On May 21st, the moment the Hong Kong Legislative Council passed the stablecoin regulation bill, the chat in the adjacent crypto exchange group went completely wild:
"The license era is officially open, and small players have no chance!"
"Now rushing to issue stablecoins? Don't go if you're not tough enough!"
"PayFi is the real gold mine, act now or miss the opportunity!"
Clamor, anxiety, and excitement intertwined. However, the true Web3 veterans remained unusually calm. They knew that the bill's passage was not the end, but precisely the moment when the new game rules started. As those stablecoin giants began queuing to apply for their "Hong Kong identity cards", a deep and quiet wealth redistribution drama surrounding the stablecoin ecosystem was just beginning to unfold.
Entrepreneurs, don't just focus on the giants fighting, but keep your eyes on the ground beneath their feet - where numerous new tracks are cracking open, waiting for you to stake your claim!
Stablecoin "License Game": Hell Mode Activated, Newbie Village Closed!
Let me be clear upfront: if you're still thinking about "getting rich overnight by issuing a stablecoin in Hong Kong", I advise you to drop that idea immediately. This track has been locked as an "exclusive dungeon for paying players". Let me explain the specific difficulties:
[The rest of the translation follows the same professional and accurate approach, maintaining the original tone and technical terminology]Regulatory requirements mandate that stablecoin issuers must monitor transactions in real-time, and immediately report suspicious addresses (such as those associated with exchange hackers). This requires a "chain-based whitelist and blacklist screening tool", like developing an API that connects to data from major public chains, helping issuers automatically identify risk addresses. For example: if an address suddenly transfers 100,000 USDC and then disperses it to 100 new addresses, the system can automatically trigger a warning, indicating potential money laundering. Such a tool charges annually, with 10-20,000 per client, and 10 clients can support a small team.
2. Audit Services: Giving Stablecoins a "Physical Examination"
Previously, USDC released a monthly reserve report, which was well-received because users need to know their money is truly guaranteed. Now, Hong Kong regulations require issuers to regularly disclose reserve information, necessitating a professional audit team. You could establish a "stablecoin audit firm" to help issuers perform real-time reserve verification, such as checking if their bank account balances match the circulating stablecoin quantity, and issuing transparent reports. Such services charge high fees and require professional qualifications, and once securing a few major clients, can establish industry barriers.
3. Regulatory Technology (RegTech): Making Compliance "Automated"
Many small and medium-sized issuers lack the capability or necessity to develop compliance systems, so you could create a "compliance report generator" that integrates their financial and on-chain transaction data to automatically generate reports meeting financial authority requirements with one-click submission. Similar to current tax software, it simplifies complex compliance processes into "one-click operations", with tools charging hundreds to thousands of Hong Kong dollars monthly, potentially earning big money with a large customer base.
(Three) Core Track Three: Cross-Chain Bridging - Becoming the "Ferryman of the Stablecoin World"
The Multichain universe is an inevitable trend. This brings explosive growth in stablecoin cross-chain demand, especially in:
- Enterprise Payment Scenarios: When the sender's on-chain stablecoin and receiver's required chain/fiat currency differ?
- DeFi Settlement and Arbitrage: Differences in stablecoin interest rates and liquidity across chains present opportunities, but how to move them low-cost and efficiently?
When USDC comfortably sits on Ethereum, USDT plays on TRON, and a Hong Kong tea restaurant only recognizes HKD... A safe, fast, low-slippage stablecoin cross-chain bridge becomes an urgent necessity!
- Opportunity: Develop a secure, efficient, low-slippage cross-chain protocol or service focused on stablecoins. Prioritize supporting mainstream public chains in the Hong Kong market: ETH, Solana, TON, Polygon, etc.
- Technical Lifeline: Security! Security! And more security! The Nomad bridge's billions stolen overnight is still fresh in memory. Your bridge must be fully armed: consider introducing advanced cryptographic technologies like zero-knowledge proofs for security verification, with multi-signature and decentralized oracle networks being essential. Security is the 1, everything else is zeros behind it.
