Odaily Planet Daily reports that sources close to Hong Kong stablecoin license applicants told Caixin that the Hong Kong stablecoin craze will subside as regulatory details are finalized. This is especially true for non-financial institutions whose primary application scenarios are cross-border payments, who may voluntarily abandon early participation due to difficulties in meeting regulatory requirements to "verify the identity of every coin holder." This also means that early-stage internet platforms such as JD.com and Ant Financial may have a hard time appearing on the initial list of licenses. Furthermore, CITIC Group, through its Hong Kong subsidiary CNCBI, has partnered with several institutions to apply for the first batch of stablecoin licenses. Industry insiders note that Bank of China (Hong Kong), one of Hong Kong's three major note-issuing banks, has inherent advantages in issuing a stablecoin, which would also reassure regulators in both places. (Caixin.com)