Recently, two major events worth paying attention to have occurred in the stablecoin ecosystem, one from Hong Kong and the other from domestic policy levels. Although these two events seem independent, they together send the same signal — stablecoins are no longer a sector that is outrightly rejected, but are moving towards a new stage with barriers and regulatory oversight.

**Hong Kong Stablecoin License Coming Soon**

The regulation of stablecoins in Hong Kong, which has been delayed for more than half a year, is finally about to take action. According to relevant reports, it is expected that by early 2026, Hong Kong will officially issue the first batch of stablecoin licenses. Once this news broke, the entire stablecoin sector became energized.

Why is this so important? Simply put, a licensing system means that stablecoins are shifting from being outrightly rejected to being regulated. However, it’s important to note that this does not mean full deregulation. The regulatory authorities remain cautious, and in the short term, the push is likely driven more by sentiment and expectations.

The real players with a chance are not those riding the wave of concepts, but those with actual business capabilities and the ability to obtain licenses — such as fintech companies, cross-border payment service providers, and compliant settlement institutions. These are the players who can benefit from the new licenses.

**Domestic Cross-Border Payment "Big Package" Arrives**

Another major event occurred recently, when the national level explicitly proposed to accelerate the promotion of central bank digital currencies (CBDCs) in cross-border payments and international settlements. The document supports multi-party CBDC bridge projects and promotes cross-border CBDC payments with countries like Thailand, the United Arab Emirates, and Saudi Arabia, while also piloting digital renminbi cross-border payments between the mainland and Singapore.

In plain language, this means that in the future, doing business with these countries can be settled directly using CBDCs. Faster transactions, lower fees, and secure guarantees. Sounds similar to the advantages of USDT, right? The difference is that behind it stands the credibility of the central bank, not a private institution.

**Market Landscape Is Quietly Changing**

Why is this so crucial? Just look at the current situation of USDT to understand. Once the standard for cross-border payments, USDT now faces a rather awkward situation — it has been exposed to being misused by illegal organizations, frequently targeted by regulators, and rated poorly by rating agencies. Its market share has significantly shrunk compared to its peak.

Meanwhile, CBDCs backed by official endorsement offer better guarantees in compliance, security, and liquidity. This is an important variable that cannot be ignored in the stablecoin sector.