According to Wu, as reported by the Daily Economic News, the Vice President of the Hong Kong Monetary Authority, Chen Weimin, stated that the first stablecoin issuer license is expected to be issued in early 2026. The application threshold is "very high," and entering the "sandbox test" does not guarantee approval; not having entered does not mean there is no qualification to apply. The Monetary Authority emphasized that licensing will be an ongoing process, and the completeness of application materials and the feasibility of the proposal will be key to approval. The Monetary Authority also stated that it will have an open attitude towards pegged currencies, but if it plans to peg to the Renminbi, it will make a specific assessment based on its degree of free convertibility and application scenarios.