According to Odaily Planet Daily, the Hong Kong Monetary Authority may reduce the number of stablecoin issuer licenses to three or four in its initial phase. After communicating with the People's Bank of China, the HKMA realized that under the regulatory memorandum framework, the primary supervisory responsibilities and risks would be concentrated on itself.

At present, many branches of Chinese banks in Hong Kong and branches of Chinese securities firms are actively preparing to participate in compliant stablecoin business, including Bank of China (Hong Kong), Bank of Communications (Hong Kong), China Construction Bank (Asia), CNCBI, Guotai Junan International, etc., and plans involve stablecoin issuance, custody and other aspects.

Industry insiders have also reportedly pointed out that my country currently lacks a globally influential public blockchain. Some have also suggested that national-level backbone public blockchains should be led by central state-owned enterprises, while industry-level public blockchains can be driven by market competition. (Caixin.com)