<p>备受期待的香港稳定币发行许可证尚未按计划发布。早在 2 月 11 日，香港特首李家超公开表示：“香港金融管理局（HKMA）正在积极处理许可证申请，并相信第一批稳定币发行许可证将在下个月发放。” 两周后，财政司司长陈茂波也发表了类似的声明。对于未能在 3 月兑现发放许可证的承诺，HKMA 发言人回应称，HKMA 正在全力推进许可流程，并将在适当时候公布细节。关于许可证发放的预期延迟，Newfire Technology 首席执行官翁立友在接受《巴伦周刊》中文网采访时表示：“目前，第一批申请涵盖了银行、传统金融机构和 Web3 公司，范围非常广泛。监管机构不可避免地需要更多时间对储备资产的透明度、赎回机制和极端压力测试进行最终合规校准，以确保香港的稳定币生态系统从一开始就具备完整的安全基础。” 对于外界猜测的外部因素，我倾向于将其理解为全球跨境监管合作中的常规沟通。由于稳定币本质上具有跨境流动性属性，确保它们既能实现合规的贸易结算，又能严格防范非法资金风险，需要极其细致的端到端监管设计。这种技术与监管的结合本身就需要时间。关于许可证的发放，香港金融管理局（HKMA）首席执行官余伟文多次降低预期，表示 “许多（申请者）缺乏实际应用场景，缺乏可行的具体解决方案和实施计划，更不用说管理风险的意识和能力了”，并指出 “最多只会在初期阶段发放少量稳定币许可证。” 之前发布的信息显示，HKMA 共收到 36 份稳定币许可证申请，涉及蚂蚁金服、蚂蚁国际、京东币链科技（香港）和连连数字等多家机构。早些时候，五家机构参与了初步沙盒测试，包括京东的京东币链科技（香港）、元币创新科技以及另外三家：渣打银行（香港）、安妮集团和香港电信（HKT）。然而，几位市场参与者告诉《巴伦周刊》，第一批许可证可能仅会发放给汇丰银行和渣打银行这两家发行钞票的银行。一位行业内部人士表示，一些之前申请许可证的互联网公司 “已经在短期内放弃了申请，一些团队也已经解散。” 一个重要的背景因素是，2 月 6 日，中国人民银行与其他八个部门联合发布通知，明确规定未经相关部门同意，任何国内或外国实体或个人不得在海外发行与人民币挂钩的稳定币。此外，富途证券和 OSL 集团被认为是第二批许可证的有力竞争者。《巴伦周刊》中国联系了富途证券进行确认，但他们表示不予置评。3 月 26 日，富途控股旗下的持牌虚拟资产交易平台 Cheetah Trading 在香港正式启动运营。另一个揭示大陆对香港虚拟货币监管态度的信息是，深圳证券交易所和上海证券交易所最近更新了香港股票通项目中包含的公司名单，HashKey 和 OSL 意外缺席。稍早之前，这两家持牌虚拟货币交易所已经被纳入恒生综合指数。香港链上金融的整体进展并未停滞。尽管香港的稳定币许可证仍未解决，但数字人民币的发展步伐显然加快。到 2025 年 12 月 31 日，六大国有银行——中国工商银行、中国银行、中国农业银行、中国建设银行、中国交通银行和中国邮政储蓄银行——共同宣布，自 2026 年 1 月 1 日起，其数字人民币实名钱包的余额将按当前存款利率计息。这标志着全球首次对中央银行数字货币支付利息。几乎与此同时，中国人民银行发布了《进一步加强数字人民币管理和服务体系及相关金融基础设施建设的行动计划》，全面实施新一代数字人民币测量框架，将其定位从现金（M0）的数字替代扩展到覆盖 M1 和 M2 类别。运营机构的扩展也在快速进行。4 月 2 日，中国人民银行正式宣布新增 12 家开展数字人民币业务的银行机构，使数字人民币业务运营机构总数达到 22 家，涵盖国有银行、股份制银行、城市商业银行和互联网银行等多个层次的金融机构。在香港，根据财政司司长许正宇最近披露的数据，截至 2026 年 1 月底，已开通 80,000 个使用香港手机号码的数字人民币钱包，接受数字人民币的本地商户数量从最初的约 300 家激增至约 5,200 家，增加了超过 16 倍。这些商户涵盖了连锁零售店、酒店、旅行社、餐馆、便利店和超市等多个行业。在某种程度上，数字人民币和港元稳定币并不构成直接竞争。后者的主要愿景在于嵌入链上金融基础设施。DeFi、RWA 代币化和链上结算都需要一种可以在公共区块链上自由流通的法币挂钩资产。数字人民币的架构，由于其双层控制系统，天生不适合这种场景。值得注意的是，稳定币许可证的延迟发放并未显著阻碍香港链上金融的整体进展。自去年底以来，已经分批发行了代币化的政府债券，并逐渐常态化；美元货币市场基金也已被代币化；房地产领域也有实质性进展，例如德林控股宣布将其在中环核心物业的一部分股权进行代币化，以及太极资本将九龙零售物业的租金收入转化为 RWA 证书。</p>

