Core Viewpoint - Hong Kong is among the first regions to establish a clear licensing system for Virtual Asset Trading Platforms (VATP), with 10 institutions already licensed, including HashKey Exchange and OSL [1] Group 1: Stablecoin and Financial Services - Stablecoins can enhance the accessibility of financial services in underdeveloped regions, which is evident in Africa's significant usage of USD stablecoins [1] - The traditional "bank + Swift" model in cross-border payments may face disruption from stablecoins, prompting banks to explore new roles and service methods [1][4] Group 2: Role of Virtual Currency Exchanges - Virtual currency exchanges can be categorized into offshore exchanges, which handle digital native assets, and onshore exchanges, which facilitate connections with banking systems [2] - HashKey Exchange operates as a compliant onshore exchange, adhering to KYC and anti-money laundering measures while also engaging in tokenized securities issuance [2] Group 3: Stablecoin Ecosystem - The stablecoin ecosystem includes issuers, reserve custodians, payment service providers, and cross-border trade enterprises, with exchanges acting as a bridge between the crypto and traditional financial worlds [1][2] Group 4: Cross-Border E-commerce and Stablecoins - Cross-border e-commerce businesses can legally convert USDT into USD or HKD through Hong Kong's framework, addressing stablecoin conversion issues while complying with regulations [3] Group 5: Future of Traditional Payment Systems - The global traditional financial market's transaction volume is estimated at $300-350 trillion, and if stablecoins capture 30%-40% of this market, it could disrupt traditional payment systems [4] - Traditional payment systems like Swift need to adapt to the evolving payment landscape, as the transition may take over a decade [4] Group 6: Central Bank Digital Currency (CBDC) and Stablecoins - The People's Bank of China has begun discussing stablecoins, suggesting a phased approach to implementation, starting with Hong Kong as a testing ground for offshore RMB stablecoins [5] - A dual-layer structure could be developed where CBDC serves as wholesale digital currency and stablecoins operate in retail and cross-border payments, leveraging the strengths of both [5]