Hong Kong's stablecoin legislation is supposed to compete with the United States, and many people are cheering, but I am not very optimistic. Think about the previous Bitcoin Ethereum spot ETF and exchange licensing system, which were ahead of the United States. How do they compare with ETFs and exchanges in the United States now? Maybe less than one percent of the other party's. Wu Zhuangjie said the truth: 'Don't wake up early again and rush to the evening gathering.'. In recent years, Hong Kong has actively developed Web3 and has achieved some results, but due to insufficient liquidity and strict regulation, it is still in its infancy. Do you know that currently the Hong Kong Compliance Exchange only approves four tokens for retail trading, BTC ETH LINK AVAX， It's ridiculous. I wonder if the approver's mind went wrong? Perhaps what Hong Kong should do is not to compare with the United States, but to better become a safe haven for WEB3 in Greater China, which is relatively more realistic.