According to the Securities Times, the Hong Kong Monetary Authority has released the "Regulatory Guidelines for Licensed Stablecoin Issuers," clarifying the various thresholds for issuer license applications. Banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be the first to apply for and obtain the license for stablecoin issuance. In addition, Chinese-funded banks, sandbox testing companies, large central state-owned enterprises, and major internet companies are also actively preparing to apply. Initially, brokerage firms will mainly provide stablecoin trading.