#CFX# According to Wu, as reported by the Securities Times, the Hong Kong Monetary Authority has issued the "Regulatory Guidelines for Licensed Stablecoin Issuers," clarifying the various thresholds for the issuer's license application. Banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for and obtain stablecoin issuer licenses. In addition, Chinese-funded banks, sandbox testing enterprises, large central state-owned enterprises, and major internet companies are also actively preparing for applications. Initially, brokerages will primarily provide services such as stablecoin trading, custody, and financing. As of the end of July, 44 financial institutions have upgraded to the No. 1 securities trading license.