Recently, the stablecoin market has indeed made a lot of big moves, and the two important markets have tightened their policies almost simultaneously.

Let's talk about the mainland first. The regulatory attitude has been very clear - stablecoin transactions are classified as illegal financial activities. Data shows that more than 300 related cases have been handled this year, involving more than 4.6 billion yuan. This strength is not pretending, but really cleaning up the entire gray area. The logic behind it is not difficult to understand: clear obstacles for the central bank's digital currency and allow the flow of funds to a more controllable track.

Hong Kong took a different route. After the implementation of the new regulations, TEDA has not obtained the operating qualification, and ordinary users can basically not touch USDT. The current entry threshold is set at the level of professional investors, and retail investors are directly blocked from the door. This design is quite interesting - it is not a one-size-fits-all ban, but guides the use of stablecoins in the direction of cross-border payment and commercial settlement, and at the same time uses high thresholds to screen out institutional players.

The combination of these two policies may lead to some changes in the market landscape:

USDT trading volume in the mainland is likely to decline rapidly, and funds will either turn to the official digital currency system or look for other compliance channels. More transparent stablecoin varieties, such as USDC, may find room in this round of adjustments. If Hong Kong's "high-end experimental field" operates smoothly, it may become a new channel for large funds to enter the market.

Stablecoin leaders have been blocked in the core area, and the impact of this situation on the entire industry is still fermenting. Will Hong Kong's attempt really become a new entry point for compliance funds? What do you think of this wave of operations?