PANews August 3 news, according to Caixin.com, sources close to applicants for the Hong Kong stablecoin license say that as regulatory details are finalized, the enthusiasm for Hong Kong stablecoins will wane. This is especially true for non-financial institution applicants whose primary use case is cross-border payments, as they may actively choose to abandon participation in the early stages due to difficulties in meeting the regulatory requirement to 'verify the identity of every token holder.' This also means that early frontrunners like JD.com and Ant Group may find it difficult to appear on the first batch of license lists. In addition, CITIC Group, through its Hong Kong subsidiary Xinyin International, has partnered with some institutions with the intention of applying for the first batch of stablecoin licenses. Industry insiders indicate that Bank of China Hong Kong is one of the three major note-issuing banks in Hong Kong. If they issue a stablecoin, they would have an inherent advantage, which would also reassure regulators on both sides.