CITIC Securities: Continue to focus on issuers who may obtain the first batch of stablecoin licenses, and on scene platforms that are certain to participate in creating stablecoin use scenarios.

CITIC Securities research report stated that on July 29, the Monetary Authority released a series of documents on the regulatory system for issuers of stablecoins that will be implemented from August 1. The core document is the "Guidelines for Licensed Issuers of Stablecoins". The most informative document during the application phase is the "Summary of the Licensing System for Stablecoin Issuers". In terms of timeline, the Monetary Authority encourages prospective applicants to contact the regulator before August 31. Mature applicants must submit their applications by September 30. The initial number of licenses issued will be in single digits, and it is expected to be finalized by the end of the year. It is recommended to continue monitoring potential issuers who may obtain the rare first batch of licenses, as well as platforms that are actively involved in creating stablecoin usage scenarios.