Hong Kong Stablecoin 'Compliance Nuclear Bomb' Launched! Wu Jiezhuang Highlights Institutional Celebration and Retail Investor Minefield
News: Licensing System Sparks Institutional Arms Race
Hong Kong's 'Stablecoin Regulation' officially takes effect, with HKD 25 million paid-up capital + 100% reserve isolation becoming the entry ticket, directly filtering out 99% of small and medium players. The first batch of sandbox list has been revealed: Standard Chartered Bank, JD Coin Chain Technology, Yuan Coin Technology, and other giants are entering the market, with the first compliant HKD stablecoin HKDR expected to be born by the end of the year. A CNH stablecoin anchored to offshore RMB is also under development.
Wu Jiezhuang clearly releases two major signals:
Institutional Dividend Period Begins: Traditional banks and Web3 infrastructure providers can jointly harvest trillion-level scenarios such as cross-border payments and supply chain finance;
Retail Investor Death Trap: Compliant stablecoins ≠ risk-free, a collapse similar to Terra's decoupling may still happen, and retail investors blindly chasing the rise may become 'policy arbitrage fuel.'
Alarmist Warning: When Standard Chartered and JD hold the power to issue coins, USDT's dominance in Asia may come to an end — but in this game, retail investors don't even qualify to sit at the table.
Technical Aspects: On-chain Compliance and Dark Pool Game
1. Reserve Transparency Revolution
Licensed issuers are required to disclose reserve assets on-chain in real-time. HashKey Chain has launched a 'Reserve Penetration Tool' allowing users to query HKDR's offshore RMB deposit certificates and government bond holding ratios (current test data: 62% government bonds + 38% cash). Compared to USDT's ambiguous reserve structure, compliant stablecoins deliver a significant transparency advantage.
2. Cross-chain Interoperability Stranglehold
The Hong Kong Monetary Authority requires stablecoins to support multi-chain redemptions; however, cross-chain transaction fees can be as high as 0.3%-0.5%, making a large volume of low-frequency transactions subject to bank-level clearing networks.
3. Interest Rate Weaponization
Wu Jiezhuang strongly advocates for a 'stablecoin interest-bearing' mechanism: licensed institutions can proportionally distribute the earnings from reserve government bonds to holders. If implemented, compliant stablecoins could achieve an annualized return of 1.5%-2%, directly impacting the money market fund sector.
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