<p>備受期待的香港穩定幣發行許可證尚未按計劃發佈。早在 2 月 11 日，香港特首李家超公開表示：“香港金融管理局（HKMA）正在積極處理許可證申請，並相信第一批穩定幣發行許可證將在下個月發放。” 兩週後，財政司司長陳茂波也發表了類似的聲明。對於未能在 3 月兑現發放許可證的承諾，HKMA 發言人回應稱，HKMA 正在全力推進許可流程，並將在適當時候公佈細節。關於許可證發放的預期延遲，Newfire Technology 首席執行官翁立友在接受《巴倫週刊》中文網採訪時表示：“目前，第一批申請涵蓋了銀行、傳統金融機構和 Web3 公司，範圍非常廣泛。監管機構不可避免地需要更多時間對儲備資產的透明度、贖回機制和極端壓力測試進行最終合規校準，以確保香港的穩定幣生態系統從一開始就具備完整的安全基礎。” 對於外界猜測的外部因素，我傾向於將其理解為全球跨境監管合作中的常規溝通。由於穩定幣本質上具有跨境流動性屬性，確保它們既能實現合規的貿易結算，又能嚴格防範非法資金風險，需要極其細緻的端到端監管設計。這種技術與監管的結合本身就需要時間。關於許可證的發放，香港金融管理局（HKMA）首席執行官餘偉文多次降低預期，表示 “許多（申請者）缺乏實際應用場景，缺乏可行的具體解決方案和實施計劃，更不用説管理風險的意識和能力了”，並指出 “最多隻會在初期階段發放少量穩定幣許可證。” 之前發佈的信息顯示，HKMA 共收到 36 份穩定幣許可證申請，涉及螞蟻金服、螞蟻國際、京東幣鏈科技（香港）和連連數字等多家機構。早些時候，五家機構參與了初步沙盒測試，包括京東的京東幣鏈科技（香港）、元幣創新科技以及另外三家：渣打銀行（香港）、安妮集團和香港電信（HKT）。然而，幾位市場參與者告訴《巴倫週刊》，第一批許可證可能僅會發放給滙豐銀行和渣打銀行這兩家發行鈔票的銀行。一位行業內部人士表示，一些之前申請許可證的互聯網公司 “已經在短期內放棄了申請，一些團隊也已經解散。” 一個重要的背景因素是，2 月 6 日，中國人民銀行與其他八個部門聯合發佈通知，明確規定未經相關部門同意，任何國內或外國實體或個人不得在海外發行與人民幣掛鈎的穩定幣。此外，富途證券和 OSL 集團被認為是第二批許可證的有力競爭者。《巴倫週刊》中國聯繫了富途證券進行確認，但他們表示不予置評。3 月 26 日，富途控股旗下的持牌虛擬資產交易平台 Cheetah Trading 在香港正式啓動運營。另一個揭示大陸對香港虛擬貨幣監管態度的信息是，深圳證券交易所和上海證券交易所最近更新了香港股票通項目中包含的公司名單，HashKey 和 OSL 意外缺席。稍早之前，這兩家持牌虛擬貨幣交易所已經被納入恒生綜合指數。香港鏈上金融的整體進展並未停滯。儘管香港的穩定幣許可證仍未解決，但數字人民幣的發展步伐顯然加快。到 2025 年 12 月 31 日，六大國有銀行——中國工商銀行、中國銀行、中國農業銀行、中國建設銀行、中國交通銀行和中國郵政儲蓄銀行——共同宣佈，自 2026 年 1 月 1 日起，其數字人民幣實名錢包的餘額將按當前存款利率計息。這標誌着全球首次對中央銀行數字貨幣支付利息。幾乎與此同時，中國人民銀行發佈了《進一步加強數字人民幣管理和服務體系及相關金融基礎設施建設的行動計劃》，全面實施新一代數字人民幣測量框架，將其定位從現金（M0）的數字替代擴展到覆蓋 M1 和 M2 類別。運營機構的擴展也在快速進行。4 月 2 日，中國人民銀行正式宣佈新增 12 家開展數字人民幣業務的銀行機構，使數字人民幣業務運營機構總數達到 22 家，涵蓋國有銀行、股份制銀行、城市商業銀行和互聯網銀行等多個層次的金融機構。在香港，根據財政司司長許正宇最近披露的數據，截至 2026 年 1 月底，已開通 80,000 個使用香港手機號碼的數字人民幣錢包，接受數字人民幣的本地商户數量從最初的約 300 家激增至約 5,200 家，增加了超過 16 倍。這些商户涵蓋了連鎖零售店、酒店、旅行社、餐館、便利店和超市等多個行業。在某種程度上，數字人民幣和港元穩定幣並不構成直接競爭。後者的主要願景在於嵌入鏈上金融基礎設施。DeFi、RWA 代幣化和鏈上結算都需要一種可以在公共區塊鏈上自由流通的法幣掛鈎資產。數字人民幣的架構，由於其雙層控制系統，天生不適合這種場景。值得注意的是，穩定幣許可證的延遲發放並未顯著阻礙香港鏈上金融的整體進展。自去年底以來，已經分批發行了代幣化的政府債券，並逐漸常態化；美元貨幣市場基金也已被代幣化；房地產領域也有實質性進展，例如德林控股宣佈將其在中環核心物業的一部分股權進行代幣化，以及太極資本將九龍零售物業的租金收入轉化為 RWA 證書。</p>

