Lawyer: Hong Kong stablecoins will not directly compete with USDT/C The video is sourced from Colin Wu's interview with Hong Kong senior compliance lawyer Wu Wenqian's podcast. Please do not repost it without permission, as infringement will be prosecuted. Lawyers believe that in the foreseeable future, Hong Kong's stablecoins are unlikely to compete head-on with USDT and USDC. From the perspective of market positioning, the potential advantage of local stablecoins in Hong Kong lies in compliance scenarios. May only use licensed stablecoins denominated in Hong Kong dollars. This will form a market ecosystem that is relatively independent of existing mainstream stablecoins. In scenarios involving cooperation with the Hong Kong Stock Exchange and securitization transactions that require strict KYC and identity recognition, USDT/C may be restricted, while compliant stablecoins can enter these areas with regulatory recognition. However, from the perspective of traditional cryptocurrency users, USDT and USDC are still the most familiar and commonly used choices. The development path of local stablecoins in Hong Kong depends on whether they can find suitable application scenarios in regulatory sandboxes and pilot projects, and establish competitiveness in independent tracks. Video source: https://www. (youtube.com)/watch? v=f9FuwSiBQQk&t=386s