Chief Executive John Lee on Wednesday said the first batch of licences for stablecoin issuers in the city would be released next month, as he renewed the city's commitment to becoming a global digital asset hub.

The remarks came as he delivered a keynote speech at the crypto-focused summit, Consensus Hong Kong 2026, one of the industry's most influential events, organised by the industry news site, CoinDesk.

A stablecoin is a type of cryptocurrency that maintains a steady value by being pegged to a reference asset, typically fiat currencies such as the US dollar or commodities such as gold.

Speaking at the event, Lee reiterated the SAR is committed to becoming a global hub for innovation in digital assets, adding that the city is actively promoting the sustainable development of Web3, which refers to the next iteration of the internet — one that's built on blockchain technology.

"I'm pleased that a lot of our initiatives in the area are in good progress. One key initiative is our implementation of the Stablecoins Ordinance last August," he said.

"The Hong Kong Monetary Authority is actively processing licensing applications, and we believe the first batch of stablecoin issuer licences will be issued within next month.

"Hong Kong is in a strong position in promoting Web3 development. Hong Kong will continue to go all out to stay at the forefront of this pivotal shift in finance and technology," Lee said.

Hong Kong's Stablecoins Ordinance requires issuers of fiat-referenced stablecoins within the city or Hong Kong-dollar backed stablecoins anywhere to be licensed by the Hong Kong Monetary Authority.

Separately, Financial Secretary Paul Chan said at the same event that more of the city's financial institutions are embracing digital assets, with local lenders holding over HK$14 billion in digital assets under custody, an increase of 180 percent year on year.

"We are also finalising the details of a new licensing regime for digital asset dealers and custodian service providers, with the aim of introducing the relevant legislation this summer," he said.

"Together with the frameworks already in place, this will ensure that our overall regulatory regime comprehensively covers the key nodes of the digital asset ecosystem," he added.

The two-day event is expected to draw more than 10,000 attendees, with 350 speakers covering topics such as tokenisation, stablecoins, and artificial intelligence.