On August 3, according to Caixin reports, sources close to the applicants for Hong Kong's stablecoin licenses revealed that as regulatory details are finalized, the enthusiasm for stablecoins in Hong Kong will wane, especially for non-financial institution applicants whose main application scenario is cross-border payments. They may proactively abandon participation in the early stages due to the difficulty of meeting regulatory requirements to "verify the identity of every coin holder." This also means that early favorites like JD.com and Ant Group may find it challenging to appear on the first batch of license lists. In addition, CITIC Group, through its Hong Kong subsidiary Citic International, has teamed up with several institutions with the intention of applying for the first batch of stablecoin licenses. Industry insiders stated that Bank of China Hong Kong is one of the three major note-issuing banks in Hong Kong. If it issues stablecoins, it has inherent advantages and can also reassure regulators from both regions.