Hong Kong's first batch of stablecoin issuance licenses have been granted, focusing on creditworthiness, financial strength, and compliance risk management, emphasizing bank-level requirements such as 100% reserves, asset segregation, and on-demand redemption.

Issuance is not a profit center but infrastructure, with the key being the ability to bear high compliance costs and long-term operations.
The value of stablecoins comes from embedding into capital flow scenarios and reshaping pathways, with licenses defining boundaries, forming layered markets and scalable liquidity/settlement systems.