According to Hong Kong 01, the number of institutions applying for a Hong Kong stablecoin license has increased to 50-60, half of which are payment companies and the other half are internet companies, with most having a background in Chinese capital, which suggests that market competition has already begun. Industry insiders believe that after the Hong Kong stablecoin regulations come into effect on August 1, a large number of applications will be seen, but it is estimated that only 3-4 will be approved in the first phase, and the total will not exceed 10. Additionally, the initially pegged currencies may be the Hong Kong dollar and the US dollar, while the regulation of offshore RMB stablecoins may require the participation of the central bank.