The Era of Stablecoins Has Arrived: A Comprehensive Analysis of the Overall Layout

The Web3 world has entered a new compliant "Age of Exploration". Just like the navigators 500 years ago who sailed into unknown seas in search of wealth and opportunities, today's Web3 explorers are expanding into new digital territories. In this era, Hong Kong has taken the lead in setting a beacon — stablecoin. On May 30, 2025, Hong Kong officially passed the "Stablecoin Regulation", marking the formal implementation of Asia's first systematic regulatory framework for fiat stablecoins.

With the clarification of the rules, the routes become clear, allowing the "ships" of Web3 to navigate orderly towards further destinations. In this new era, a key role is gradually emerging, becoming an important support for the stablecoin ecosystem.

Although it does not directly appear on the list of stablecoin sandboxes in Hong Kong, this role is building a complete pathway for the issuance of stablecoins through its comprehensive ecological layout. Its trading platform will become the "first liquidity stop" for stablecoin issuance; the self-developed public chain provides technical support for the circulation of stablecoins; and its OTC business, as one of the very few primary agents with the native minting rights of USDC, will also become the "super engine" of stablecoin liquidity.

Build a "Depth Safe Harbor"

After the stablecoin is issued, where can users buy it? How can it be used? This is a very practical question.

If we compare blockchain to a global transportation network, stablecoins are the cargo ships that carry value within it. These cargo ships need to dock at "deep-water ports"—which must accommodate ten-thousand-ton supertankers while ensuring orderly docking according to the rules.

Therefore, as multiple companies compete to enter the Asian stablecoin market, the initial listing gateways for these stablecoins have coincidentally pointed to the same trading platform. This platform is the largest licensed virtual asset exchange in Hong Kong, and in 2024, its trading volume surpassed 600 billion Hong Kong dollars, boasting strong liquidity depth, and has become an indispensable "fiat gateway" in the crypto market. Meanwhile, this exchange has obtained digital asset-related licenses from multiple regions including Hong Kong, Singapore, Japan, Dubai, and Bermuda, providing a secure and compliant trading environment.

This dual guarantee of compliance and liquidity naturally makes it the "first stop for liquidity" in stablecoin issuance. It is worth mentioning that this exchange also has highly competitive market rates. According to public data, its USDC/USD trading fee is 0.03% (three ten-thousandths), which is much lower than most traditional banks or offline exchange institutions.

From "fiat gateway" to "stablecoin gateway", this trading platform is connecting global payment channels. Currently, the platform supports multi-currency fiat deposits and withdrawals, connecting multiple fiat channels including US Dollar, Hong Kong Dollar, Singapore Dollar, and UAE Dirham. Through efficient trading methods, users can achieve low-cost and high-efficiency exchanges between stablecoins and various fiat currencies.

This allows stablecoins to not only serve as efficient payment tools but also to truly integrate into the traditional financial system, taking root in more practical scenarios.

Building the "Golden Channel"

The prosperity of stablecoins has never depended on the number of public chains, but rather on whether public chains can truly support the deep demand for the circulation of their value. A public chain that highly aligns with the characteristics of stablecoins can not only contribute to the growth of its own ecosystem but also inject safety, efficiency, and scenarios into stablecoins, ultimately achieving a win-win situation.

The data confirms this logic. According to Chainalysis data, in the first quarter of 2025, USDT on the TRON network accounted for over 50% of the global stablecoin trading volume, surpassing Ethereum for the first time to become the largest issuing public chain. Technical adaptation and deep cultivation of scenarios have created a strong binding between a public chain and stablecoins.

An emerging compliant public chain is becoming the "Golden Passage", safely bringing the capital giants of the traditional world into the compliant harbor of Web3. The value of this public chain goes far beyond compliance itself; its core advantage lies in constructing a complete "Issuance - Scenario - Assetization" closed loop, promoting stablecoins to break the limitations of mere payment tools and truly integrate into the cycle of the financial system.

When stablecoin issuers access this public blockchain, they are connecting to a complete ecosystem that directly integrates compliant trading platforms, efficient fiat exchange channels, and institutional-level liquidity networks, significantly shortening the path from issuance to circulation.

