Hong Kong has passed the Stablecoin Regulation.
The Financial Secretary of Hong Kong, Paul Chan, noted in his essay that Hong Kong has passed the Stablecoin Regulation, allowing licensed issuers to choose different fiat currencies as the pegged currency for stablecoins.
This policy not only provides a new paradigm for the global stablecoin market but also enhances liquidity and competitiveness in the Hong Kong market.
The role of stablecoins is not limited to digital asset trading; they are becoming a key bridge connecting on-chain and off-chain financial worlds.
The ecosystem of stablecoins is shifting from early issuance to distribution and actual use.
According to a report by the Artemis team (The Future of Stablecoins), the ecosystem of stablecoins is shifting from early issuance to distribution and actual use.
The report emphasizes that understanding the actual use cases of stablecoins is more important than simply focusing on their total supply.
Stablecoins have expanded from a single trading tool to diversified uses such as payments, savings, cross-border remittances, and DeFi collateral.
As the barriers to entry for stablecoin issuance lower, distributors such as wallets, trading platforms, and fintech platforms are gradually becoming the dominant force in value capture.
They not only integrate stablecoins but also master market influence through user relationships and experience shaping.
New infrastructure is emerging to support the programmability, compliance, and value sharing of stablecoins, making them dynamic financial primitives capable of adapting to the needs of various scenarios.
The growth of stablecoins has reached escape velocity, and regulatory clarity is opening doors for institutions.
The next frontier is not only about scale but also involves the business models of all participants within the stablecoin supply chain.
From issuers and distributors to holders, the adoption of stablecoins will involve new factors, including sharing economic benefits with partners, the convenience of on-chain and off-chain integration, and the extent to which programmability features are utilized.
In the future development of stablecoins, distributors will control distribution, becoming the primary primitive of the new financial stack.
The adoption of stablecoins is not just about issuance and liquidity, but also about driving continuous growth through partnerships, sharing economic benefits, and technological innovation.
As stablecoins become the cornerstone of global financial infrastructure, they will continue to play a key role in payments, savings, trading, DeFi, and remittances.
The future of stablecoins belongs to those developers who create applications, infrastructure, and experiences that unlock their full potential.
With the acceleration of this transition, we can expect more innovations in value creation, distribution, and acquisition throughout the ecosystem. The future will not only be defined by stablecoins but by the ecosystem formed around them. Stablecoins are becoming the new crude oil of the crypto world, laying the foundation for the future of global finance.