Overview

• The ordinance established Asia’s first full licensing structure for regulated stablecoin issuance.
• The regime mandates 100% fiat reserves, a minimum HK$25 million capital threshold, regular audits and smart-contract security checks.
• The HKMA is vetting dozens of applicants but anticipates only three to four will meet its stringent criteria and secure the first licenses by early 2027.
• Licensed tokens are set to integrate with public transit systems, e-commerce platforms and cross-border settlement networks to function as compliant payment rails.
• Parallel frameworks in the U.S., EU and UAE reflect a broader shift toward embedding programmable, fiat-backed tokens in mainstream finance.