According to Odaily Planet Daily, Hong Kong Monetary Authority (HKMA) Deputy Chief Executive Officer Chen Weimin stated at a technical briefing on the regulatory regime for stablecoin issuers that the number of stablecoin issuer licenses to be issued in the first phase is still uncertain and will depend on the quality of the application materials submitted by the applicants. The first stablecoin issuer license is expected to be issued early next year, and he emphasized that "the threshold for passing the examination is very high." Chen Weimin also stated that the HKMA maintains an open approach regarding fiat currencies. Stablecoin issuers can apply for a license for a stablecoin pegged to a specific fiat currency or a basket of fiat currencies. The key is to indicate the fiat currency in the application. (Daily Economic News)