On August 2nd, according to Caixin's report, from June to July this year, discussions about stablecoins on both sides of the Pacific reached a boiling point before cooling down. Hong Kong may narrow the first batch of stablecoin licenses to three to four companies. The Hong Kong Monetary Authority, in communication with the People's Bank of China, realized that under the regulatory memorandum framework, the primary regulatory responsibilities and risks are concentrated with the Hong Kong Monetary Authority.
Multiple Chinese banks' branches in Hong Kong and Chinese securities firms' branches are eager to participate in Hong Kong's compliant stablecoin business, including Bank of China Hong Kong, Bank of Communications Hong Kong, China Construction Bank (Asia), China Merchants Bank International, Guotai Junan International, involving stablecoin issuance, custody, and other businesses.
Additionally, an insider stated during a stablecoin-related interview that China currently does not have a globally influential public chain. Another insider suggested that national-level main public chains should be led by central state-owned enterprises, while industry-level public chain construction could be open to market competition.
