According to CoinMeta, after the issuance of stablecoin licenses in Hong Kong, DockPoint Finance and HSBC chose different development paths. DockPoint Finance's HKDAP entered the institutional market through authorized distributors such as HashKey and OSL, focusing on cross-border settlements, institutional payments, and on-chain settlement. On the other hand, HSBC plans to integrate its stablecoin into PayMe and HSBC HK applications, targeting existing retail users. HKDAP is positioned as a payment and settlement tool pegged 1:1 to the Hong Kong dollar, supported by a reserve of 100% highly liquid assets, and adopts a B2B2C distribution model. However, after reviewing its Ethereum mainnet contract, BlockSec pointed out issues with the design regarding KYC verification, governance rights, time locks, and separation of responsibilities, indicating that the security of the underlying system and compliance reliability will also become key factors in the competition for Hong Kong dollar stablecoins.