PANews reported on September 30th that, according to an exclusive interview with Caixin.com, Hong Kong Treasury Secretary Paul Hui stated that applications for compliant stablecoin licenses are proceeding according to the original framework, with the first batch of licenses expected to be issued in early 2026 as planned. Hong Kong's regulatory focus is clear: achieving a balance between innovation, integration into the real economy, and risk management. The first to be implemented will be the Hong Kong dollar stablecoin.

Regarding the issuance of RMB stablecoins in Hong Kong, Xu Zhengyu said that from Hong Kong's perspective, the legal framework allows different legal currencies to be used as the underlying benchmark for stablecoins, but currencies carry sovereign will and strategic considerations. Pegs to the RMB must take into account the country's exchange rate and monetary policy, and the risks and pros and cons must be comprehensively weighed.