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According to Caixin, reliable sources have revealed that the second batch of Hong Kong compliant stablecoin issuer licenses is currently in the application stage. Futu Securities and OSL Group are both strong contenders for this batch of licenses. Additionally, the report added that in November last year, 13 ministries including the People's Bank of China jointly stated their stance, reaffirming their crackdown on virtual currency trading within China and explicitly classifying stablecoins as virtual currencies. This means that stablecoin trading will not be open in the mainland Chinese market.