Woofun AI reports that Hong Kong's regulated stablecoin ecosystem is advancing toward public deployment. According to a reply to the Legislative Council by Secretary for Financial Affairs and Treasury Andrew Hui, the Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to two institutions with banking backgrounds in April. These regulated stablecoins are projected to launch successively during the second half of the year.

Licensed issuers must maintain reserve assets deposited in Hong Kong banks, investing them in qualified instruments such as bank deposits and high-quality, highly liquid bonds.

Concurrently, the government and the Securities and Futures Commission plan to submit a bill to the Legislative Council within this year. This legislation aims to establish a comprehensive regulatory framework covering virtual asset trading, custody, advisory, and management services.