According to online reports, according to incomplete statistics from Financial Magazine, there are currently at least nine institutions in the China Hong Kong market that have indicated their intention to apply or are rumored to be discussing applying for a license. These include three groups of institutions participating in the HKMA's stablecoin sandbox, all of which plan to issue Hong Kong dollar stablecoins. However, Hong Kong has warned of the risk of "overheating" stablecoins and hopes to fully benchmark the issuance and supervision of stablecoins against the "traditional financial level" compliance framework. The preparation of relevant systems and the pace of release are considered to be of certain reference, including: 1. In terms of entry thresholds, legal stablecoins "did not bloom in the early days of their legal implementation in the Hong Kong Special Administrative Region of China. 2. In terms of timing, the Hong Kong SAR government's stablecoin licensing time limit is expected to be issued within this year. 3. In terms of application scenarios, after the relevant institutions are issued licenses, the current uncertainty is relatively high as to the focus of their specific use scenarios and whether they can be linked to other fiat currencies.