According to Caixin, the Hong Kong Monetary Authority may reduce the number of licenses for the first batch of stablecoin issuers to three or four. Currently, several Chinese-funded banks' branches in Hong Kong and branches of Chinese securities firms are actively preparing to participate in compliant stablecoin businesses, including Bank of China Hong Kong, Bank of Communications Hong Kong, China Construction Bank (Asia), Xinyin International, and Guotai Junan International, planning to involve stablecoin issuance, custody, and other aspects. Insiders indicate that China currently does not have a globally influential public chain. Another insider suggested that the construction of a national-level backbone public chain should be led by state-owned enterprises, while the construction of industry-level public chains could open up to market competition.