On July 7th, stablecoin concept stocks surged in Hong Kong. Victory Securities rose by over 10%, Guotai Junan International by over 5%, ZA Online by 2%, and Stanchart by 1%. The surge was driven by the news that the Hong Kong Monetary Authority is consulting the market on implementing the Stablecoin Ordinance, set to be effective in August. The ordinance will cover anti-money laundering and other requirements, with only a few stablecoin licenses expected to be issued. Discussions on issuing stablecoins pegged to currencies outside Hong Kong are ongoing.