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According to BlockBeats, on June 25th, according to Hexun.com, the Hong Kong SAR government published a notice in the Gazette on June 6th, announcing that the "Stablecoins Ordinance" will officially come into effect on August 1st, marking the world's first comprehensive regulatory framework for fiat stablecoins. The Chief Executive of the Hong Kong Monetary Authority, Yu Weiwen, recently wrote that considering that stablecoins are relatively new products, the risks involved in issuing them, the protection of users, and the carrying capacity and long-term development of the market, there is a relatively high threshold for licensing, and only a "small number of licenses" will be granted in the initial stage. Yu Weiwen emphasized that entering the stablecoin issuer sandbox program launched by the Hong Kong Monetary Authority in 2024 is not a prerequisite for applying for a stablecoin issuer license in the future; On the other hand, even if participating institutions have entered the "sandbox", it does not necessarily mean that they will obtain a license. The Hong Kong Monetary Authority will carefully consider all license applications according to consistent and strict standards. Yu Weiwen clearly stated that applicants need to propose specific and feasible business plans and practical application scenarios, and focus on examining their reserve management capabilities, compliance systems, and technical security. The first batch of stablecoins will focus on cross-border trade and Web3.0 applications.