After the implementation of the Hong Kong stablecoin regulations on August 1, there have been divergent interpretations in the market. On one hand, Chinese-funded institutions are actively applying for licenses, while on the other hand, stringent compliance requirements have left some institutions feeling disappointed. The regulations detail the requirements for reserve assets and issuers, posing challenges for all parties involved in the stablecoin market, especially for non-Chinese institutions. Overall, only a few Chinese-funded institutions may obtain licenses, with compliance and application scenarios becoming key considerations.