<ul data-eligibleForWebStory="false">Hong Kong to issue fewer than 10 stablecoin licenses by August 2025 with stringent approval conditions.Over 40 international firms, including JD.com and Ant Group, have applied for stablecoin licenses.Licensing focuses on fiat-pegged stablecoins with strict risk controls and compliance with AML laws.Hong Kong aims to become a stablecoin issuance hub with a gradual regulatory framework under its Digital Asset policy.