Recently, the stablecoin market in Hong Kong has attracted widespread attention. On one hand, the market has shown a high enthusiasm for stablecoins, with various projects and funds pouring in; on the other hand, Hong Kong regulatory authorities have maintained a prudent attitude, seemingly a bit overly cautious. This contrast precisely reflects a common contradiction in the Crypto Assets industry: the conflict between the desire for rapid development and the reality of risk management.

Industry experts point out that China's mainland's re-engagement in the crypto world may start with stablecoins. This viewpoint reflects the potential trend of global currency competition. As digital payments become increasingly prevalent, stablecoins play a key role in the crypto world, and their influence has far surpassed that of simple trading tools. In the future landscape of digital finance, those who can dominate the standards of compliant stablecoins may seize the initiative. This perhaps explains Hong Kong's cautious approach to grasping opportunities while being wary of rash actions regarding stablecoins.

However, many people have misconceptions about stablecoins. Some views equate stablecoins with everyday digital currency payments, believing that in the future, USDT may be used to purchase daily necessities. In reality, the core value of stablecoins lies in acting as a 'transshipment station' for Crypto Assets. Given the high volatility of cryptocurrencies such as Bitcoin and Ethereum, it is not practical to use them directly for transaction settlements. The role of stablecoins is similar to building a bridge between high-value but volatile assets (like gold) and everyday trading mediums.

As an international financial center, Hong Kong's development strategy in the stablecoin field is worth following. Finding a balance between regulation and innovation, leveraging stablecoins to promote digital financial development while managing risks, are challenges and opportunities that Hong Kong faces. In the future, the evolution of Hong Kong's stablecoin market may have a profound impact on the global Crypto Assets ecosystem, which is worth our continued attention.