金色财经_

Stablecoins are a special type of Crypto Assets that are pegged to fiat currencies or other assets, aiming to stabilize their value and address the price fluctuation issues in the crypto market. Stablecoins have various functions, primarily used for cross-border payments and digital asset transactions. The main issuers include development companies, large e-commerce platforms, and licensed Financial Institutions, which gain payment settlement profits and engage in investment returns through stablecoins. Stablecoins also possess stability in terms of technology and regulation, becoming an effective tool in the crypto economy.

The "Stablecoin Ordinance" (hereinafter referred to as the "Ordinance"), officially promulgated by the Hong Kong SAR government in May 2025, marks Hong Kong as the world's first major financial center to implement comprehensive statutory regulation on stablecoins. This systematic legal framework not only reshapes local market rules but also has a profound impact on the global digital asset landscape (referred to as virtual assets in Hong Kong before June 26, 2025). This article analyzes the market impact, industry opportunities, and potential challenges in depth, in conjunction with the specific provisions of the Ordinance.
1. Analysis of the Core Regulatory Framework
The "Regulations" establish a three-in-one regulatory system of "issuance access + activity supervision + entity designation:"
(1) Definition and Scope (Articles 3-7)
Stablecoin: Clearly defined as a cryptographically protected digital value, it must meet four main characteristics: as a medium of exchange, transferable electronically, based on distributed ledger technology, and value pegged to a single or a basket of assets (Article 3).
Specify stablecoin:

Author: AI Soros Scott Source: X, @0xScottBTC
Why is cross-border payment sometimes fast and sometimes slow? Where is the innovation of stablecoins, and what challenges are holding it back? This article will analyze the scenarios of the speed of cross-border payments and stablecoin payments, and based on this, make an estimate of the penetration of stablecoin cross-border payments.
Introduction
In a coffee shop, you can receive money instantly by scanning a QR code; however, when a Shenzhen assembly factory needs to pay $50,000 to a Brazilian supplier, it is often informed by the bank: "Expected T+2 to T+3." This is not because the bank's computer cannot handle it, but due to three institutional chains—fragmented ledgers, liquidity inertia, and compliance reviews—that convert technological potential into real-world resistance. This article first clarifies how these chains slow down cross-border transactions, then examines how stablecoins can speed things up, in which scenarios they are truly implemented, and finally breaks down the high walls and potential market space that still need to be overcome.
1. Traditional Cross-Border Payment: Three Systems

Jessy, Golden Finance
On June 26, Hong Kong released the "Hong Kong Digital Asset Development Policy Declaration 2.0," proposing the "LEAP" framework, dedicated to building Hong Kong into a global leading digital asset center.
As a result, in the Hong Kong stock market, Guotai Junan International, as the first Hong Kong-based Chinese brokerage firm to provide comprehensive virtual asset-related trading services, saw its stock price rise from HKD 1.24 to a peak of HKD 7.02 within the two trading days of June 25 and 26, eventually closing at HKD 3.54. Driven by Guotai Junan International, the Hong Kong Chinese brokerage index soared 11.75% in a single day. Tianfeng International, a subsidiary of Tianfeng Securities, obtained a virtual asset trading license, which also led its A-shares to hit the daily limit. Shengli Securities, as the first brokerage to realize cryptocurrency deposits and withdrawals, recorded a maximum increase of 160% in its stock on the 26th.

Author: @BlazingKevin\_ , the Researcher at Movemaker
Storage was once one of the top narratives in the industry. Filecoin, as the leading project in the last bull market, had a market cap that exceeded 10 billion USD. Arweave, as a comparable storage protocol, markets itself with the point of permanent storage, reaching a market cap of up to 3.5 billion USD. However, as the availability of cold data storage has been debunked, the necessity of permanent storage has come into question, leading to a big question mark over whether the decentralized storage narrative can succeed. The emergence of Walrus has stirred the long-silent storage narrative, and now Aptos has partnered with Jump.

Author: Yue Xiaoyu Source: X, @yuexiaoyu111
First of all, the stablecoin sector will see a "Battle of the Hundreds of Coins" in the future. After fierce competition, USDT will still be the leader among offshore stablecoins, and USDC will remain the leader among compliant stablecoins, but it will leave behind a large wave of mid-range stablecoins.
These stablecoins at the waist and tail mainly fall into two categories: compliant stablecoins created by Web2 companies and decentralized stablecoins created by Web3 companies.
1. Still optimistic about stablecoins created by Web2 companies.
In different countries and regions, as well as in different business scenarios, there will also be many local leaders similar to "local tyrants", such as the Hong Kong dollar stablecoin and the JD stablecoin in the e-commerce field.
These are areas that USDC and USDT may not reach, and stablecoins in these segmented scenarios can integrate more deeply with local businesses or their own operations.
Of course, from a political perspective