香港稳定币热潮将有所消退，监管趋于审慎

Group 1 - The core viewpoint indicates that the enthusiasm for stablecoin applications in Hong Kong is expected to decline as regulatory guidelines are implemented, particularly affecting non-financial institutions focused on cross-border payments, which may withdraw from early participation due to challenges in meeting identity verification requirements for every token holder [1] - The Hong Kong Monetary Authority (HKMA) has stated that stablecoin issuers must demonstrate real application scenarios, and initially, only a limited number of stablecoin licenses will be granted, reflecting a cautious regulatory approach [1] - Citic Group, through its subsidiary in Hong Kong, is collaborating with several institutions to apply for the first batch of stablecoin licenses, highlighting the competitive advantage of Bank of China (Hong Kong) as one of the three major note-issuing banks in the region, which could provide reassurance to regulators [1]