渣打集团

汇丰

汇丰控股

汇丰控股有限公司

渣打银行

HSBH

<p>香港的稳定币许可证发放已被推迟，香港金融管理局（HKMA）表示仍在处理申请。最初的预期是在三月份，但 HKMA 已表示由于申请者的合规问题，可能仅会发放少量许可证。汇丰银行和渣打银行等主要银行可能会获得首批许可证，而一些互联网公司已撤回其申请。与此同时，数字人民币的发展正在加速，新的法规和数字人民币钱包的利息将于 2026 年开始实施</p>

<p>The much-anticipated issuance of stablecoin issuer licenses in Hong Kong has not been released as scheduled. As early as February 11, Hong Kong Chief Executive John Lee publicly stated, &#34;The Hong Kong Monetary Authority (HKMA) is actively processing license applications and believes the first batch of stablecoin issuer licenses will be issued next month.&#34; Two weeks later, Financial Secretary Paul Chan made a similar statement. Regarding the failure to fulfill the promise of issuing licenses in March, an HKMA spokesperson responded that the HKMA is making every effort to advance the licensing process and will announce the details in due course. Regarding the anticipated delay in license issuance, Livio Weng, CEO of Newfire Technology, told Barron's Chinese website: &#34;Currently, the first batch of applications covers banks, traditional financial institutions, and Web3 companies, a very wide range. Regulators will inevitably need more time to conduct final compliance calibrations on the transparency of reserve assets, redemption mechanisms, and extreme stress tests to ensure that Hong Kong's stablecoin ecosystem has a complete security foundation from its inception.&#34; Regarding the external factors speculated by outsiders, I tend to understand them as routine communication in global cross-border regulatory collaboration. Since stablecoins inherently possess cross-border liquidity attributes, ensuring that they can both enable compliant trade settlement and strictly prevent the risk of illegal funds requires extremely meticulous end-to-end regulatory design. This integration of technology and regulations itself requires time. Regarding the issuance of licenses, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), has repeatedly lowered expectations, stating that &#34;many (applicants) lack practical application scenarios, lack feasible specific solutions and implementation plans, let alone the awareness and ability to manage risks,&#34; and indicating that &#34;at most, only a few stablecoin licenses will be granted in the initial stage.&#34; Previously released information shows that the HKMA received 36 stablecoin license applications, involving various institutions such as Ant Financial, Ant International, JD CoinChain Technology (Hong Kong), and Lianlian Digital. Earlier, five institutions participated in the initial sandbox testing, including JD.com's JD Coin Chain Technology (Hong Kong), Yuanbi Innovation Technology, and three others: Standard Chartered Bank (Hong Kong), Anni Group, and Hong Kong Telecom (HKT). However, several market participants told Barron's that the first batch of licenses may only be issued to HSBC and Standard Chartered, the two note-issuing banks. An industry insider stated that some internet companies that previously applied for licenses &#34;have already given up their applications in the short term, and some teams have disbanded.