As the deadline for the Hong Kong Monetary Authority (HKMA) to accept applications for stablecoin issuer licenses approaches at 24:00 on September 30, 77 applications are entering the final "countdown" phase. This "compliance marathon," which has lasted 13 months of legislative tug-of-war, 7 months of sandbox sprinting, and 4 rounds of regulatory inquiries, is about to reach its conclusion. Several individuals close to the approval group have revealed that the first round of licenses is "highly likely" to issue only 3, and that "the window for supplementary materials has been closed once and for all, and no updates will be accepted." This means that Hong Kong's ambitions in the Web3 space are being shaped by a rigorous licensing selection process, defining the future landscape of digital finance. Who will stand out in this fierce competition and become one of the first compliant stablecoin issuers in Hong Kong?

The approval of stablecoin licenses by the HKMA is not a simple formal review but has entered a heated "undercurrent" phase.

Deadline ≠ License Issuance: The internal timeline of the HKMA indicates that starting October 1, it will enter a "silent review period," with the earliest approval from the Executive Council on November 15, and the official gazette publication effective from January 2, 2026. This means that even after the deadline, the results will not be immediately revealed.

"3+2" Reserve Mechanism: In addition to the 3 official licenses, 2 reserve institutions will be simultaneously locked in. If a licensed issuer triggers a capital shortfall of HKD 25 million or a reserve gap of ≥2%, the reserve institutions can "step in" within 30 days. This reflects the regulators' prudence and high regard for market stability.

On-site Inspection Raids: Starting this week, a joint team from the HKMA, the Securities and Futures Commission, and the Commercial Crime Bureau has been conducting "No-Knock" on-site inspections of 10 "first-tier" institutions, focusing on verifying cold wallet private key custody, HSM physical isolation, and the matching of off-chain fiat accounts. This indicates a penetrating review by regulators regarding technical security and compliance operations.

Among the 77 applications, competition among traditional note-issuing banks is particularly fierce, as they strive to maintain a leading edge in the digital currency era through innovative solutions.

Bank of China Hong Kong: At the last moment on September 27, it supplemented a technical white paper on "Cross-Border Settlement in the Guangdong-Hong Kong-Macao Greater Bay Area," proposing to directly connect the HKD stablecoin HKDCNH with the digital renminbi (e-CNY) sub-wallet, achieving "offshore HKD - onshore RMB" instant exchange. This plan is viewed by regulators as a "pressure test for the internationalization of the renminbi," showcasing its strategic ambition in the cross-border payment sector.

Standard Chartered + Hong Kong Telecom + Animoca Consortium: The "Anchorpoint" consortium has completed KYC pre-registration for 2 million wallet users, with reserves held in Standard Chartered Hong Kong's QDAP trust account, and has committed to synchronizing daily on-chain PoR hash values to the HKMA's API interface, leading in technical scores. This demonstrates its advantages in user base and technical transparency.

HSBC "Falling Behind": Although one of the three major note-issuing banks, HSBC has rarely "fallen behind." Its redemption smart contract submitted in August was found by the auditing agency to have a "reentrancy attack" vulnerability, requiring redeployment, thus missing the first round window. This highlights that even traditional giants face challenges in the face of Web3 technological innovation.

In addition to traditional financial institutions, tech giants and Web3-native companies are also actively exploring the application scenarios and technological innovations of stablecoins.

JD Coin Chain Technology: Upgraded the Hong Kong-Macao version of "JD Global Sales" to a "Stablecoin Settlement Zone," allowing users to purchase 3C products with JD-HKD, with the platform subsidizing a 1% exchange rate discount; simultaneously completed daily automatic reconciliation of reserves with Tianxing Bank, compressing on-chain PoR verification time to 8 seconds. This reflects the advantages of tech giants in scenario application and efficiency optimization.

Ant International: Although not directly submitting an application, it has entered the market through strategic investment in the licensed trust institution "ZhongAn Bank," planning to launch a "daily wage stablecoin" aimed at Southeast Asian delivery riders, with an initial pilot of 100,000 users in the Philippines. This shows its innovative exploration in cross-border payments and inclusive finance.

Round Coin Innovation Technology (HKDR): Gained regulatory technical points with its zero-knowledge proof (ZKP) reserve proof system, where its "dynamic reserve pool" can real-time unpack 110% over-collateralized HKD government bond ETFs into 1:1 stablecoins, with a pre-purchase of HKD 500 million by Middle Eastern payment giant Lulu Exchange. This indicates the leading position of Web3-native companies in technological innovation.

HashKey's "Liangxiang Technology": Launched the world's first "quantum-safe cold wallet," using the CRYSTALS-Dilithium signature algorithm, claiming to withstand quantum attacks for the next 10 years, and has been included in the HKMA's "Innovation Observation Sandbox." This showcases the advanced layout of Web3 companies in security technology.

The progress of the stablecoin license approval in Hong Kong not only affects the local market but also creates ripples globally.

US Dollar Stablecoins Face "Hong Kong Compliance Tax": If USDT/USDC wishes to operate in Hong Kong, they must transfer 100% of their reserves to local licensed banks and undergo monthly audits. Tether's CEO Paolo Ardoino stated that they are "evaluating the establishment of a compliant subsidiary in Hong Kong," hinting at a potential "HK-Tether" dual-track structure.

EU MiCA Legislation References Hong Kong Standards: The drafting group of the EU MiCA legislation released its latest amendment on September 26, directly referencing Hong Kong's "independent custody of reserve assets + daily on-chain disclosure" clause, with market commentary suggesting that the "HKD standard" is being exported globally.

Interoperability Between Digital Renminbi and HKD Stablecoin: Di Gang, Deputy Director of the Digital Currency Research Institute of the People's Bank of China, revealed this week in Hong Kong that they are studying a cross-chain interoperability protocol between "digital renminbi and compliant HKD stablecoins," interpreted by the market as a prelude to the "green light" for offshore renminbi stablecoins.

Digital HKD Bonds: The Hong Kong SAR government's third batch of tokenized bonds will not only involve asset-side tokenization but also consider implementing fund-side tokenization. Given that the development of fund-side tokenization in Hong Kong is early and most mature with central bank digital currency (CBDC), this batch of tokenized bonds may connect to CBDC subscriptions.

The HKMA reiterated tonight that any "unlicensed" institution promoting stablecoins in Hong Kong after September 30 will be considered a crime, with individuals facing fines of up to HKD 500,000 and imprisonment for 2 years; companies face fines of up to HKD 5 million. This further emphasizes Hong Kong's strict regulatory stance in the digital asset space.

As the countdown enters the final 48 hours, Hong Kong is not only selecting the holders of 3 licenses but also defining the competitive rules for the next generation of digital dollars—whether to continue tolerating offshore anonymity or embrace a new paradigm of "100% reserves + on-chain transparency." The answer will be revealed later this week. This major compliance test for Web3 will not only reshape Hong Kong's digital financial landscape but also set a new benchmark for the global stablecoin market.

Related: The Ethical Value of Bitcoin (BTC): The Digital Currency to End the War Machine

Original: “Hong Kong Stablecoin License Countdown, Bank of China, JD.com, and Ant Group in Silent Battle”

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