A regulatory notice has opened a new chapter in global stablecoin compliance.

By early 2026, Hong Kong will become the first major financial center worldwide to implement a clear licensing system. This is not just simple administrative approval but a re-examination of the entire stablecoin technology framework—how to use code and data to prove to regulators that each coin is backed by real assets.

**Application window is now open; time waits for no one**

The Hong Kong Monetary Authority's rules are clear: institutions seeking certification must submit their application materials before September 30, 2025. Missing the deadline or failing approval? Starting November 1, a one-month withdrawal period begins, after which they must exit. This logic may sound harsh, but it is highly significant for the market.

The strict requirements for licensed institutions are also very specific—minimum capital of HKD 25 million, and stablecoins must be fully backed by high-quality liquid assets such as cash and short-term government bonds. Redemption requests cannot be delayed and must be completed within one business day.

**Traditional audits face cooling, on-chain data becomes the savior**

The question arises: quarterly or annual audit reports are just static snapshots, but regulators need continuous, real-time monitoring. Will reserve assets be suddenly diverted? Do the on-chain circulating supply and the claimed reserve amount truly match?

This is precisely the entry point for a data revolution. Through transparent on-chain mechanisms and real-time verification, stablecoin issuers can make every asset flow traceable, verifiable, and tamper-proof. This not only meets regulatory requirements but also redefines market trust.