US interest rate cuts in September, Hong Kong stablecoin regulations come into effect, and the winds of policy have started to blow again

Hong Kong's 'Stablecoin Regulation' came into effect on August 1, triggering financial transformation. The core points and recommendations are as follows:

Core of the policy:

Compliance reshuffle: Only licensed stablecoins can operate, eliminating algorithmic coins/partial reserve projects, with giants like Ant Group and JD.com holding an advantage in various scenarios.

RWA opportunity: The Hong Kong government is strongly promoting asset tokenization. Ant Group has already trialed charging pile asset tokens and may expand into trillion-dollar markets such as hotels and photovoltaics in the future.

Capital flow: Tax incentives + stablecoin bridging traditional and crypto markets may lead to large-scale entry of traditional funds through compliant channels.

Key impacts:

Licensed exchanges (such as HashKey, OSL) will launch more compliant trading pairs.

The policy promotes the integration of crypto and traditional finance, but the benefits are concentrated among leading institutions.

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