According to Caixin reports, as regulatory details are implemented, the craze for stablecoins in Hong Kong will subside, especially for non-financial institution applicants whose primary application scenario is cross-border payments. They may choose to forgo participation in the early stages due to the difficulty in meeting regulatory requirements to 'verify the identity of every token holder.' This also means that early favorites like JD.com and Ant Group may find it challenging to appear on the first batch of license lists. In addition, Citic Group, through its Hong Kong subsidiary Xinyin International, has united with some institutions 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, and if it issues stablecoins, it has inherent advantages that can also reassure regulators on both sides.