The Hong Kong Monetary Authority (HKMA) is set to issue its first batch of stablecoin licenses following the conclusion of the Two Sessions, with fewer than four companies expected to receive approval. This move comes as part of Hong Kong's cautious approach to integrating stablecoins into its financial system. RD Technologies, a company founded by former HKMA Chief Executive Norman Chan, participated in the HKMA's stablecoin issuer sandbox test but is not among the initial license recipients. The HKMA has received 36 applications for stablecoin licenses, but has emphasized a limited issuance in the first batch to ensure prudence and stability in the market. This strategic decision reflects Hong Kong's commitment to maintaining a secure and regulated environment for digital currencies.