Hong Kong's first batch of stablecoin issuer licenses have been issued, emphasizing bank-level compliance and risk control requirements such as reserve asset management, redemption, and asset segregation. The core of stablecoins lies in the "deposit-like" mechanism and the implementation of fund flow scenarios, rather than simply issuing capabilities. Market segmentation will accelerate as regulatory boundaries become clearer, and issuing entities must possess credit, funding, compliance, and long-term operational capabilities, becoming infrastructure providers.