The biggest difference between stablecoin issuance in Hong Kong and the US is that distributors/custodians are required to buy insurance. This means the larger the stablecoin issuance scale, the higher the insurance cost. Plus, the insurance premium for stablecoins in Hong Kong hasn’t even been set yet—it’s entirely up to the insurance companies. Also, Hong Kong doesn’t have issuers like Coinbase that dare to go head-to-head with regulators. Licensed institutions here are super compliant and definitely won’t use commission rebates to attract users. Let’s all feast together as a village