According to online reports, according to Caixin.com, sources close to stablecoin license applicants told Caixin that with the implementation of regulatory rules, the stablecoin craze in Hong Kong will subside, especially non-financial institutions whose application scenarios are mainly cross-border payments. Applicants, or voluntarily give up participating at the early stage due to difficulty in implementing the regulatory requirement of "verifying the identity of each coin holder" arrangement. This also means that it may be difficult for Internet platforms such as Jingdong and Ant to appear on the first batch of license lists. In addition, CITIC Group has teamed up with some institutions through its Hong Kong subsidiary Credit Bank International to apply for the first batch of stablecin licenses. Some industry insiders said that BOC Hong Kong is one of the three largest banknote banks in Hong Kong. If it issues stablecoins, it will have inherent advantages and can also reassure regulators in the two places.