The Stablecoins Ordinance of Hong Kong comes into effect today (1st). Rating agency S&P predicted that large tech firms and banks, with abundant resources and technology, are more likely to become the first batch of licensed institutions. Besides, the development of stablecoins presents both challenges and opportunities for the Hong Kong banking industry.

S&P forecast that the development of stablecoins will not be disruptive to the market in the short term, and changes in the financial industry will gradually emerge, with regulators closely monitoring market developments.

Related NewsCiti Estimates HK Stablecoin Mkt Size at ~USD16B, +/- USD8B upon Different Instruments
Previously hyped stablecoin concept stocks listed in Hong Kong plunged today (1st). BRIGHT SMART (01428.HK)  -2.920 (-19.783%)    Short selling $40.19M; Ratio 2.440%   last traded at HKD12.44, down 15.72%, with a turnover of HKD1.01 billion. YUNFENG FIN (00376.HK)  -0.580 (-16.022%)    Short selling $695.78K; Ratio 0.338%   last stood at HKD3.13, down 13.54%, with a turnover of HKD156 million. GUOTAI JUNAN I (01788.HK)  -0.690 (-10.781%)    Short selling $62.81M; Ratio 2.480%   last posted at HKD5.92, down 7.5%, with a turnover of HKD1.603 billion.

OSL GROUP (00863.HK)  -1.900 (-11.501%)    Short selling $13.25M; Ratio 4.317%   , the only HK-listed and SFC-licensed cryptocurrency trading platform in Hong Kong, last printed at HKD14.98, down 9.32%, with a turnover of HKD107 million.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-01 16:25.)