More importantly, the stablecoins deployed on the chain can seamlessly enter diversified financial application scenarios. After users hold stablecoins, they can be instantly exchanged for tokenized security shares on the platform. Here, stablecoins are no longer just a medium of exchange; they have upgraded to a hub for investors to manage on-chain portfolios and asset allocation. Currently, three products have been deployed on this public chain: "CPIC Estable MMF" tokenized dollar fund, a currency market ETF fund of a certain company in HKD/USD, and the multi-currency tokenized security "GF Token" from a certain brokerage firm. In the future, more financial asset tokenization products will be launched on the chain.

The value of this public chain is to evolve stablecoins from a single payment and settlement function into the "blood" that efficiently circulates within the on-chain financial system, forming a complete closed loop from transactions to applications.

Open "High-Speed Waterway"

Traditional OTC markets often resemble a winding old riverbed—funds need to flow through layers of intermediaries, and every bend can increase costs, cause delays, and even introduce risks. In contrast, an emerging OTC platform is like a "high-speed waterway" that directly connects to the core water source—leveraging its connectivity across Asia and the Middle East to enable faster and cheaper movement of stablecoins.

The uniqueness of this OTC platform lies in its direct connection to the source of stablecoins — it is one of the few global first-level agencies that possesses the authority to mint USD stablecoins directly from a certain stablecoin issuer. This means that large institutional users can carry out large-scale stablecoin minting and redemption through it with source-level efficiency and cost. This authority itself serves as a silent endorsement of the platform's compliance and market position.

But that's not enough. The platform has chosen a "two-legged" strategy: one leg firmly rests on the native channel, enjoying institutional-level pricing and real-time settlement; the other leg seamlessly connects to a liquidity network built by another stablecoin issuer through strategic partnerships, which currently offers the widest global coverage. Users no longer need to navigate around to find liquidity; they can directly access the core water source, significantly reducing slippage loss during the trading process.

More importantly, the security and speed of capital flow are crucial. This OTC platform has established a unique banking infrastructure in the Asia-Pacific region—it has the same-name account system with two large banks. This addresses the most pressing pain point for institutions—clients' funds flow directly within the same-name accounts at these two major banks on the platform, completely bypassing the risks that third-party custody may bring, achieving a true "zero intermediate layer" settlement. This clearing network, directly supported by top banks, compresses the exchange time of fiat currency and stablecoin to nearly real-time, far surpassing the industry-standard "next-day arrival" (T+1) model. Furthermore, the extremely stringent cooperation access standards of these two banks also provide a strong endorsement for the platform's compliance and risk control capabilities. For institutions, this is equivalent to entering a dedicated, fast, and stable capital expressway.

These capabilities ultimately fell into the daily lives of real users—through this OTC platform, whether traders, investment institutions, or family offices, they can safely and flexibly realize capital flows: a well-known public chain foundation exchanges tokens for stablecoins every month to pay global developers' salaries, achieving "minute-level" settlement in the tens of millions of dollars, saving over 2% in slippage costs; a certain trader uses this platform's new dollar channel to complete instant exchanges between fiat and stablecoins, increasing arbitrage efficiency by nearly 30%; a top Asian venture capital company sold tokens worth tens of millions of dollars through this platform, with a transaction price 2.5% higher than the market average, maximizing investment returns; an Asian family office managing over $1 billion in assets, when liquidating cryptocurrencies, not only received approximately 0.8% transaction premium but also achieved T+0 instant settlement through a bank account with the same name, completely eliminating the risk of freezing.

The core of all this lies in truly unleashing the liquidity of stablecoins, ultimately channeling it into real scenarios that need them, giving meaning to the flow.

Conclusion

For stablecoins to truly enter the real world, they cannot do without the collaborative synergy of compliant trading, underlying technology, and professional services. From trading platforms to public chains, and then to OTC services—a complete ecosystem is gradually bridging this chain, establishing a bridge for digital assets to reach the real world. When stablecoins can genuinely serve global trade, cross-border payments, asset management, and value storage safely, efficiently, and without hindrance, then the "Age of Exploration" in Web3 can be said to have truly set sail.