Multiple institutions are preparing for the Hong Kong stablecoin license, and the industry says not to exaggerate the impact of stablecoins

According to China Business News, the reporter learned from insiders that the stable currency license in Hong Kong is relatively scarce and popular, and the number of licenses is expected to be only one digit. But at present, in addition to JD, Standard Chartered, yuan, etc., which have been officially announced, more than 40 enterprises are ready to submit applications, and the feedback from law firms has dozens of intention applications. At present, the competition is very fierce, and the application agencies are basically China's largest financial institutions and Internet companies, while some small enterprises that intend to apply are hopeless. In this context, the expectation of stablecoins restructuring the global monetary system is heating up. Qiao Yide, Vice President and Secretary of the Shanghai Development Research Foundation, told First Financial reporters that the cross-border payment efficiency that stablecoins can improve may not be as high as everyone expected. Some studies suggest that the actual cost may be close to 1%, rather than the extremely low level advertised. At the same time, stablecoins are anchored on sovereign currencies and are actually an extension and diffusion of the functions of fiat currencies, which cannot overturn the system on which they rely for survival. Although the current market is booming and major institutions are competing to enter, there is even a view that stablecoins will restructure and disrupt the international monetary system. But in the eyes of industry insiders, this undoubtedly exaggerates the impact of stablecoins.