21专访｜圆币科技CEO刘宇：稳定币的突围绕不过合规性

Core Viewpoint - The article discusses the emergence of stablecoins in Hong Kong, particularly focusing on the operations and strategies of Round Coin Technology, one of the first licensed issuers under the new Stablecoin Regulation. Group 1: Company Overview - Round Coin Technology was founded in 2021 and is recognized as a pioneer in compliant stablecoin initiatives in Hong Kong, with a board chaired by former HKMA president Norman Chan [6][7]. - The company has a diverse management team with backgrounds in web3, digital payments, and traditional banking, which enhances its compliance and risk management capabilities [7][8]. Group 2: Market Context - As of May 2023, the global stablecoin market reached a total market capitalization of $250 billion, growing over tenfold in the past five years [2]. - The stablecoin market in Hong Kong is expected to expand significantly as traditional enterprises begin to adopt compliant stablecoins following the regulatory framework [12]. Group 3: Business Model and Strategy - Round Coin Technology plans to enter the market through three main application scenarios: cross-border payments, licensed virtual asset exchanges, and Real World Asset (RWA) tokenization [3][11]. - The revenue model for stablecoin issuers primarily derives from interest on underlying assets, with the law stipulating that interest from reserve assets belongs to the issuer [9][8]. Group 4: Regulatory Environment - The Stablecoin Regulation in Hong Kong is set to create a compliant framework that will allow only licensed stablecoins to be used by the public, providing a competitive edge for compliant issuers like Round Coin Technology [3][12]. - The regulation also allows for multi-currency stablecoins, indicating future plans for Round Coin Technology to issue stablecoins pegged to currencies other than the Hong Kong Dollar [3][12]. Group 5: Competitive Landscape - The current market is dominated by USD-pegged stablecoins like USDT and USDC, which hold 90% of the market share. However, Round Coin Technology aims to capture market share through compliance and the introduction of various stablecoins [12][14]. - The company does not intend to compete directly with USD stablecoins but rather focuses on the untapped market potential in Hong Kong and the surrounding regions [12][13]. Group 6: Industry Impact - Stablecoins are expected to revolutionize cross-border payments, with potential cost reductions of 30% and speed improvements of 40% compared to traditional banking systems [17]. - The integration of stablecoins into the financial ecosystem can enhance the efficiency of economic operations and provide a bridge between fiat and digital currencies [18][19].