT, and Anni Group) and HSBC—under the Stablecoin Ordinance, marking a new phase in the implementation of Hong Kong's stablecoin regulatory regime. Licensed issuers must complete relevant preparatory work before officially launching their compliant stablecoins, including technology platform and system testing, implementation of risk control measures, and staffing arrangements. Based on the current business plans of the two institutions, we expect regulated stablecoins in Hong Kong to be launched successively from the middle to the second half of this year.