Caixin: Hong Kong may only issue three to four stablecoin licenses in its first batch

According to Caixin, the Hong Kong Monetary Authority may reduce the number of stablecoin issuer licenses to three to four. Currently, many Chinese banks' branches in Hong Kong and 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), China Merchants Bank International, and Guotai Junan International, planning to be involved in stablecoin issuance, custody, and other aspects. An insider stated that China currently does not have a globally influential public chain. Another insider suggested that a national-level main public chain should be led by central state-owned enterprises, while industry-level public chain construction could be open to market competition.