On July 14th, as the "Stablecoin Regulation" is set to be officially implemented on August 1st, currently, 50 to 60 companies are planning to apply for a Hong Kong stablecoin license, with half of them being payment institutions and the other half being well-known internet companies, most of which have a Chinese background. The industry estimates that only 3 to 4 licenses will be issued in the initial stage, and initially, stablecoins will mainly be pegged to the Hong Kong dollar and the US dollar.