Hong Kong Stablecoin License 'Single-Digit Scramble': The Crypto World is Being 'Reshuffled'
The Hong Kong 'Stablecoin Ordinance' will take effect on August 1, and the news that 'licenses will only be issued in single digits' has hit the crypto world like thunder: over 40 giants (JD.com, Standard Chartered, etc.) + dozens of institutions are sharpening their knives, while small and medium-sized enterprises are basically 'running alongside'. This 'hundred billion stablecoin cake' oligopoly game is rewriting industry logic from four dimensions——
1. Compliance Threshold Becomes 'Life and Death Line'
The scarcity of licenses directly filters players: only top financial/internet giants can meet hard indicators such as 100% isolation of reserve assets and local entity operations. This means that the stablecoin market is transitioning from an era of 'wild growth' to 'license monopoly'. If established stablecoins like USDT cannot comply, they may face the crisis of having their market share eaten away by licensed giants.
2. Traditional Capital 'Tsunami-Level Entry'
The entry of giants like JD.com and Standard Chartered essentially represents 'fiat currency power infiltrating the crypto world through stablecoins'. Licensed stablecoins will become the 'crypto entry point' for traditional capital, and trillion-level compliant funds may flow in through this pathway, promoting the reconstruction of asset valuation systems for BTC, ETH, and others.
3. Small and Medium Institutions 'Collectively Silenced'
Dozens of small and medium-sized enterprises are still preparing materials, which has already doomed them to a supporting role. Market discourse power is concentrating towards giants; although it will suppress grassroots innovation, it can also cut off the survival soil for air stablecoins and money laundering tools, accelerating the industry’s purification.
4. Global Regulation 'Domino Effect'
As a 'crypto stronghold', Hong Kong's move is a 'touchstone' for global stablecoin regulation—if the model works, Europe, America, and ASEAN may quickly follow suit, and the crypto industry will completely bid farewell to the 'no man's land' era, with the compliance process being accelerated by at least 3 years.
This license war superficially appears to be a competition of 'who gets the license', but in reality, it is a 'power transfer between the crypto world and traditional finance'. For investors: closely monitor the licensed stablecoin ecosystem (such as cross-border payments, asset tokenization) and avoid unlicensed projects; for the industry, although compliance is painful, only by embracing regulation can they truly knock on the door of mainstream finance.
