Bitrace analysis indicates that one week after the implementation of stablecoin regulations, on-chain data shows that from August 1 to August 8, the daily average outflow of USDT from major over-the-counter service providers in Hong Kong (HKVAOTC) was 34.9 million USD, a decrease of 32.94% compared to the daily average of 52.04 million USD before the regulations took effect (from June 1 to July 31). Among them, store-type service providers were affected more significantly, with a daily average USDT outflow decrease of 43.2%, much higher than the 30.65% decline for non-store-type service providers, indicating a trend of some businesses shifting underground.