After the stablecoin bill was enacted, cryptocurrency stock trading quickly expanded, marking the official arrival of borderless stock trading. This is precisely the situation that regulators are most concerned about—there is currently a scarcity of quality investment targets domestically, and the impulse for capital to seek opportunities abroad is becoming increasingly strong. The sustained activity of Hong Kong Stock Connect and the premium phenomenon of overseas index ETFs clearly confirm this trend.
Previously, regulators attempted to curb capital outflow by revoking the account opening qualifications of overseas brokers such as Futu and Tiger. However, the rise of cryptocurrency stock trading has rewritten the landscape: it is now possible to achieve global investment simply by holding stablecoins (which are essentially anchored to the USD), undoubtedly exacerbating the risk of foreign exchange outflow, the impact of which cannot be ignored.
Therefore, subsequent policies are likely to focus on blocking the circulation channels of stablecoins. Whether it is C2C trading on exchanges or online OTC platforms, these key points for exchanging RMB for USD stablecoins may become regulatory priorities. Only by completely cutting off this exchange outlet can a solid defense line for foreign exchange management be established.
The current window of opportunity may be fleeting. It is advisable to take this chance to moderately accumulate stablecoins as a supplement to foreign exchange reserves. If future channels are completely tightened, personal foreign exchange management may revert to the annual limit of $50,000, making the cumbersome process of exchanging currency through banks and remitting abroad to purchase coins far less convenient than directly holding stablecoins now. In the game of capital flow and cross-border regulation, proactive planning can help avoid being passive.