According to Bloomberg reports, Citibank's research department expects the Hong Kong Monetary Authority to issue the first batch of stablecoin issuer licenses within this month. Drawing on experience from mainland payment institutions, Citi estimates that the scale of stablecoins circulating on Hong Kong platforms will be approximately $16 billion USD (approximately 124.8 billion Hong Kong dollars, with a fluctuation range of ±8 billion USD). If combined with a surge in on-chain activities and overseas demand, this scale still has room for growth. Analysts point out that licensing will promote compliance in the stablecoin ecosystem, with VATP becoming an essential pathway. However, the ecosystem is still in its early stages, and it is expected that Hong Kong market participants such as OSL will require significant investment over the next 2 to 3 years, facing profitability challenges in the short term.