According to Foresight News, according to Caixin, sources revealed that the license for stablecoin issuers will not be issued by applicants downloading forms and submitting written applications on their own, but will be arranged in a similar invitation application system. "In actual operation, the Hong Kong Monetary Authority, which is responsible for supervising and issuing licenses, will communicate with interested stablecoin license applicants in advance to understand whether the other party meets the basic application qualifications. Only after obtaining basic approval in the pre-communication will the HKMA issue the application form."