#数字货币市场洞察 Regulatory shifts in two regions have suddenly changed direction, and the stablecoin market is undergoing an unprecedented reshaping.

**Mainland Moves**: Regulatory authorities have now explicitly classified stablecoin-related activities as illegal financial conduct—not only are they fully banned, but those involved may also face criminal charges. Data shows that since the start of this year, authorities have handled over 300 related cases and successfully intercepted 4.6 billion yuan in funds involved. Clearly, this wave of action is paving the way for the digital yuan.

**The New Order in Hong Kong**: After the new regulations took effect, since Tether hasn’t obtained the necessary license, retail investors can no longer trade USDT—only professional investors can continue to participate. Hong Kong’s intentions are clear: use high entry barriers to filter for compliant players and steer stablecoins toward real-world scenarios like cross-border payments and tourism settlements.

**What’s next for the market?**

Capital will inevitably be redistributed. The USDT market in the mainland will shrink rapidly, with funds either flowing into the digital yuan system or looking for other outlets. Stablecoins like USDC, which have greater transparency and compliance, might actually benefit from this. Hong Kong’s “strict regulation + pilot program” combo clearly aims to attract institutional capital and create a high-end, compliant financial pilot zone.

With key markets taking action against mainstream stablecoins, industry reshuffling has already begun. Can Hong Kong use this regulatory framework to become the new gateway for capital? The market will give the answer. $BTC What do you think about this move?