- Avoid Legal Red Lines: When designing mechanisms, strictly prevent being deemed by regulators as covert token issuance (like arbitrarily increasing assets through bridges) or causing multi-chain inflation. This requires close collaboration between legal and technical teams.
(Four) Core Track Four: Stablecoin Asset Management - Making "Idle" Stablecoins "Reproduce"
If users' stablecoins just sit idle, they're like cash with no returns, but Hong Kong stablecoin regulations prohibit issuers from directly providing interest, so what can be done? Asset management services are needed to help users make their stablecoins "generate money":
1. Accessing DeFi Protocols: Earning Interest Rate Spreads
You could create a platform connecting users' stablecoins to lending protocols like Compound and Aave, with users earning interest after deducting service fees. For instance, Compound's current USDC lending rate is 4%, you take a 1% service fee, leaving users with a 3% net return, much higher than bank savings. But remember: absolutely no guaranteed principal! Prominently display risk warnings, like a large headline: "DeFi involves risks, invest cautiously", otherwise users might sue if the market crashes.
2. Real-World Asset (RWA) Returns: Investing in Government Bonds, Real Estate
Besides DeFi, stablecoins can be invested in real-world assets, like tokenized US government bond products. Users buy "bond tokens" with USDC and receive periodic interest, with you collecting management fees. This model is more compliant as government bonds are low-risk assets with high regulatory acceptance. Many Hong Kong asset management companies excel in RWA, so you could collaborate with them for front-end sales and compliance coordination.
Teams like Circle (through its asset management branch), Maple Finance (focusing on institutional lending), and Ondo Finance (RWA pioneers) are already exploring this path. Hong Kong, with its mature financial market and open regulatory attitude, is perfectly positioned to implement and scale this model compliantly. Suitable for teams proficient in financial engineering, structured products, and navigating compliance frameworks.
(Five) Core Track Five: Reserve Asset Management - Becoming the "Stablecoin's Butler"
Stablecoin issuers seeking licenses must have top-tier custody, management, and risk control for their reserve assets (cash, short-term government bonds, possibly some high-rated RWAs). This means:
- Surge in demand for professional asset custodians (requiring corresponding licenses).
- Audit institutions need to provide more granular services.
- Asset assessment institutions need to provide real-time or high-frequency pricing.
- Even specialized teams are needed for government bond allocation strategies and forex hedging solutions (also requiring licenses or strong qualifications).
Core logic: Don't build the ship (issue tokens), but become the essential "ballast" and "escort" for the ship! Hong Kong locally possesses Asia's top financial custody, clearing, and asset management ecosystem, which is the natural home-field advantage for local professional service institutions.
The Table is Set, Which Chair Will You Choose?
The implementation of Hong Kong's stablecoin regulations is far from the final chapter. It's more like a clear, powerful gunshot in the global stablecoin regulatory race. While New York legislators are still arguing and Singapore's framework is being patched, Hong Kong has already unveiled clear, predictable rules aligned with international standards - this itself is a massive, scarce institutional dividend!
Stop fixating on "token issuance" at the pyramid's peak. Look at the ecosystem around you: some earn millions from payment interfaces, some sell compliance tools valued over billions, some secure top institutional investments through cross-chain bridges. The Hong Kong stablecoin game has begun. While giants sit and issue tokens, we ordinary people can still claim a place in this new financial era by doing things like "selling tea and renting chairs next to the gaming table".
Finally, a word for everyone: In the Web3 world, smart entrepreneurs never directly confront giants, but instead dig their own gold mines in corners they can't see. In the license-driven Web3 new era, compliance is no longer just a baseline, but your sharpest, most indispensable entry ticket! Understand the track, lock onto the ecosystem position, and you can pan for true gold in this Hong Kong-led stablecoin wave.
