On July 14th, with the "Stablecoin Ordinance" officially taking effect on August 1st, there are currently 50 to 60 companies interested in applying for Hong Kong stablecoin licenses, half of which are payment institutions and the other half are well-known internet companies, most of which have Chinese backgrounds. The industry expects that only 3 to 4 licenses will be issued in the first phase, and the initial stablecoins will mainly be pegged to the Hong Kong dollar and the U.S. dollar.