Suddenly discovered that Hong Kong has a characteristic in cryptocurrency regulation. Regarding a new matter, it likes to wait until 80-90% of the discussions in the United States are basically settled, and then take advantage of Hong Kong's smaller size and faster progress to push ahead with a single step. The ETH ETF is like this, and so is the stablecoin license this time. After the United States passed the Genius Act first, and before regulatory rules were fully established and stablecoin licenses were officially issued, Hong Kong seized this time window and took the lead in issuing stablecoin licenses. It can be seen that Hong Kong's stablecoin scheme refers to the stablecoin scheme of the United States, but the Hong Kong scheme has a higher level of user care for stablecoins. For example, the regulations specifically emphasize that no restrictions shall be placed on the redemption of stablecoins. For example, the Hong Kong Monetary Authority also announced that the demand for stablecoin redemptions will be processed within one day. In this case, stablecoins are unlikely to detach from their anchor. Currently, the most anticipated companies in the market to obtain a stablecoin license may be HSBC and Standard Chartered in Hong Kong. Of course, the operations of these two banks were unlikely to be off anchor. The scale of this stablecoin in Hong Kong is not significant in the short term for banks of the same size as HSBC and Standard Chartered. This is more of an attempt by these banks to innovate in finance, similar to keeping up with the trend of the times. But for institutions like HashKey, it may actually have greater significance. Because HashKey @ HashKeyGroup In Hong Kong, it is not just an exchange, but more like an infrastructure. After obtaining these compliant stablecoins issued according to licenses, these stablecoins may need to find a scenario. Especially since the stablecoin bill in Hong Kong stipulates that these stablecoins cannot be used to generate interest, it is clear that these stablecoins cannot be used as a means for banks to attract customers through wealth management. So on platforms like HashKey, there is a need for exchange between different stablecoins, stablecoins and cryptocurrencies, and RWAs. In addition, many people may not know that retail investors cannot use USDT and USDC on compliant exchanges in Hong Kong. Only high net worth qualified investors (also known as PIs) can use these offshore stablecoins. PS: Even Hong Kong's cryptocurrency exchange shops can buy and sell BTC, ETH, BNB in Hong Kong dollars, but they just blacken the USDT icon, which is amazing. So individual investors have always traded in Hong Kong dollars. And once it comes to accessing the bank, it becomes more complicated. After the issuance of stablecoin licenses, stablecoins can also be more convenient for retail investors to deposit and withdraw funds. A few days ago, there was another news that Kraken had connected to Fedwire. Fedwire is similar to a settlement channel between banks in the United States. When Kraken used to access these settlement channels, recharging and withdrawing, especially for large amounts, would be delayed for several days. But when it connects to the Fedwire settlement channel, Kraken itself becomes a part of the settlement channel, transforming from an outsider to a member of the infrastructure. So compliant encryption institutions like HashKey also have the opportunity to become a part of Hong Kong's financial system. It is no longer an outsider or a scrutinized crypto institution, but has become a part of this financial system. This is the tactics of the regular army, isn't it. I don't know how much new capital this stablecoin solution will ultimately bring. However, with the backgrounds of Standard Chartered and HSBC banks, there is still hope that it can achieve a good volume, as these two brands are displayed here. Of course, this is also based on the current situation analysis. The specific person who will obtain the license still depends on the official approval from the Hong Kong Monetary Authority.