ChainThink report, March 17: According to a news source, Citigroup's Research Division anticipates that the Hong Kong Monetary Authority will announce the first batch of stablecoin issuer licenses within this month. Drawing on experience from mainland China's payment institutions, Citigroup estimates that the total value of stablecoins circulating on Hong Kong's platforms could reach approximately USD 16 billion (around HKD 12.48 billion, with a fluctuation range of USD 8 billion). This figure may further expand if driven by surging on-chain activities and overseas demand.

Analysis indicates that licensing will accelerate the compliance evolution of the stablecoin ecosystem, making VATP an essential pathway. However, the ecosystem is still in its infancy, and it is expected that local market participants such as OSL will require substantial investment over the next 2–3 years, facing significant profitability challenges in the short term.