&#34; An important background factor is that on February 6, the People's Bank of China, along with eight other ministries, issued a notice explicitly stipulating that without the consent of relevant departments in accordance with laws and regulations, no domestic or foreign entity or individual may issue stablecoins pegged to the RMB overseas. Furthermore, Futu Securities and OSL Group are both considered strong contenders for the second batch of licenses. Barron's China contacted Futu Securities for confirmation, but they stated they would not comment. On March 26, Cheetah Trading, a licensed virtual asset trading platform under Futu Holdings, officially launched operations in Hong Kong. Another piece of information that reveals the mainland's regulatory attitude towards Hong Kong's virtual currencies is that the Shenzhen Stock Exchange and Shanghai Stock Exchange recently updated their lists of companies included in the Hong Kong Stock Connect program, and HashKey and OSL were unexpectedly absent. Shortly before, these two licensed virtual currency exchanges had already been included in the Hang Seng Composite Index. The overall progress of on-chain finance in Hong Kong has not stalled. While the Hong Kong stablecoin license remains unresolved, the pace of development for the digital yuan has clearly accelerated. On December 31, 2025, six major state-owned banks—Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China—collectively announced that starting January 1, 2026, the balance of their digital RMB real-name wallets would accrue interest at the current deposit rate. This marks the first time globally that interest has been paid on central bank digital currencies. Almost simultaneously, the People's Bank of China issued the &#34;Action Plan on Further Strengthening the Management and Service System and Related Financial Infrastructure Construction of Digital RMB,&#34; fully implementing the new generation of digital RMB measurement framework, expanding its positioning from a digital replacement of cash (M0) to cover the M1 and M2 categories. The expansion of operating institutions is also rapid. On April 2, the People's Bank of China officially announced the addition of 12 new banking institutions operating digital RMB business, bringing the total number of digital RMB business operating institutions to 22, covering multiple levels of financial institutions including state-owned banks, joint-stock banks, city commercial banks, and internet banks. In Hong Kong, according to data recently disclosed by Christopher Hui, Secretary for Financial Services and the Treasury, as of the end of January 2026, there were 80,000 digital yuan wallets opened with Hong Kong mobile phone numbers, and the number of local merchants accepting digital yuan surged from approximately 300 initially to approximately 5,200, an increase of more than 16 times in one year. These merchants cover multiple sectors including chain retail stores, hotels, travel agencies, restaurants, convenience stores, and supermarkets. To a certain extent, digital yuan and Hong Kong dollar stablecoins do not constitute