Hong Kong made new rules for stablecoins like USDT.

Because of this:

Trading between people (OTC) went down 33% in one week.

Shops using USDT now send 43% less each day (from 9.47 million to 5.38 million).

Other transfers also dropped 31% (from 42.6 million to 29.5 million).

These rules have quickly reduced stablecoin trading in Hong Kong.