渣打集團

滙豐

匯豐控股

匯豐控股有限公司

渣打銀行

HSBH

<p>香港的穩定幣許可證發放已被推遲，香港金融管理局（HKMA）表示仍在處理申請。最初的預期是在三月份，但 HKMA 已表示由於申請者的合規問題，可能僅會發放少量許可證。滙豐銀行和渣打銀行等主要銀行可能會獲得首批許可證，而一些互聯網公司已撤回其申請。與此同時，數字人民幣的發展正在加速，新的法規和數字人民幣錢包的利息將於 2026 年開始實施</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>備受期待的香港穩定幣發行許可證尚未按計劃發佈。早在 2 月 11 日，香港特首李家超公開表示：“香港金融管理局（HKMA）正在積極處理許可證申請，並相信第一批穩定幣發行許可證將在下個月發放。” 兩週後，財政司司長陳茂波也發表了類似的聲明。對於未能在 3 月兑現發放許可證的承諾，HKMA 發言人回應稱，HKMA 正在全力推進許可流程，並將在適當時候公佈細節。關於許可證發放的預期延遲，Newfire Technology 首席執行官翁立友在接受《巴倫週刊》中文網採訪時表示：“目前，第一批申請涵蓋了銀行、傳統金融機構和 Web3 公司，範圍非常廣泛。監管機構不可避免地需要更多時間對儲備資產的透明度、贖回機制和極端壓力測試進行最終合規校準，以確保香港的穩定幣生態系統從一開始就具備完整的安全基礎。” 對於外界猜測的外部因素，我傾向於將其理解為全球跨境監管合作中的常規溝通。由於穩定幣本質上具有跨境流動性屬性，確保它們既能實現合規的貿易結算，又能嚴格防範非法資金風險，需要極其細緻的端到端監管設計。這種技術與監管的結合本身就需要時間。關於許可證的發放，香港金融管理局（HKMA）首席執行官餘偉文多次降低預期，表示 “許多（申請者）缺乏實際應用場景，缺乏可行的具體解決方案和實施計劃，更不用説管理風險的意識和能力了”，並指出 “最多隻會在初期階段發放少量穩定幣許可證。” 之前發佈的信息顯示，HKMA 共收到 36 份穩定幣許可證申請，涉及螞蟻金服、螞蟻國際、京東幣鏈科技（香港）和連連數字等多家機構。早些時候，五家機構參與了初步沙盒測試，包括京東的京東幣鏈科技（香港）、元幣創新科技以及另外三家：渣打銀行（香港）、安妮集團和香港電信（HKT）。然而，幾位市場參與者告訴《巴倫週刊》，第一批許可證可能僅會發放給滙豐銀行和渣打銀行這兩家發行鈔票的銀行。一位行業內部人士表示，一些之前申請許可證的互聯網公司 “已經在短期內放棄了申請，一些團隊也已經解散。” 一個重要的背景因素是，2 月 6 日，中國人民銀行與其他八個部門聯合發佈通知，明確規定未經相關部門同意，任何國內或外國實體或個人不得在海外發行與人民幣掛鈎的穩定幣。此外，富途證券和 OSL 集團被認為是第二批許可證的有力競爭者。