Hong Kong, which is positioning itself as a crypto-friendly hub, is establishing a licensing regime for stablecoins referenced to the Hong Kong dollar. A new guideline issued this week lays out operational, financial, and governance standards. Authorities said the first batch of licences for issuers is expected to be granted by early-2026. The government believes its open-model approach will entice global institutions to issue stablecoins in the city. This will help enhance the city’s liquidity