According to reports from Wu, the Hong Kong Monetary Authority may reduce the number of licenses for stablecoin issuers to three or four. Several Chinese banks and brokerages are actively preparing to participate in compliant stablecoin operations in Hong Kong, including Bank of China Hong Kong and Bank of Communications Hong Kong. The plan involves stablecoin issuance, custody, and other aspects. Insiders have stated that China currently does not have a globally influential public blockchain. Another insider suggested that a national-level backbone public blockchain should be led by state-owned enterprises, while the construction of industry-level public blockchains can allow for market competition.