According to online reports, according to Caixin, sources revealed that the license of stablecoin issuers will not be processed by applicants downloading their own forms and submitting written applications in a unified manner, but will be arranged through a similar invitation application system. "At the practical level, the Hong Kong Monetary Authority, which is responsible for supervising and licensing, will communicate in advance with interested stablecoin license applicants to understand whether the other party meets the basic application qualifications. Only when basic recognition is obtained during the pre-communication will the HKMA issue an application form."