Hong Kong is on the verge of issuing its first stablecoin licenses as part of a comprehensive regulatory framework that began with consultations in 2022. Following the successful passage of the Stablecoin Ordinance in May 2025 and its enactment in August, the Hong Kong Monetary Authority (HKMA) has received 36 applications from diverse entities, including banks, licensed payment institutions, tech companies, and virtual asset service providers. While the full list of applicants remains undisclosed, those who participated in the HKMA's stablecoin regulatory sandbox are seen as strong contenders for the initial licenses. This move marks a significant step towards regulatory compliance in the stablecoin sector, reflecting Hong Kong's cautious and transparent approach to digital asset regulation.