#数字货币市场洞察 $LUNA $LUNC $BNB

Stablecoins are really having a tough time.

On the mainland, they’ve escalated stablecoin business to a criminal matter—13 departments jointly issued a statement to crack down on the entire chain: issuance, trading, and payments. Overseas platforms that solicit domestic users are also being cleaned up. The numbers speak for themselves: in the first ten months of 2025 alone, authorities intercepted 4.6 billion yuan in funds involved in these cases. Gray areas? Basically gone.

Hong Kong is even tougher. Retail investors want to touch USDT? No way—only professional investors are allowed to play. The bar for license applications is ridiculously high—starting at 25 million HKD, plus you need to prepare 100% liquidity reserves. The result? Not a single license has been approved so far. Even Tether itself didn’t make the cut and got kicked out.

But the story doesn’t end there.

While regulation is tightening, the compliant track is booming. Hong Kong is integrating stablecoins into cross-border trade and supply chain finance—Caesar Travel has already enabled overseas tourists to instantly exchange stablecoins for RMB, boosting settlement speed by 90%. Top-tier VCs like Sequoia have already started positioning themselves.

USDT’s monopoly is also loosening. S&P downgraded its stability rating to “weak,” and its share of domestic OTC trading—which once stood at 90%—is slipping. Meanwhile, the cross-border payment volume of the digital yuan has already surpassed 10 trillion yuan—the compliant path is now open.

This round of reshuffling is weeding out the wild players, leaving only those truly connected to the real economy. The capital isn’t disappearing; it’s just choosing new channels. Who will seize this wave of opportunity? It depends on who can move fast enough—and stay compliant.