According to Caixin, reliable sources have revealed that the license applications for the second batch of Hong Kong-compliant stablecoin issuers are currently in progress. Futu Securities and OSL Group are both strong contenders for this round of licenses. In addition, the report added that in November last year, the People’s Bank of China and 13 other ministries jointly stated their position, reaffirming the crackdown on virtual currency trading within China and clearly classifying stablecoins as virtual currencies. This means that stablecoin trading will not be opened in the mainland Chinese market.