according to Caixin website, a source close to the stablecoin license applicant told Caixin that with the landing of regulatory details, the stablecoin craze in Hong Kong will recede to some extent, especially as the main application scenarios are for non-financial institutions applying for cross-border payments, or because it is difficult to meet the regulatory requirements for the arrangement of "verifying the identity of each holder", they actively give up participating in the early stages. This also means that popular platforms in the early stages such as JD and Ant Group may find it difficult to appear on the first batch of license lists. In addition, CITIC Group has united with some institutions through its Hong Kong subsidiary, CITIC International, in order to apply for the first batch of stablecoin licenses. Some industry insiders have stated that Bank of China Hong Kong is one of the three major note-issuing banks in Hong Kong, and if it issues stablecoins, it has inherent advantages and can also reassure regulators in both places.