Hong Kong is really going big this time! On August 1st, the "stablecoin regulations" officially take effect, and the entrance of the Monetary Authority has already been overwhelmed by Chinese-funded institutions and "old money". Even the He Hongzhe team is too busy to keep up. This is not a false alarm; it's a real battle for licenses!

This time we really have to "break out of the circle."
Regulatory reshuffle: In the future, only licensed stablecoins will be able to participate, while those algorithmic coins and some reserve-backed projects will directly fade away. This wave of policy benefits will only be left to strong players, such as giants like Ant Group and JD.com, which come with their own scenarios.
RWA may become a new trend: The Hong Kong government has prioritized the tokenization of RWA, and Ant Group has already issued 100 million RMB worth of tokens using charging pile assets. Imagine, in the future, hotels, photovoltaics, and stocks can all be traded on-chain, with stablecoins as the settlement tool, potentially giving rise to a whole new trillion-dollar market.
Traditional capital migration: The tax incentives mentioned in the LEAP framework, combined with stablecoins bridging fiat and cryptocurrency, are expected to lead to a massive influx of traditional capital into the crypto space through compliant channels. This is the true moment of "breaking the boundaries of the crypto world."

Pay attention to the stablecoin trading pairs of licensed exchanges, such as HashKey and OSL, as more compliant products may be launched in the future.

Hong Kong really wants to bridge the cryptocurrency space with traditional finance this time, but in the end, only the leading players may emerge. Rather than blindly following the trend, ordinary people should first understand the underlying logic of stablecoins — they are not tools for getting rich quickly, but rather financial infrastructure. When the tide goes out, what remains is the true value.