PANews reported on March 11 that, according to the Hong Kong Economic Journal, the first batch of stablecoin licenses in Hong Kong will be issued after the Two Sessions, with fewer than four companies receiving licenses in the first batch. It is understood that RD Technologies, founded by former Hong Kong Monetary Authority (HKMA) Chief Executive Norman Chan, was among the first to participate in the HKMA's stablecoin issuer "sandbox" test and was not among the first to receive a license. The HKMA previously revealed that it received 36 applications for stablecoin licenses in the first round, but emphasized that the number of licenses in the first batch would definitely be limited, with a focus on prudence and stability.