香港稳定币条例生效 立足真实交易需求是关键

Core Viewpoint - The implementation of the Stablecoin Regulation in Hong Kong is expected to inject compliance momentum into the cryptocurrency market and reshape the competitive landscape of cross-border payments, digital asset investment, and financial infrastructure, thereby enhancing Hong Kong's status as an international financial center [1] Group 1: Regulatory Environment - The Stablecoin Regulation officially took effect on August 1, following the Legislative Council's approval in May, leading to a surge in interest in stablecoins in Hong Kong [1] - The Hong Kong Monetary Authority (HKMA) has emphasized the need for a rational perspective on the development of stablecoins, despite the market's enthusiasm [1] Group 2: Market Participants and Innovations - Companies like Round Coin Group and JD Coin Chain are among the first to apply for stablecoin licenses, focusing on cross-border payment applications and retail scenarios [2][3] - Round Coin Group's HKDR stablecoin aims to enhance merchant payment efficiency and reduce transaction costs, while JD Coin Chain plans to integrate stablecoin usage in its e-commerce platform [2][3] Group 3: Ecosystem Development - The issuance of stablecoin licenses is seen as just the starting point for issuers, who must invest in ecosystem development, including wallet management and fiat conversion processes [4] - The value of a stablecoin license is tied to the issuer's business model and the ability to build a comprehensive ecosystem rather than merely holding a license [4] Group 4: Market Dynamics and Competition - The dominance of USD stablecoins, which account for over 90% of the global market, poses significant competition for Hong Kong's proposed HKD stablecoins [6] - The initial focus on HKD stablecoins may face challenges as merchants find it more convenient to use USD stablecoins directly [6] Group 5: Future Outlook - The future of stablecoins may depend on the performance of the USD and the emergence of real transaction demands, with major e-commerce platforms like JD and Ant Group leveraging their transaction volumes to enhance stablecoin efficiency [7][8] - A healthy development of stablecoins requires a foundation of scale, frequency, and liquidity [8]