According to online reports, according to Hong Kong 01, the number of institutions planning to apply for Hong Kong stablecoin licenses has increased to 50-60, half of which are payment companies and the other half are Internet companies. Most of them have Chinese-funded backgrounds, which means that market competition has begun. Industry insiders believe that a large influx of applications will be seen after the Hong Kong stablecoin regulations comes into effect on August 1, but it is expected that only 3-4 companies will be approved in the first phase, and the total number will not exceed 10 companies. In addition, the pegged currency may be initially pegged. It will be Hong Kong dollars and US dollars, and the supervision of offshore RMB stablecoins may require the participation of the central bank.