#特朗普数字资产政策新方向 The recent developments regarding stablecoins have been quite significant. Both Hong Kong and mainland China have taken action almost simultaneously, with the regulatory hammer already coming down.

Starting with the mainland: the official stance is very clear—activities related to stablecoins are classified as illegal financial activities. Not only are they to be halted, but there will also be criminal liability pursued. So far this year, over 300 cases have been handled, with funds totaling 4.6 billion frozen. This pace clearly shows an intention to clear the way for the promotion of the digital yuan.

Now, looking at Hong Kong: new regulations have already been implemented, and the core point is this—Tether hasn’t obtained a license, so retail investors can no longer touch USDT; only professional investors are eligible to trade it. Hong Kong’s intention is clear—use high thresholds to filter out compliant institutions and guide stablecoins toward scenarios like cross-border payments and tourism spending.

What will this wave of actions bring?

USDT trading in the mainland will basically grind to a halt. Funds will either shift to the digital yuan or look for other compliant channels. Stablecoins like USDC, which have higher transparency and stronger compliance, may see new opportunities. Hong Kong's move is essentially to use strict regulation to attract large institutions and create a high-end financial pilot zone.

Now the question is: with the world’s largest stablecoin restricted in two key markets at the same time, will the industry face a reshuffle? Can Hong Kong’s regulatory experiment truly become a new entry point for mainstream capital?

Let’s wait and see.