Deep Tide TechFlow News, on August 3, according to Caixin reports, sources close to applicants for Hong Kong's stablecoin license have revealed that, as regulatory details are finalized, the fervor for stablecoins in Hong Kong will wane, especially for non-financial institution applicants whose main application scenario is cross-border payments. They may actively abandon participation in the early stages due to the difficulty of meeting regulatory requirements to 'verify the identity of every token holder.' This also means that early favorites such as JD.com and Ant Group might find it difficult to appear on the first batch of license lists.

In addition, CITIC Group, through its Hong Kong subsidiary Xinyin International, has collaborated with several institutions aiming to apply for the first batch of stablecoin licenses. Industry insiders have stated that Bank of China Hong Kong is one of the three major note-issuing banks in Hong Kong. If it issues stablecoins, it would have inherent advantages, which could also reassure regulators in both regions.