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CITIC Securities: Continue to focus on two main lines: issuers who may obtain the first batch of stablecoin licenses, and scenario platforms that are certain to participate in the creation of stablecoin use scenarios.

TechFlowJul 30, 2025
#DeFi
On July 30th, according to Jinshi Data, CITIC Securities Research Report stated that on July 29th, the Hong Kong Monetary Authority (HKMA) issued a series of documents regarding the regulatory system for stablecoin issuers, which will be implemented on August 1st. The core document is the "Supervisory Guidelines for Licensed Stablecoin Issuers," and the "Summary Description of the Stablecoin Issuer Licensing System" is currently the most instructive for the application phase. In terms of timeline, the HKMA encourages prospective applicants to contact regulators before August 31st, with a deadline of September 30th for mature applicants. The first batch of licenses will be limited to single digits and is expected to be finalized before the end of the year. It is recommended to continue focusing on two main themes: issuers who may obtain the first batch of scarce licenses, and scenario platforms that are definitively involved in the creation of stablecoin usage scenarios. [Techflow]
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CITIC Securities: Continue to focus on two main lines: issuers who may obtain the first batch of stablecoin licenses, and scenario platforms that are certain to participate in the creation of stablecoin use scenarios.

TechFlowJul 30, 2025
#DeFi
On July 30th, according to Jinshi Data, CITIC Securities Research Report stated that on July 29th, the Hong Kong Monetary Authority (HKMA) issued a series of documents regarding the regulatory system for stablecoin issuers, which will be implemented on August 1st. The core document is the "Supervisory Guidelines for Licensed Stablecoin Issuers," and the "Summary Description of the Stablecoin Issuer Licensing System" is currently the most instructive for the application phase. In terms of timeline, the HKMA encourages prospective applicants to contact regulators before August 31st, with a deadline of September 30th for mature applicants. The first batch of licenses will be limited to single digits and is expected to be finalized before the end of the year. It is recommended to continue focusing on two main themes: issuers who may obtain the first batch of scarce licenses, and scenario platforms that are definitively involved in the creation of stablecoin usage scenarios. [Techflow]
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