Hong Kong's recent licensing initiative may not primarily aim to bolster the local stablecoin industry, according to analysis by Will 阿望. The involvement of major banks like HSBC and Standard Chartered appears more defensive than strategic. HSBC's application for a Hong Kong dollar stablecoin is seen as a protective measure, while Standard Chartered views Hong Kong as just one node in its global network. Notably, Bank of China Hong Kong, which has strong local ties, is absent from this initiative.