according to Caixin.com, Hong Kong may reduce the scope of the first batch of stablecoin licenses to three to four companies. The Hong Kong Monetary Authority realized in its communication with the People's Bank of China that under the framework of the regulatory memorandum, the main regulatory responsibilities and risks are concentrated on the Hong Kong Monetary Authority. Many Chinese banks with branches in Hong Kong and Chinese securities firms with branches in Hong Kong are eager to participate in Hong Kong's compliant stablecoin business, including Bank of China Hong Kong, China Construction Bank (Asia), Industrial and Commercial Bank of China (Asia), Bank of Communications International, and Guotai Junan International, involving stablecoin issuance, custody, and other businesses.In addition, an insider interviewed about stablecoins stated that China currently does not have a globally influential public chain. Another insider suggested that a national-level backbone public chain should be led by state-owned enterprises, while industry-level public chain construction can be open to market competition.