Explosive news: giants stumble and regulatory strikes.

The strategic crisis behind JD's urgent denial.
In the face of 'exit' rumors, JD coin chain swiftly declared on August 5th that it is 'actively advancing the license application', but did not directly address the technical compliance bottleneck. Interestingly, previously Liu Qiangdong boldly claimed 'to cut cross-border payment costs by 90% through stablecoins', planning to launch HKD/USD stablecoins in the fourth quarter. Now, although the sandbox testing has passed, under stringent regulations, the internet traffic approach is facing a dimensionality reduction blow from bank-level KYC.

The strategic crisis behind JD's urgent denial.
In the face of 'exit' rumors, JD coin chain swiftly declared on August 5th that it is 'actively advancing the license application', but did not directly address the technical compliance bottleneck. Interestingly, previously Liu Qiangdong boldly claimed 'to cut cross-border payment costs by 90% through stablecoins', planning to launch HKD/USD stablecoins in the fourth quarter. Now, although the sandbox testing has passed, under stringent regulations, the internet traffic approach is facing a dimensionality reduction blow from bank-level KYC.

Mig's view: The license competition hides three life-and-death battles.

Traditional finance faction successfully 'sneaks in'.
Bank of China Hong Kong, CITIC International, and other 'national teams' suddenly join the fray! As one of Hong Kong's three major note-issuing banks, Bank of China inherently possesses a banking account system and KYC infrastructure, with regulatory trust levels overshadowing internet platforms. More aggressively, CITIC Group is forming a consortium with multiple institutions to apply for licenses, directly aiming at positioning as an 'alternative to central bank digital currency'—using stablecoins to pave the way for cross-border RMB.

Dark horse XBIT's clever tactic of 'compliance relay'.
When giants are stuck in the quagmire of identity verification, the decentralized exchange XBIT relies on a set of smart contracts to automatically call compliance interfaces like Chainalysis, verifying user identities in real-time without custodial assets. In July, its stablecoin trading volume soared by 230%, with institutional access demand accounting for 65%! The tech industry is using 'zero-trust custody' to exploit regulatory gaps, even collaborating with Hong Kong's Cyberport to build a compliance laboratory.

The most brutal cut-off point for retail investors = institutional gold bottom-fishing trap?
If JD and Ant are truly eliminated from the first licenses, their conceptual tokens (like JD's on-chain ecological token) may plummet in the short term. However, in the long term, JD has registered the dual trademarks of Jcoin and Joycoin, leading in sandbox testing completion; Ant also holds the upgrade chips for the Yaocai Securities license and can quickly enter virtual asset trading. A pullback is an opportunity for layout—once the technical breakthrough occurs, the scenario penetration of internet giants will crush traditional banks!

Ultimate prediction: Survival rules in the stablecoin 2.0 era.

'Licenses are the entry ticket, atomic-level compliance is the money printer.'

The list of first licenses in Hong Kong is expected to be announced early next year, but the real winners are already doing three things:

Using zero-knowledge proofs to solve the paradox of 'privacy and compliance' (like the on-chain verification module of XBIT)

Rally licensed institutions to form a 'license + technology' alliance (if Bank of China Hong Kong partners with XBIT, it would dominate the scene).

Betting on the cross-border RMB settlement dividend (CITIC Group has already placed its bets, and JD's HKD stablecoin is actually a covert move towards RMB internationalization).

What retail investors should do now: closely monitor the technological breakthroughs of JD coin chain and the license upgrade dynamics of Ant Group, gradually accumulate leading ecological tokens during the August pullback—when traditional banks secure licenses but struggle with technological implementation, the counterattack script of internet giants is just beginning!

The tides of the martial arts world change, focus on Mig to find the way.