#稳定币监管与发展# Looking back at the development of stablecoins over the years, it is truly emotional. From the emergence of USDT, to the endless variety of innovative models, and now to the tightening of regulations and the cooling of the market, it has been a roller coaster ride. As one of the global financial centers, Hong Kong's changing attitude towards stablecoins is particularly worth following.

Recently, I heard that Hong Kong may narrow the scope of the first batch of stablecoin licenses to 3-4 companies, which reminds me of the regulatory storm triggered by the Libra project in 2019. At that time, governments around the world were highly vigilant about privately issued global stablecoins, ultimately leading to the failure of Libra. Now, Hong Kong is acting cautiously, perhaps learning from that lesson.

However, Chinese financial institutions remain highly interested in compliant stablecoin operations in Hong Kong, which is a positive signal. Looking back to the rapid rise of USDC in 2020, I had a premonition that traditional financial institutions would eventually play an important role in the stablecoin sector. It now appears that this trend is gradually becoming evident.

Another thought-provoking topic is the construction of public chains. Some argue that national-level backbone public chains should be led by central state-owned enterprises, while industry-level public chains should allow for market competition. This reminds me of the "Golden Bridge Project" in the early development of the internet. History tends to repeat itself; the development of new technologies often requires a balance between government and market forces.

Looking at the development history of stablecoins, from wild growth to gradual regulation, and now to a deep integration with traditional finance, it mirrors the maturation process of blockchain technology itself. In the future, stablecoins are likely to become a key link between traditional finance and the crypto world. However, at the same time, finding a balance between innovation and regulation will remain a long-term challenge.