With the listing of the compliant stablecoin leader Circle, a significant benchmark effect has emerged, and there is growing domestic attention on stablecoins. Various stablecoin payment conferences are emerging, companies are organizing learning activities, and the crypto community is actively discussing, with experts engaging in in-depth debates.
Behind the hustle and bustle, who is really making money?#
According to the overall development process, the evolution of stablecoins can be divided into three stages, each with different participants able to profit.
Stage One: License Application#
Compliance is the top priority, and many companies are currently applying for licenses in Hong Kong. The main challenge of Hong Kong regulation lies in its overly strict requirements, and many companies are unclear on how to meet these regulatory standards. At this time, law firms take the lead in providing legal consulting services to companies applying for licenses, assisting in submitting materials and communicating with regulatory agencies. Therefore, in this stage, law firms become the first beneficiaries.
Stage Two: Technology Development#
Compliance and technology development can proceed simultaneously, with many companies advancing both license applications and technical system construction to launch stablecoins immediately after obtaining licenses, seizing market opportunities. Waiting to start projects until after license approval would miss critical time windows. 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. Traditional Web2 companies often lack blockchain development experience and talent reserves, thus needing to collaborate with Web3 technology service companies. In this stage, numerous crypto technology service providers begin to take on clients and directly earn revenue.
Stage Three: Channel Promotion#
Once a license is obtained and technical preparations are completed, companies can directly start operations. However, most companies are still in the first and second stages, with the third stage at most in preliminary negotiations. After business initiation, a "hundred coin battle" situation will form. Liquidity is the core of stablecoins, and various stablecoins need to find business scenarios and scale up, making channel promotion crucial, requiring partnerships with high-traffic channels. 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 Hong Kong stablecoin participants also need to bind various channels to seize the market. In the hundred coin battle phase, exchanges, e-commerce platforms, and cross-border trade companies will become the main beneficiaries.
After going through the above three stages, only the stablecoins that stand out can achieve profitability. Ultimately, one stablecoin will dominate the Hong Kong or Chinese-speaking market, occupying the majority share through a siphoning effect, squeezing out competitors. After solidifying market share, stablecoin issuers will profit by increasing earnings. Referring to the domestic ride-hailing, shared bike, and food delivery battles, the winner takes all after the initial chaotic battles, and after the subsidy wars, profits are realized through price increases. At this point, the profit scale is considerable, and stablecoin issuers rely on a large asset volume to profit. For ordinary users, when new stablecoin forces grab market and liquidity through subsidies, retail investors can profit from arbitrage. In summary, the stablecoin boom presents vast opportunities, and participants need to seize their own chances.
Addressing the issue of accessing exchanges like OKX, Binance, Huobi in mainland China#
Many exchanges' original domain names may be listed on restriction lists, or access delays may occur due to overseas servers. Ordinary users often find this confusing and even suspect platform service interruptions. In fact, this is mainly a network environment issue, not a platform failure. To address this situation, 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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- OKX backup domain: Overseas OKX - requires VPN or alternative link
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- Binance backup domain: Binance
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- Bitget backup domain: Bitget
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- Bybit backup domain: Bybit/Bybitglobal
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- Huobi HTX backup domain: Huobi (Huobi/HTX)
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- Gate backup domain: Gate.io (Gate)
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