CITIC Securities: It is recommended to continue following issuers that may obtain the first batch of stablecoin licenses.

[CITIC Securities: Suggests to continue following issuers that may obtain the first batch of stablecoin licenses] CITIC Securities research report states that on July 29, the Monetary Authority released a series of documents regarding the regulatory regime for stablecoin issuers, effective from August 1. The core is the "Regulatory Guidelines for Licensed Stablecoin Issuers," and the most instructive document during the current application phase is the "Summary Explanation of the Stablecoin Issuer Licensing System." On the timeline, the Monetary Authority encourages interested applicants to contact the regulators before August 31, with a deadline for mature applicants set for September 30. The number of initial licenses is expected to be in single digits, with an anticipated rollout by the end of the year. It is recommended to continue following the issuers that may obtain the first batch of scarce licenses, as well as the scenario platforms that are deterministically involved in the creation of stablecoin usage scenarios.