According to Caixin, the Hong Kong Monetary Authority, responsible for regulating licensing, will communicate in advance with prospective stablecoin license applicants to understand whether they meet the basic application qualifications. Only after obtaining basic recognition during the preliminary communication will the Monetary Authority issue the application forms. Stablecoin applicants must be able to provide specific and practical application scenarios. Currently, there are about fifty to sixty companies interested in applying for the Hong Kong stablecoin license, including state-owned enterprises from mainland China, Financial Institutions, and internet giants. The overheating of stablecoin applications in Hong Kong may be the reason for adopting an invitation-only application system this time.