Core Insights - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou on September 23-24, focusing on the theme "New Pattern, New Path" to explore development opportunities amidst changing circumstances [1] Group 1: Regulatory Framework and Challenges - The Hong Kong Monetary Authority's regulatory framework for stablecoins has attracted inquiries from at least 77 institutions, but the number of initial stablecoin licenses issued is expected to be limited, with clarity anticipated around October or November [3] - A core challenge identified in the cross-border application of stablecoins is the settlement issue, particularly how recipients can convert stablecoins into local currency for consumption, which involves establishing exchange rates and settlement channels [3] - Hong Kong regulations prohibit stablecoins from earning interest to avoid competition with bank deposits, yet there is a growing international demand for interest-bearing stablecoins, raising questions on how Hong Kong will address this trend [3] - The need for a globally accepted regulatory framework is emphasized, as different regions like Hong Kong, the U.S., and Europe have their own regulations, which complicates the cross-border circulation of stablecoins [3]