According to ChainCatcher, Moody's stated that the clarity of the regulation on stablecoins in Hong Kong is expected to enhance market confidence and promote the long-term application of stablecoins. This has a positive credit impact for Hong Kong banks becoming licensed stablecoin issuers and Hong Kong securities firms holding virtual asset trading licenses. If they become licensed banks, large banks will gain a first-mover advantage due to their good reputation, sound liquidity management, and mature compliance infrastructure.