With the successful listing of Circle, the leader in compliant stablecoins, a significant benchmark effect has emerged, leading to widespread attention on stablecoins domestically. Various stablecoin payment conferences are emerging, companies are organizing learning activities, and the cryptocurrency community is actively discussing, with experts and scholars engaging in debates.
Amidst the noise, who has really made money?#
In fact, the overall development process of stablecoins can be divided into three stages, each with different roles profiting from it.
Stage One: Applying for Licenses.#
Compliance comes first, and many companies are actively applying for licenses in Hong Kong. The biggest issue with Hong Kong's regulation is its overly stringent requirements, leaving many companies unsure how to meet regulatory standards. At this time, law firms are the first to provide legal consulting services, assisting applying companies in submitting materials and communicating with regulatory agencies. Therefore, in this stage, law firms are the first to profit.
Stage Two: Building Technology.#
Compliance and technology can progress in parallel, with many companies applying for licenses while simultaneously building technical systems to launch stablecoins immediately after license approval, seizing market opportunities. Waiting until the license is approved to start the project would mean missing a valuable time window. Stablecoin payments involve complex processes, including compliance services, asset management, token issuance, liquidity management, and security services, specifically covering KYB, KYT, AML, order management, address management, clearing and settlement, deposits and withdrawals, contract auditing, and on-chain security. However, traditional Web2 companies often lack blockchain development experience and talent reserves, thus needing to collaborate with Web3 technology service companies. In this stage, many crypto technology service providers begin to attract clients and earn direct income.
Stage Three: Channel Promotion.#
Once a license is obtained and technology is built, business operations can commence. Currently, most companies are still in the first or second stage, with the third stage at most in negotiation. However, once business starts, it will usher in a "battle of a hundred coins." The core of stablecoins lies in liquidity, so finding suitable business scenarios to expand usage is essential. Channel promotion is crucial, requiring partnerships with channels that have traffic. For example, Circle's USDC rapidly rose, mainly benefiting from the liquidity and brand endorsement provided by Coinbase. This is a clear development path, and stablecoin players in Hong Kong should also bind various channels to seize the market. During the battle of a hundred coins, the most profitable will be various channels, including exchanges, e-commerce platforms, and cross-border trade companies.
After going through the above three stages, only the stablecoins that stand out can truly profit. Ultimately, one stablecoin will become the leader in the Hong Kong region or the Chinese-speaking area, occupying the vast majority of market share through a siphoning effect, squeezing out competitors. After solidifying market share, profitability can be increased, at which point stablecoin issuers begin to profit. Referring to the domestic battles in ride-hailing, shared bicycles, and food delivery, they all follow this path: initial chaos, with the eventual winner taking all, and achieving profitability by reducing subsidies and increasing prices. At this point, the profit scale is enormous, and stablecoin issuers profit from a large asset volume. For ordinary users, when new stablecoin forces seize the market and liquidity through subsidies, retail investors can also arbitrage from it. In summary, the stablecoin craze can be described as "the bigger the water, the bigger the fish," and one must seize their own opportunities.
Solving the issue of accessing exchanges like OKX, Binance, Huobi in mainland China#
Many exchanges' original domain names may be on restricted lists, or access speeds may be slow due to servers being located overseas. Ordinary users often feel at a loss and even suspect service interruptions. In reality, this is more due to the network environment. To address this, exchanges like OKX and Binance regularly update backup domain names to ensure users can access the official website through alternative addresses.
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