#稳定币发展趋势 Reflecting on the development history of stablecoins, I can't help but feel emotional. From the initial USDT to later USDC, DAI, and others, stablecoins have experienced several cycles of ups and downs. Today, the central bank has for the first time defined stablecoins, explicitly categorizing them as a form of virtual currency, which is undoubtedly an important milestone.

This reminds me of the regulatory storm triggered by the Libra project in 2019. At that time, concerns from various governments about private stablecoins were echoed in the statements from central banks—issues like customer identity verification and anti-money laundering remain key pain points. History always repeats itself in surprising ways.

However, unlike in 2019, Hong Kong has now taken substantial steps in stablecoin regulation. The central bank's recent statement does not seem to affect Hong Kong's related plans, which perhaps indicates that the future development of stablecoins will adopt a "one country, two systems" approach. Mainland China maintains strict control, while Hong Kong remains open—this differentiated strategy is worth our deep reflection.

Looking back at the past and ahead to the future, I believe the development trend of stablecoins will focus more on compliance and practical applications. Cross-border payments, supply chain finance, and other scenarios may become the main battlegrounds. As industry witnesses, we need to stay rational and alert, seeking a balance between regulation and innovation. After all, history has shown us that every transformation contains new opportunities.