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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 Opportunities - Companies like Round Coin Group and JD Coin Chain are positioning their stablecoins for cross-border payment applications, aiming to enhance merchant payment efficiency and reduce transaction costs [2][3] - The stablecoin market is seeing significant interest from various institutions, with nearly 10 Hong Kong-listed companies announcing plans to apply for stablecoin licenses in July alone [4] Group 3: Competitive Landscape - The dominance of USD stablecoins, which account for over 90% of the global market share, poses a challenge for Hong Kong's stablecoin issuers, who primarily plan to issue HKD stablecoins [6] - The potential entry of international giants like Tether and Circle into the Hong Kong market could create substantial competitive pressure for local stablecoin issuers [6] Group 4: Ecosystem Development - Issuers of stablecoins are required to continuously invest in ecosystem development, including addressing wallet custody, fiat conversion, and settlement processes [4] - The true value of a stablecoin license lies in the issuer's ability to build a comprehensive ecosystem rather than merely holding a license [4] Group 5: Market Drivers - Real transaction demand is identified as the core driver for the stablecoin market's development, with major e-commerce platforms like JD and Ant Group leveraging their cross-border payment advantages [7][8] - The future of stablecoins may depend on the performance of the USD, as any weakening could lead to a shift towards alternative stablecoins [7]