Svmuu reported that Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong SAR Government, stated that before two licensed stablecoin issuers can officially commence operations, they must complete technical platform and system testing, and implement risk management measures related to reserve asset management, asset security, stablecoin value stabilization mechanisms, redemption rules, and cybersecurity. The Hong Kong Monetary Authority (HKMA) has maintained close communication with the licensed issuers to ensure steady progress in all preparatory work. Based on the current business plans of the two institutions, Hong Kong's regulated stablecoins are expected to be launched first around mid-year. The HKMA has also proactively contacted other applicant institutions to further communication and coordination.