This round of regulatory actions targeting stablecoins is indeed quite strong.

On the mainland, the logic is very straightforward—they directly categorize stablecoins as virtual currencies and apply the previous comprehensive bans for full control. The purpose is clear: block risk exposure and curb the spread of fraud cases. Although there have been some rumors about the specific amounts involved, the authorities haven't disclosed detailed figures in their official statements recently.

Hong Kong has chosen a different path. They’re implementing a licensing regime: without a license, you can’t issue or promote stablecoin products to the public. Right now, there's a transitional window where eligible institutions can apply, so it's not a blanket shutdown.

Honestly, this north-south pincer movement will definitely impact the penetration of stablecoins in mainstream markets. Hong Kong’s licensing system seems more like a compliance experiment—if they can produce positive case studies, it might attract funds that value regulatory endorsement.

Looking forward, the industry is likely headed for a reshuffling period. Some players will proactively align with regulatory frameworks, while others may exit or shift to other regions. The market will reprice the "cost of compliance."