Hong Kong's new stablecoin regulations will take effect in August, clearly aiming to seize global stablecoin pricing power! To summarize: This is Hong Kong's 'currency sovereignty defense battle' in the Web3 era. In the next three years, the compliant stablecoin track will definitely be bloody!!!
/Which coins will take off? Which will go cold?
1> Easy wins: Compliant stablecoins
Old players like USDT and USDC now either have to obediently apply for a Hong Kong license (100% reserve isolation + monthly audits) or be overtaken by Hong Kong's stablecoins. Standard Chartered and JD's Hong Kong dollar stablecoin (like JD-HKD) are already targeting cross-border settlements in the Greater Bay Area, aiming to cut 3-5% of exchange costs for businesses. This wave of institutional entry will definitely boost the market!
2> Dark horse track: RWA
Hong Kong is currently pushing for the tokenization of physical assets like new energy charging stations and photovoltaic power plants. Longxin Group and Xiexin Energy have already issued hundreds of millions of RWA tokens, allowing stablecoins to purchase fragmented assets, enabling retail investors to participate in infrastructure projects and earn dividends! However, the liquidity of RWA is still poor, and we have to wait for the Hong Kong government to break down the data barriers between the central bank and foreign exchange management before it can explode, which may take another 2 years.
3> Totally cold: Shady algorithmic stablecoins
The new regulations directly ban uncollateralized algorithmic stablecoins (like $LUNA's type of air-pegging must die), and even using reserve assets for high-risk projects is not allowed.
/So, why does Hong Kong dare to challenge the United States?
1> More aggressive regulation: Value anchoring principle
The US requires stablecoins to be 100% backed by US treasury bonds, while Hong Kong plays a game where it regulates whatever you anchor to. For example, if you issue an offshore RMB stablecoin? Fine, but reserves must be 100% backed by offshore RMB deposits or treasury bonds. This strategy not only hugs the big leg (RMB) but also maintains independence (Hong Kong dollar), savvy businessmen!
2> RWA + stablecoin combo punch
Hong Kong is now tokenizing physical assets like new energy and supply chain finance, using stablecoins as the medium of transaction, essentially creating an on-chain New York Stock Exchange. My personal judgment: In the next 3 years, at least 50 Chinese concept stocks will come to Hong Kong to issue RWA bonds, harvesting global retail investors!
3> Geopolitical buff
In the context of financial decoupling between China and the US, Hong Kong's stablecoins serve as an underground channel for the internationalization of RMB, especially now that Russia and Iran are using USDT to bypass dollar sanctions. In the future, offshore RMB stablecoins will definitely become hard currency!
/Finally, a reminder:
Non-licensed stablecoins (like those issued by certain small exchanges) may be directly delisted after August, be careful as your principal could go to zero!