The 25 million threshold is burying the lone brave Web3 player alive
Standard Chartered Bank + Ansai Group + Hong Kong Telecom: Hong Kong note-issuing bank + Web3 giant + telecom overlord combination, sandbox testing for half a year, targeting cross-border payment and metaverse scenarios, claiming to be "Hong Kong dollar stablecoin launched in 3 days
Deadly weapon: Bank-level compliance system + telecom users cover 90% of Hong Kong residents, but internal power games may slow down decision-making
Technology giants "strike down"
JD Coin Chain: Backed by JD's global supply chain, testing stablecoin settlement of bulk trade, aiming to replace SWIFT 3 days to 3 minutes
Ant's two-line battle: Ant International (Singapore license) + Ant Digits (Hong Kong headquarters), using AI risk control and 200,000 merchant networks to crush small and medium-sized players
Hidden player Xiaomi: Using Tianxing Bank to secretly cross the border and cooperate with JD.com to test the consumption scene
Web3 "lone hero"
Yuancoin innovation: Hong Kong local representatives focus on cross-border remittances of small and medium-sized enterprises, but the capital threshold of 25 million Hong Kong dollars makes it bleed for financing
Cruel reality: More than 30 of the 40 applicants are runners-up, "On-chain data service providers want to transform? The HKMA doesn't even give an application form!
Personal opinion: The essence of this war is "compliance reshuffle". Hong Kong uses the licensing system to strangle 90% of wild stablecoins. In the next three years, the global stablecoin market will soar from 246.08 billion to trillion, but only licensees will share the cake!
Three hidden mines and a miracle
The US dollar stablecoin was attacked
The regulations require that "reserves anchored to the Hong Kong dollar must be 100% Hong Kong dollar assets", but the stablecoin anchored to the US dollar can use US bonds. If the Federal Reserve cuts interest rates, the surge in US bonds may trigger an arbitrage storm
Retail investors become the price of compliance
Only licensed institutions can sell stablecoins to retailers, but the subscription threshold may rise to 100,000 Hong Kong dollars, and small retail investors will be kicked out
Cross-border payment bubble
Experts estimate that the real cost of stablecoins across borders is nearly 1% gas fee + KYC + exchange loss, which is 20 times higher than the advertised "0 handling fee"
If JD.com/Standard Chartered is the first to obtain a license, its ecological tokens such as ANIMOCA's REVV may replicate the surge in the RWA concept!
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