CITIC Securities: Continue to monitor issuers that may obtain the first batch of stablecoin licenses

The HKMA has released a series of documents regarding the regulatory regime for stablecoin issuers, which will take effect on August 1st. The core document is the "Guidelines for the Supervision of Licensed Stablecoin Issuers," while the most relevant guideline for the current application phase is the "Summary Explanation of the Licensing Regime for Stablecoin Issuers." Regarding the timeline, the HKMA encourages prospective applicants to contact the regulator by August 31st, while the deadline for mature applicants is September 30th. The first batch of licenses will be in the single digits, with issuance expected before the end of the year. It is recommended to continue monitoring the two main areas: issuers who may obtain the first batch of scarce licenses, and scenario platforms that are certain to participate in the creation of stablecoin use cases.