#稳定币监管与发展# Looking back, the field of stablecoins has indeed weathered many storms. Recently, the Hong Kong Monetary Authority announced that it will officially implement a regulatory framework for stablecoin issuers starting from August 1, which reminds me of the changes in regulatory policies around the world over the past few years.

From the initial wild growth to today's standardized management, every step embodies the wisdom and lessons of the industry. I remember the uproar caused by the Libra project in 2019, which prompted central banks around the world to accelerate their research on digital currencies. Then came the collapse of Terra/LUNA in 2022, which sounded the alarm for the entire industry.

Seeing the collective decline of Hong Kong stablecoin concept stocks today, and the pace of the first batch of license applications being lower than expected, one can't help but feel that there are still many concerns in the market regarding regulatory policies. But upon reflection, this might be a good thing. After all, stablecoins serve as an important bridge connecting the crypto world and traditional finance, and their healthy development is crucial for the future of the entire industry.

Looking back at history, every time a major policy is introduced, the market always undergoes a period of adjustment. However, in the long run, reasonable regulation often brings more opportunities to the industry. Just like when the regulatory policies for Bitcoin exchanges were introduced, many people were worried that it would stifle innovation, but in fact, standardization has instead promoted the vigorous development of the industry.

Therefore, regarding the current response of the Hong Kong stock market, I believe there is no need to be overly pessimistic. In the future, as policies gradually take effect, the market will eventually adapt to the new normal. Truly capable companies will stand out in this process and inject new vitality into the industry. We should look at this round of adjustments with a longer-term perspective, after all, only projects that can withstand the test will stand firm in this rapidly changing industry.