TechFlame news, August 1. According to the 21st Century Economic Report, Hong Kong's “Stablecoin Ordinance” officially came into effect today. Previously, the Hong Kong Monetary Authority emphasized the “high threshold”, “only a few licenses in the first batch” and “advance communication” attitude, which was widely interpreted by the market as an “invitation system.” However, Hong Kong Monetary Authority sources said that the “invitation system” is not an official statement; it is more of a kind of market interpretation The “by invitation system (by invitation)” does not fully reflect the HKMA's licensing model, because in fact, institutions that are willing or interested in applying can voluntarily communicate with the Hong Kong Monetary Authority about licensing matters in advance.