Stablecoins in Hong Kong have been very popular recently, and local regulators have also consulted us. According to Hong Kong media reports, there are currently 50 to 60 companies interested in applying for Hong Kong stablecoin licenses, including leading financial institutions and technology companies in mainland China. In fact, there is no need for so many stablecoins, because there are not so many application scenarios. It is very difficult to establish credit for stablecoins. Even in the United States, only three or four are accepted by the market. I guess it is similar in Hong Kong, and only three or four will survive in the end. I have to sigh that there is a lot of hot money now, 25 million Hong Kong dollars per company, that is a lot of money. However, 25 million Hong Kong dollars should not be enough to make a truly mature, compliant and secure stablecoin. (Cooperating with us can save a lot of money, and many infrastructures do not need to be built from scratch) In addition, Hong Kong's stablecoin supervision extends to stablecoins issued overseas. If a stablecoin issued overseas is anchored to the Hong Kong dollar or "actively promotes" the issuance of stablecoins to the Hong Kong public, it will be required to apply for a license. In other words, if Tether/USDT and Circle/USDC want to promote in Hong Kong, they also need to apply for a license. But I don't think they will do this. Therefore, in the end, there will be a situation where local compliant stablecoins and overseas stablecoins that are circulated by default in the market coexist. If the US dollar stablecoins issued in Hong Kong are all Chinese-funded, it seems that there will be practical challenges when they are used outside Hong Kong (cross-border), including credit and compliance. Don't be too optimistic.