# 香港稳定币牌照

Hong Kong is issuing licenses, while the mainland is tightening regulations.
April 11 news: applications for Hong Kong’s second batch of compliant stablecoin licenses have already been launched, and institutions such as Futu Securities and OSL Group have been reported to be vying for entry eligibility.
But on the other side, the People’s Bank of China and 13 other ministries have already set the tone: stablecoins = virtual currencies, and strict regulation will continue.
Same lane, two attitudes.
One embraces, the other isolates.
The question is: where will the funds go? #Gate广场四月发帖挑战 #香港稳

2026 Q1 Stablecoin Core Data and Trends
In Q1 2026, the total stablecoin supply reached $320 billion (a historical high, up $8 billion quarter-over-quarter, with a growth rate that is the slowest since Q4 2023), and total transaction volume surpassed $28 trillion, accounting for 75% of total crypto transaction volume (the highest share on record), becoming the core of liquidity in the crypto market.
1. Divergence in the Issuance Landscape
- USDC: Supply increased by $2 billion this quarter, driven by Circle’s expansion and partnerships with institutions such as Visa and Intuit, plus settlement