The Hong Kong Monetary Authority announced: The Financial Secretary has granted stablecoin issuer licenses to two institutions under the Stablecoin Ordinance—Dingpoint Fintech Limited (a company formed by Standard Chartered Bank (Hong Kong), HKT, and Animoca Group) and HSBC; So stablecoins are completing their evolution from on-chain USD tools to → bank-grade financial products. If stablecoins are redefined with modern finance + banking + regulation, what will the real competition look like?