Well, the numbers are in from Hong Kong’s monetary watchdog, and they’re pretty telling. The HKMA says it got a total of 77 expressions of interest from companies hoping to issue stablecoins. The deadline was the end of August, so that’s the final count. It’s a bigger response than some analysts were predicting, I think.
But here’s the thing—this isn’t just a bunch of crypto startups. The list is surprisingly mixed. You’ve got traditional banks in there, payment companies you’ve definitely heard of, and a whole range of asset managers. Even some state-owned enterprises are apparently taking a look. It seems like just about everyone sees some value in having a seat at this particular table.
Who’s Actually Applying?
The regulator is playing this very close to the vest. They’ve flat-out refused to name any of the applicants, which makes sense. An expression of interest isn’t a license, and they don’t want anyone getting the wrong idea. Still, from earlier reports, we can guess at some of the bigger names circling the opportunity.
Standard Chartered’s name has come up. So has Ant Group’s. And perhaps most interesting is the mention of a firm like PetroChina, a state-owned energy giant. They’ve talked before about studying stablecoins for cross-border deals. That tells you this is about more than just digital assets—it’s about who gets to build the plumbing for future international trade.
A Long Road to Any Approval
Despite all this excitement, nobody’s getting a license anytime soon. The law itself just took effect on the first of August, and the HKMA has already been clear that we probably won’t see any approvals until 2025. That’s a long time to wait.
Darryl Chan Wai-man, a deputy CEO at the authority, pointed to the “heavy workload” as the main reason. It sounds like they’re being incredibly thorough, which you’d want from your financial regulator. They’ve got to go through each application with a fine-tooth comb.
The goal, it seems, is to make sure the first companies that get the green light are absolutely solid. They’ll need to prove they have the reserves to back their coins, strong systems to prevent fraud, and the operational strength to handle things without a hiccup. They’re not just filtering for good ideas; they’re looking for proven stability.
So we have a waiting game on our hands. Seventy-seven companies have thrown their hat in the ring. Only a few will make the final cut, and not for a good while yet.
