#ETH走势分析 $LUNA $LUNC

Regulatory policies in both regions are tightening simultaneously, and the stablecoin market landscape is undergoing a profound restructuring.

On the mainland, 13 ministries jointly issued a document bringing stablecoin activities under criminal liability—issuance, trading, payment use, and domestic user acquisition by overseas platforms are all explicitly defined as illegal financial activities. Data shows that in the first 10 months of 2025, funds intercepted in related cases have reached 4.6 billion yuan, indicating a clear escalation in enforcement efforts.

In Hong Kong, the "Stablecoin Ordinance" has established a strict entry system: retail investors are prohibited from trading unlicensed stablecoins such as USDT, with participation limited to professional investors; license applications must meet a 25 million HKD capital requirement and a 100% liquidity reserve. So far, no institution has successfully obtained approval, and several major issuers including Tether have yet to meet compliance standards.

Despite policy pressures, new application scenarios are emerging.

Caesar Travel has enabled overseas tourists to exchange compliant stablecoins for RMB in real time, improving settlement efficiency by 90% compared to traditional methods. Leading institutions such as Sequoia Capital are starting to deploy cross-border trade and supply chain finance solutions that meet regulatory requirements. Meanwhile, the cross-border payment volume of the digital RMB has surpassed 10 trillion yuan, signaling a clear policy direction.

At the market level, USDT’s dominant position is also being challenged—S&P recently downgraded its stability rating to "weak," even though this coin once accounted for over 90% of mainland OTC trading volume. Capital is now seeking new pathways.

The essence of this regulatory storm is not to eliminate demand for stablecoins, but to force the industry to complete a transformation toward compliance. Projects that can link to the real economy and meet the genuine needs of cross-border settlements may gain unprecedented development opportunities in this reshuffling.

The rules of the game have been rewritten; the next phase belongs to participants who truly understand the value of compliance.