direct competition. The latter's main vision lies in embedding itself into on-chain financial infrastructure. DeFi, RWA tokenization, and on-chain settlement all require a fiat currency-pegged asset that can freely circulate on a public blockchain. The digital yuan's architecture, with its two-tiered control system, is inherently unsuitable for this scenario. It is worth noting that the delayed issuance of stablecoin licenses has not significantly halted the overall progress of on-chain finance in Hong Kong. Since the end of last year, tokenized government bonds have been issued in multiple batches and are becoming more regularized; US dollar money market funds have also been tokenized; and there have been substantial moves in the real estate sector, such as Delin Holdings announcing the tokenization of a portion of its equity in core properties in Central, and Taiji Capital converting rental income from Kowloon retail properties into RWA certificates.</p>
<div class="lb-trans"><p>备受期待的香港稳定币发行许可证尚未按计划发布。早在 2 月 11 日，香港特首李家超公开表示：“香港金融管理局（HKMA）正在积极处理许可证申请，并相信第一批稳定币发行许可证将在下个月发放。” 两周后，财政司司长陈茂波也发表了类似的声明。对于未能在 3 月兑现发放许可证的承诺，HKMA 发言人回应称，HKMA 正在全力推进许可流程，并将在适当时候公布细节。关于许可证发放的预期延迟，Newfire Technology 首席执行官翁立友在接受《巴伦周刊》中文网采访时表示：“目前，第一批申请涵盖了银行、传统金融机构和 Web3 公司，范围非常广泛。监管机构不可避免地需要更多时间对储备资产的透明度、赎回机制和极端压力测试进行最终合规校准，以确保香港的稳定币生态系统从一开始就具备完整的安全基础。” 对于外界猜测的外部因素，我倾向于将其理解为全球跨境监管合作中的常规沟通。由于稳定币本质上具有跨境流动性属性，确保它们既能实现合规的贸易结算，又能严格防范非法资金风险，需要极其细致的端到端监管设计。这种技术与监管的结合本身就需要时间。关于许可证的发放，香港金融管理局（HKMA）首席执行官余伟文多次降低预期，表示 “许多（申请者）缺乏实际应用场景，缺乏可行的具体解决方案和实施计划，更不用说管理风险的意识和能力了”，并指出 “最多只会在初期阶段发放少量稳定币许可证。” 之前发布的信息显示，HKMA 共收到 36 份稳定币许可证申请，涉及蚂蚁金服、蚂蚁国际、京东币链科技（香港）和连连数字等多家机构。早些时候，五家机构参与了初步沙盒测试，包括京东的京东币链科技（香港）、元币创新科技以及另外三家：渣打银行（香港）、安妮集团和香港电信（HKT）。然而，几位市场参与者告诉《巴伦周刊》，第一批许可证可能仅会发放给汇丰银行和渣打银行这两家发行钞票的银行。一位行业内部人士表示，一些之前申请许可证的互联网公司 “已经在短期内放弃了申请，一些团队也已经解散。” 一个重要的背景因素是，2 月 6 日，中国人民银行与其他八个部门联合发布通知，明确规定未经相关部门同意，任何国内或外国实体或个人不得在海外发行与人民币挂钩的稳定币。此外，富途证券和 OSL 集团被认为是第二批许可证的有力竞争者。《巴伦周刊》中国联系了富途证券进行确认，但他们表示不予置评。3 月 26 日，富途控股旗下的持牌虚拟资产交易平台 Cheetah Trading 在香港正式启动运营。另一个揭示大陆对香港虚拟货币监管态度的信息是，深圳证券交易所和上海证券交易所最近更新了香港股票通项目中包含的公司名单，HashKey 和 OSL 意外缺席。稍早之前，这两家持牌虚拟货币交易所已经被纳入恒生综合指数。香港链上金融的整体进展并未停滞。尽管香港的稳定币许可证仍未解决，但数字人民币的发展步伐显然加快。到 2025 年 12 月 31 日，六大国有银行——中国工商银行、中国银行、中国农业银行、中国建设银行、中国交通银行和中国邮政储蓄银行——共同宣布，自 2026 年 1 月 1 日起，其数字人民币实名钱包的余额将按当前存款利率计息。这标志着全球首次对中央银行数字货币支付利息。几乎与此同时，中国人民银行发布了《进一步加强数字人民币管理和服务体系及相关金融基础设施建设的行动计划》，全面实施新一代数字人民币测量框架，将其定位从现金（M0）的数字替代扩展到覆盖 M1 和 M2 类别。运营机构的扩展也在快速进行。4 月 2 日，中国人民银行正式宣布新增 12 家开展数字人民币业务的银行机构，使数字人民币业务运营机构总数达到 22 家，涵盖国有银行、股份制银行、城市商业银行和互联网银行等多个层次的金融机构。在香港，根据财政司司长许正宇最近披露的数据，截至 2026 年 1 月底，已开通 80,000 个使用香港手机号码的数字人民币钱包，接受数字人民币的本地商户数量从最初的约 300 家激增至约 5,200 家，增加了超过 16 倍。这些商户涵盖了连锁零售店、酒店、旅行社、餐馆、便利店和超市等多个行业。在某种程度上，数字人民币和港元稳定币并不构成直接竞争。后者的主要愿景在于嵌入链上金融基础设施。DeFi、RWA 代币化和链上结算都需要一种可以在公共区块链上自由流通的法币挂钩资产。数字人民币的架构，由于其双层控制系统，天生不适合这种场景。值得注意的是，稳定币许可证的延迟发放并未显著阻碍香港链上金融的整体进展。自去年底以来，已经分批发行了代币化的政府债券，并逐渐常态化；美元货币市场基金也已被代币化；房地产领域也有实质性进展，例如德林控股宣布将其在中环核心物业的一部分股权进行代币化，以及太极资本将九龙零售物业的租金收入转化为 RWA 证书。</p>
</div>

Behind the "breach of contract" for Hong Kong's stablecoin license

- 香港稳定币牌照尚未如期发放，市场参与者期待后续进展。  
- 香港金融管理局步骤缓慢，初始申请者面临合规挑战。  
- 数字人民币发展加速，商家接受数量大幅增加，推动整体金融进程。

香港稳定币牌照 “违约” 背后的原因