According to reports, Citibank's research department expects the Hong Kong Monetary Authority to announce the first batch of stablecoin issuer licenses within this month. Based on the experience of mainland payment institutions, Citibank estimates that the total amount of stablecoins circulating on Hong Kong platforms in the future will be about 16 billion USD (approximately 124.8 billion HKD, with a fluctuation range of ±8 billion USD). If combined with a surge in on-chain activity and overseas demand, this figure could still increase. Analysts indicate that licensing will promote the compliance of the stablecoin ecosystem, with VATP becoming an essential pathway. However, the ecosystem is still in its early stages, and it is expected that market participants such as OSL in Hong Kong will need substantial investments over the next 2 to 3 years, facing short-term profitability challenges.