PANews reported on June 11 that, according to Cailian Press, Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, stated that before the two licensed stablecoin issuers officially commence operations, they must complete technical platform and system testing and implement various risk management measures (covering reserve asset management and asset security, currency stabilization mechanisms, redemption rules, and cybersecurity). The Hong Kong Monetary Authority (HKMA) has maintained close communication with the licensed issuers to ensure the smooth progress of all preparatory work. Based on the current business plans of the two institutions, Hong Kong's regulated stablecoin is expected to be launched as early as mid-year. In addition, the HKMA has proactively contacted other applicant institutions to conduct further communication and coordination. Provided that the applicant institutions meet the basic access requirements of the Stablecoin Ordinance, the HKMA will adopt unified and strict standards to review applications, focusing on three key aspects: first, whether they can create feasible application scenarios that support the development of the entire industry ecosystem; second, whether they possess a sound and sustainable operating model, as well as corresponding risk management capabilities and industry experience; and third, whether they strictly comply with the laws and regulations of Hong Kong and other relevant regions.