Hong Kong’s Stablecoin Gold Rush: 40+ Firms Vie for Regulatory Approval

Hong Kong's financial sector is bracing for a stablecoin stampede as over 40 companies prepare license applications—because nothing says 'trust' like a government rubber stamp.

The race comes as regulators tighten oversight on dollar-pegged tokens, forcing crypto players to choose between compliance or the shadows. Insiders whisper that applicants range from blockchain pure-plays to traditional finance giants looking to dip their toes in digital liquidity.

One banking exec quipped: 'We're all DeFi curious now—just with KYC forms and compliance officers.' The Hong Kong Monetary Authority hasn't confirmed timelines, but the queue already stretches around the block. Smart money says the first approvals will go to firms with the deepest pockets—not the most decentralized tech.