#稳定币市场发展 Seeing the 33% year-over-year growth of Hong Kong's Q3 virtual asset spot ETF, I am reminded of the several turning points we've experienced over the past decade.

Remember the 2017 market boom? Everyone was trading coins, but truly regulated investment channels were few and far between. At that time, stablecoins were just emerging, and people were still debating what they actually were. Fast forward to 2022, with Luna's collapse and FTX's explosion, the market once again faced a trust crisis. Many people completely exited, but from that lesson, I saw a logic: markets lacking regulation and compliance ultimately cannot go far.

Looking at Hong Kong's data now—tokenized retail currency market fund assets growing by 557%, from zero to HKD 5.48 billion—this implication is worth deep reflection. This is not just simple numerical growth; it signals that the traditional financial system is truly beginning to embrace tokenized assets. Stablecoins are moving from the fringe to the mainstream, no longer just a crypto hype but a reality even banks have to face.

However, seeing the regulatory authorities issuing joint risk warnings in August makes me feel more reassured. What does the risk warning indicate? It shows they are taking this market seriously. History has shown that unregulated prosperity is often short-lived. This time is different because the growth is happening within a regulatory framework.

The biggest difference in this cycle compared to the past is—expansion of compliant channels. From 11 ETFs to now, from sporadic products to a systematic layout, the Asian market is slowly but steadily building a sustainable ecosystem. This is what can truly go far.