Stablecoins are really under the spotlight this time! Two regions are taking action simultaneously, but their approaches are completely different.

On the mainland, it's straightforward and tough—they’re directly putting stablecoins under the virtual currency regulatory framework, sticking to the old rules. The main goal? To block capital outflows and curb the spread of telecom fraud (though no specific figures have been released by officials).

Hong Kong, on the other hand, is much more pragmatic. They’re implementing a licensing system: want to issue stablecoins? Get a license first. It's currently in a transitional period, and eligible institutions can submit applications. This isn’t a total crackdown; it’s more like testing whether "compliance" can actually work—if it does, legitimate funds will be able to enter the market openly.

What will this move bring?

The market will definitely reshuffle. With pressure from both the north and south, stablecoins trying to penetrate the mainstream market on a large scale will find it extremely challenging. The players who survive will have only two options: either strictly comply with regulations or pack up and play elsewhere.

More importantly, the entire industry has to recalculate the cost—compliance costs. Previously, compliance was a bonus; now it’s a matter of survival. Not compliant? Then forget about staying in the game.

Going forward, just keep an eye on two signals: will the mainland escalate the ban with detailed rules? Who will be the first to get a license in Hong Kong? These two developments will basically determine the next trend.

The market is repricing the concept of "compliance." Those watching on the sidelines can keep an eye on the movements of ZEC, TRADOOR, and AIA.