36 institutions apply for stablecoin licenses in Hong Kong

The Hong Kong Monetary Authority (HKMA) has announced that 36 local institutions have submitted applications for stablecoin licenses following the introduction of a licensing system for stablecoin issuance last August. According to Hong Kong media outlet HWKK, HKMA Chief Executive Eddie Yue Wai-man stated that the authority is currently reviewing the applications. He added that the goal is to issue the first batch of licenses in March.