Opinion: Hong Kong's First Stablecoin Licenses Are Issued—The Real Winners Aren't the Issuers, But Someone Else (Author: Lawyer Shao Jiadian | Mankun Blockchain Legal Services) Hong Kong's first batch of stablecoin licenses has been issued. Regulators aren't choosing 'who understands Web3 better,' but rather 'who is most controllable.' Issuing stablecoins has turned into a 'heavy asset, heavy compliance' infrastructure business with squeezed profit margins. The real winners aren't the issuers, but those who control the flow of funds in scenarios like trading settlements, cross-border payments, and RWA. Read the full article: https://www.(wublock123.com)/articles/hong-kong-first-stablecoin-licenses-winners-not-issuers-58842