At a technical briefing on the regulatory system for stablecoin issuers, Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), stated that the number of stablecoin issuer licenses issued in the first phase is still uncertain and will depend on the quality of the application materials submitted by the applying institutions. He expects the first stablecoin issuer license to be issued in early next year and emphasized that "the threshold for passing is very high." Lee also stated that the HKMA is open to fiat currency types, and stablecoin issuers can apply for a license for a stablecoin pegged to a certain fiat currency or a license for a stablecoin pegged to a basket of fiat currencies. The key is to specify the fiat currency type in the application. (Daily Economic News)