#稳定币 Seeing Hong Kong's stablecoin regulations pass in the Legislative Council, the first thought that came to mind was—this is a bit late, but the timing is right.

Remember the ICO boom of 2017? The concept of stablecoins emerged around that time, and USDT has survived to today thanks to its simple and straightforward backing model. Later, after Luna's collapse and FTX's downfall, market trust in stablecoins was deeply shaken. But the development trajectory over these years shows that stablecoins have long shifted from being an "option" to becoming infrastructure—no matter how you view Web3, you can't avoid them.

Hong Kong's policy moves this time are quite interesting. Instead of taking a radical, all-at-once approach, they are "progressing steadily"—starting locally, then internationally; starting with sandboxing, then regular regulation. I've seen this rhythm many times before. The EU's MiCA regulation followed this path, and Singapore's regulatory framework follows this logic as well. The more complete the rules, the more genuine institutional applications will come in.

Even more worth noting is the RWA (Real-World Assets) direction. It's not a new concept, but it is moving from theory to practice. The intersection of traditional finance and Web3 is here—no longer just trading tokens, but truly mapping real assets on the chain. Real estate, debt, commodities—flowing through compliant stablecoin systems—this is what can truly change the game.

The influx of developers also confirms this point. As infrastructure improves, innovators will naturally follow. This is a very clear signal.