Odaily Planet Daily reports that on August 1st, Hong Kong's Stablecoin Ordinance officially came into effect. The Hong Kong Monetary Authority has issued the "Guidelines for the Supervision of Licensed Stablecoin Issuers," clarifying the requirements for issuer license applications. Securities Times reports that note-issuing banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be the first to apply for and be approved for stablecoin issuer licenses. Furthermore, Chinese banks, sandbox testing companies, large state-owned enterprises, and major internet companies are also actively preparing to apply. Initially, securities firms will primarily provide stablecoin trading, custody, and financing services.

As of the end of July, 44 financial institutions had upgraded their No. 1 securities trading licenses. Industry insiders caution that the business model for stablecoins remains unclear, and investors should be wary of speculation and risks. ( Securities Times )