According to online reports, the Hong Kong Monetary Authority has officially issued a security warning to be wary of fraudulent stablecoin licensing. Hong Kong's "stablecoin Ordinance" has officially come into effect, and the stable issuer supervision system has also begun to be implemented simultaneously. The supervision system is still in its infancy, and the regulatory concept will be adopted. The policy of "strict first and stable" will be adopted. As the regulatory regime takes effect, market participants should exercise caution when communicating with the public and avoid making remarks that cause misunderstandings or create unrealistic expectations. Under the stablecoin ordinance, it is an offence to falsely claim to be a licensee or applicant. As of today, the HKMA has not issued any stablecoin issuer licenses, and the public should beware of any stablecoin or stablecoin issuer who claims to be regulated or licensed in Hong Kong. After the license is issued, the HKMA will upload the list of issuers of controlled stablecoins to the HKMA's official website in the future.