According to Odaily Planet Daily, Hong Kong's Stablecoin Ordinance officially came into effect on August 1st, with a six-month transition period. The first issuer license is expected to be issued early next year. Shi Ziyuan, head of proprietary trading at Huaxing Capital, stated that this initiative is expected to attract more mainstream institutions and high-quality capital into the market.

Huaxing Capital plans to expand its Hong Kong licenses (1, 4, and 9) to include digital assets, while also increasing investment in infrastructure areas such as Web 3 and Reliable Web Access (RWA). The company previously invested in stablecoin issuer Circle and launched a $100 million investment budget in June of this year. (Yahoo Finance)