Sources: JD.com and Ant Group may struggle to appear on the first batch of Hong Kong stablecoin license list

ChainCatcher news, according to Caixin reports, sources close to applicants for Hong Kong stablecoin licenses have told Caixin that as regulatory details are finalized, the Hong Kong stablecoin craze will subside, especially for non-financial institution applicants whose main application scenario is cross-border payments. They may actively withdraw from participation in the early stages due to the difficulty of meeting regulatory requirements to "verify the identity of every token holder." This also means that early favorites like JD.com and Ant Group may find it challenging to appear on the first batch of license lists.

In addition, CITIC Group, through its Hong Kong subsidiary, Xinyin International, has partnered with several institutions to apply for the first batch of stablecoin licenses. Industry insiders have stated that Bank of China Hong Kong is one of the three major note-issuing banks in Hong Kong, and if it issues stablecoins, it will have inherent advantages and can also reassure regulators in both regions.