In a written reply to questions from Legislative Council members on June 11, Hong Kong’s Financial Secretary and Treasury Bureau Secretary, Mr. Eddy Hui, said that, based on the current business plans of two licensed issuers, the regulated stablecoins are expected to be rolled out as early as mid-2026. Mr. Hui also confirmed that the Monetary Authority has, at this stage, “no clear inclination” regarding the subsequent licensing direction and timing. Even if more licenses are issued in the future, the total number of licenses will be extremely limited.
Preparation required before Hong Kong’s licensed stablecoin issuers officially begin operations
According to Mr. Hui’s written reply, before the two licensed issuers can formally start operations, they must first complete the following three categories of work:
Technology platform and system testing: This includes system stability verification and network security assessments.
Implementation of risk management measures: This covers reserve asset management, asset security protection, price stability mechanisms, redemption arrangements, and technology security, among other areas.
Staffing and human resources: Ensure there is a sufficient operating team.
The Monetary Authority confirmed that it has been maintaining close communication with the licensed issuers to ensure all preparation work is carried out safely and on schedule.
Subsequent licensing stance: Monetary Authority confirms three review standards and licensing considerations
Mr. Hui confirmed in his written reply that the Monetary Authority has proactively contacted other applicants for further communication. The key focus of the subsequent licensing review covers three confirmed standards:
· Whether they can build practical application scenarios that support the development of the broader industry ecosystem
· Whether they have a robust and sustainable operating model, along with corresponding risk management capabilities and industry experience
· Strict compliance with laws and regulations in Hong Kong and other relevant jurisdictions
Mr. Hui also confirmed that factors to be considered for subsequent licensing include whether the application can meet licensing requirements; market demand for stablecoins; real-world application scenarios; international development trends (including discussions at the regulatory level); and the operational performance and market reaction after the issued licenses are implemented.
Ensemble project and EnsembleTX: Milestone progress confirmed by the Monetary Authority
Both licensed issuers participate in CBDC and tokenized deposit-related projects led by the Monetary Authority, with partners including local telecommunications, payments, and digital asset companies. The Monetary Authority has set up an Ensemble project working group, with the goal of advancing the establishment of unified local standards and enabling interoperability among CBDC, tokenized currencies, and tokenized assets.
In November 2025, the Monetary Authority launched the EnsembleTX platform, supporting real trading of tokenized deposits and digital assets in a controlled pilot environment. In the initial stage, the platform’s focus is to encourage market participants to use tokenized deposits in tokenized currency fund trading, with real-time management of liquidity and funding needs.
Common questions
Have the names of Hong Kong’s two licensed stablecoin issuers been made public?
According to Mr. Hui’s written reply and related reports, the official statements have not disclosed the specific names of the two licensed issuers. The organization identities have not yet been officially announced in the official statements.
Is Mr. Hui’s “roll out in mid-year” statement a formal commitment by the Monetary Authority?
Mr. Hui clarified that the timeline of “expected to roll out as early as mid-year” is estimated based on “the current business plans of the two licensed issuers,” and is not a formal approval timeline from the Monetary Authority. The final rollout timing will depend on the actual progress of the two institutions completing technical tests and other preparations.
Is there a clear schedule for the issuance of subsequent stablecoin licenses in Hong Kong?
According to Mr. Hui’s written reply, the Monetary Authority at this stage has “no clear inclination” regarding the subsequent licensing direction and timing. The Monetary Authority has confirmed that even if more licenses are issued in the future, the total number of licenses will be extremely limited, and the licensing process has a quite high threshold.