《巴倫週刊》中國聯繫了富途證券進行確認，但他們表示不予置評。3 月 26 日，富途控股旗下的持牌虛擬資產交易平台 Cheetah Trading 在香港正式啓動運營。另一個揭示大陸對香港虛擬貨幣監管態度的信息是，深圳證券交易所和上海證券交易所最近更新了香港股票通項目中包含的公司名單，HashKey 和 OSL 意外缺席。稍早之前，這兩家持牌虛擬貨幣交易所已經被納入恒生綜合指數。香港鏈上金融的整體進展並未停滯。儘管香港的穩定幣許可證仍未解決，但數字人民幣的發展步伐顯然加快。到 2025 年 12 月 31 日，六大國有銀行——中國工商銀行、中國銀行、中國農業銀行、中國建設銀行、中國交通銀行和中國郵政儲蓄銀行——共同宣佈，自 2026 年 1 月 1 日起，其數字人民幣實名錢包的餘額將按當前存款利率計息。這標誌着全球首次對中央銀行數字貨幣支付利息。幾乎與此同時，中國人民銀行發佈了《進一步加強數字人民幣管理和服務體系及相關金融基礎設施建設的行動計劃》，全面實施新一代數字人民幣測量框架，將其定位從現金（M0）的數字替代擴展到覆蓋 M1 和 M2 類別。運營機構的擴展也在快速進行。4 月 2 日，中國人民銀行正式宣佈新增 12 家開展數字人民幣業務的銀行機構，使數字人民幣業務運營機構總數達到 22 家，涵蓋國有銀行、股份制銀行、城市商業銀行和互聯網銀行等多個層次的金融機構。在香港，根據財政司司長許正宇最近披露的數據，截至 2026 年 1 月底，已開通 80,000 個使用香港手機號碼的數字人民幣錢包，接受數字人民幣的本地商户數量從最初的約 300 家激增至約 5,200 家，增加了超過 16 倍。這些商户涵蓋了連鎖零售店、酒店、旅行社、餐館、便利店和超市等多個行業。在某種程度上，數字人民幣和港元穩定幣並不構成直接競爭。後者的主要願景在於嵌入鏈上金融基礎設施。DeFi、RWA 代幣化和鏈上結算都需要一種可以在公共區塊鏈上自由流通的法幣掛鈎資產。數字人民幣的架構，由於其雙層控制系統，天生不適合這種場景。值得注意的是，穩定幣許可證的延遲發放並未顯著阻礙香港鏈上金融的整體進展。自去年底以來，已經分批發行了代幣化的政府債券，並逐漸常態化；美元貨幣市場基金也已被代幣化；房地產領域也有實質性進展，例如德林控股宣佈將其在中環核心物業的一部分股權進行代幣化，以及太極資本將九龍零售物業的租金收入轉化為 RWA 證書。</p>
</div>

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

- 香港穩定幣牌照尚未如期發放，市場參與者期待後續進展。  
- 香港金融管理局步驟緩慢，初始申請者面臨合規挑戰。  
- 數字人民幣發展加速，商家接受數量大幅增加，推動整體金融進程。

香港穩定幣牌照 “違約” 背後的原因