The Hong Kong Monetary Authority (HKMA) has announced that 36 entities, including banks and technology firms, have applied for stablecoin licenses. The review process is underway, with the first batch of approvals expected in early 2026. The HKMA has not disclosed the names of the applicants to prevent public misunderstanding, noting that application submission does not guarantee approval. Initially, 77 applications were received by August, but this number was reduced to 36 by September following a stringent preliminary screening process. Analysts believe that major state-owned banks or bank-technology consortiums are likely to be among the first to receive licenses due to their strong compliance and infrastructure capabilities.