On August 3, #香港稳定币新规 8, the regulatory guidelines for stablecoins in Hong Kong were implemented, and the excitement is starting to fade. Non-financial institutions may abandon early participation due to difficulties in verifying the identities of coin holders, and JD.com and Ant Group may miss out on the first batch of licenses.

However, Citic Group's Xinyin International is applying for the first batch of licenses, and Bank of China Hong Kong, as one of the three major note-issuing banks, has a strong advantage in issuing stablecoins, which reassures regulators. The competition for stablecoin licenses in Hong Kong is becoming increasingly interesting.