On June 11, according to Caixin, Xu Zhengyu, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, stated that two licensed stablecoin issuers must complete technical platform and system testing, as well as implement various risk management measures (covering reserve asset management, asset security assurance, value stabilization mechanisms, redemption rules, cybersecurity, etc.) before officially operating. The Hong Kong Monetary Authority (HKMA) has maintained close communication with the licensed issuers to ensure that all preparatory work is progressing smoothly. Based on the current business plans of the two institutions, regulated stablecoins in Hong Kong are expected to be launched by mid-year. Additionally, the HKMA has proactively contacted other applicant institutions to facilitate further communication. Provided that the applicant institutions meet the basic entry requirements of the 'Stablecoin Regulation,' the HKMA will apply uniform and strict standards for reviewing applications, focusing on three key points: 1. The ability to create practical application scenarios that support the development of the entire industry ecosystem; 2. The possession of a robust and sustainable operational model, along with corresponding risk management capabilities and industry experience; 3. Strict compliance with the laws and regulations of Hong Kong and other relevant regions.