HK stablecoin concept stocks kept rally. Yeahka up 14%; ZA Online, Guotai Junan and Lianlian up 6%; Victory Securities and CR Holdings up 4%.

According to Hong Kong media reports, China's Hong Kong "Stablecoin Ordinance" will take effect in August. Hong Kong's Financial Secretary Christopher Hui stated that the Hong Kong Monetary Authority is currently consulting the market on the implementation guidelines of the ordinance, which will be announced this month. The guidelines will cover anti-money laundering and other related requirements. He also indicated that the number of stablecoin licenses issued will be in single digits, with the hope of receiving applications once the ordinance is in effect, aiming to issue licenses within this year.

Regarding whether financial institutions granted licenses can issue stablecoins pegged to the Renminbi, he mentioned that if it involves currencies of other jurisdictions, discussions with the relevant institutions will be necessary.