The Hong Kong stablecoin license issue has now become the "emotional switch" of the capital market. A company casually mentions its "intention to apply," and the stock price can immediately soar. The madness and controversy behind this are even more "unstable" than the stablecoin itself.

Some believe this is the market voting with its feet: The implementation of the "Stablecoin Regulation" is indeed a significant boon, and companies that seize the opportunity should naturally be favored, making the rise in stock prices a normal value expectation. Some even criticize the Securities and Futures Commission: "They are calling for compliance; it’s not enough that you don’t encourage it, but must you also pour cold water on it? Are you trying to force companies to go elsewhere for licenses?"

But the opposing voices are sharper: Among these companies that have "intended to apply," how many truly have the technical reserves and financial strength to tackle the license? How many are merely treating "application" as a PPT buzzword, playing a game of "concept hype and run"? You must understand that obtaining a stablecoin license in Hong Kong is not like picking up a coupon on the street; from technical compliance to anti-money laundering systems, which of these does not require substantial monetary investment? Right now, there aren't even any application materials in sight, yet stock prices are already soaring—this is nothing but treating investors as "license hot potato holders."

What’s even more disheartening is that this frenzy of "license concept stocks" is essentially eroding the credibility of the regulators. It took a lot of effort to establish a compliance framework for stablecoins in Hong Kong, and if a bunch of companies merely riding the hype turn it into a "pump and dump paradise," the ones who end up paying will still be the ordinary investors who entered the market for the sake of "compliance."

The Securities and Futures Commission calls on everyone to maintain a "rational line." It sounds like an old cliché, but at this critical juncture, should we cool down the frenzied market, or will this inadvertently harm the truly ambitious companies? This balance beam is probably not so easy to walk.