#稳定币市场发展 Hong Kong's virtual asset spot ETF has grown by 33% year-over-year, with a total market capitalization surpassing HKD 5.4 billion. This surge is quite impressive. Even more remarkable is the tokenized retail money market fund, whose assets have skyrocketed by 557%, from zero to HKD 5.48 billion. This is truly explosive growth.

Eight fund products have accumulated such a large amount of capital in a short period, indicating that retail investors are rapidly increasing their acceptance of tokenized products. The approach in Hong Kong is very clear—while promoting innovation, regulators are also closely monitoring risks. The Securities and Futures Commission and the Hong Kong Monetary Authority are both reminding investors to pay attention to market fluctuations related to stablecoins.

The most interesting aspect of this data is that market enthusiasm and regulatory caution are advancing in tandem. It shows that everyone recognizes the potential of this direction, but no one wants to take unnecessary risks. The virtual asset market in Asia still has considerable room for imagination, and the key will be whether more compliant products will follow in the future.