Hong Kong's regulatory practices are not an isolated event but a microcosm of the global trend of major economies strengthening stablecoin oversight. Looking ahead, the development of stablecoins will exhibit the following trends:

1. Global Regulatory Convergence: Compliance as the Only Path Forward
   Major economies such as the U.S., EU, U.K., and Japan are advancing or have already implemented stringent stablecoin regulatory frameworks. For example, the U.S. GENIUS Act and the EU’s MiCA require 100% reserve backing, mandatory audits, and licensed operations. This means that only stablecoins meeting the rigorous compliance requirements of major global markets will survive and thrive. The "compliance cost" for global stablecoins will rise sharply, creating a formidable "compliance moat."

2. Market Restructuring: The Matthew Effect Intensifies
   Under strict regulation, resources will concentrate toward leading compliant institutions. USDC, due to its high compliance standards, may further solidify its market position, while USDT could face greater challenges if it fails to fully disclose its reserves. Meanwhile, traditional financial institutions (e.g., banks, payment giants) will leverage their capital, compliance, and customer bases to become key players in the stablecoin market. Tech giants like Ant Group and JD.com could open new growth avenues if they secure licenses in critical markets like Hong Kong.

3. Competition and Collaboration with CBDCs: Building the Future Payment Ecosystem
   The rise of stablecoins will create a dynamic of competition and cooperation with central bank digital currencies (CBDCs). CBDCs, backed by national credit, offer higher security and will dominate domestic payments and monetary policy transmission. Compliant stablecoins, however, may play a complementary role in cross-border payments and specific scenarios (e.g., supply chain finance, RWA tokenization). In the future, a diversified payment ecosystem comprising CBDCs, compliant stablecoins, and traditional payment tools will gradually take shape.

4. Convergence of Technology and Regulation: Enhancing Transparency
   Blockchain’s transparency will empower regulation. Regulators may require issuers to adopt "on-chain real-time audits" to make reserve assets verifiable by both authorities and the public, thereby resolving "trust" issues conclusively. Privacy technologies like zero-knowledge proofs (ZKPs) will also help meet KYC/AML requirements while protecting user privacy.

Conclusion

As a product of financial innovation, stablecoins undeniably hold value. Yet beneath their allure, risks such as centralization, liquidity, and compliance loom like the Sword of Damocles. In 2025, with the implementation of global regulatory frameworks like Hong Kong’s Stablecoin Ordinance, stablecoins are transitioning from a "free realm" to an "era of rule of law." Recent interventions by Hong Kong regulators against market speculation and their cautious approach to licensing reaffirm their determination to establish a "global digital financial hub."

For market participants, only by embracing regulation, adhering to compliance, and enhancing transparency can they navigate the digital financial wave steadily. Investors, meanwhile, must discard the simplistic notion that "stable equals safe," deeply understand the inherent risks, and invest rationally. The future of stablecoins lies not in disrupting tradition but in becoming a robust bridge connecting traditional finance and the digital world—within the framework of regulation.