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Opinion: Hong Kong's First Stablecoin Licenses Are Issued, The Winners Are Not Those Who Issue Coins, But Others Who Make Real Money
(Author: Shao Jiadian Lawyer | Mankun Blockchain Legal Services)
Hong Kong's first stablecoin licenses are issued, and the regulator's choice is not "who understands Web3 better," but "who is most controllable."
Issuing stablecoins has become a profit-squeezed "heavy asset, heavy compliance" infrastructure business.
The true winners are not the coin issuers, but those who control the flow of funds in scenarios such as transaction settlement, cross-border payments, and RWA around stablecoins.
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