{\"\u7d39\u4ecb\u6587\": \"\u4e2d\u56fd\u521d\u306e\u30a6\u30a7\u30d63\u306b\u7279\u5316\u3057\u305f\u6cd5\u5f8b\u4e8b\u52d9\u6240\u3067\u3042\u308bMankun\u6cd5\u5f8b\u4e8b\u52d9\u6240\u306e\u5275\u8a2d\u8005\u3067\u3042\u308bLiu Honglin\u6c0f\u306f\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u91d1\u878d\u306b\u304a\u3051\u308b\u5b89\u5b9a\u30b3\u30a4\u30f3\u306e\u6226\u7565\u7684\u610f\u7fa9\u306b\u3064\u3044\u3066\u5305\u62ec\u7684\u306a\u5206\u6790\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\", \"key_insights\": {\"US_Strategic_Positioning\": {\"market_statistics\": \"$260B \u5b89\u5b9a\u30b3\u30a4\u30f3\u5e02\u5834\u306e90%\u306fUSD\u30da\u30c3\u30b0\u3055\u308c\u3066\u304a\u308a\u3001\u4e3b\u306b\u7c73\u56fd\u50b5\u3092\u88cf\u4ed8\u3051\u3068\u3057\u3066\u3044\u308b\", \"regulatory_goals\": \"US regulatory push aims to maintain dollar dominance and expand Treasury demand\", \"recent_cases\": \"Recent cases demonstrate stablecoins' susceptibility to US sanctions (e.g...\u3001$1.4B Russian USDT freeze)\"}, \"Hong_Kong_Experimental_Role\": {\"licensing_framework\": \"Stablecoin licensing framework effective August 2025 with strict requirements\", \"focus_area\": \"Focus on B2B applications rather than retail adoption\", \"emerging_use_case\"\uff1a\u300cRWA\uff08Real World Assets\uff09\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3068\u306e\u7d71\u5408\u304c\u91cd\u8981\u306a\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3068\u3057\u3066\u6d6e\u4e0a\"}, \"China_Cautious_Approach\": {\"mainland_restrictions\": \"Mainland maintaining cryptocurrency restrictions due to capital control concerns\", \"offshore_testing\": \"Hong Kong serves as testing ground for offshore RMB stablecoins\", \"cross_border_solutions\"\uff1a\"cross_order_solutions\": \"Hong Kong serves testing ground of offshore RMB stablecoins\", \"cross_order_solutions\": \"cross-border_solutions emerging through Hong Kong entities\" }}, \"market_evolution\": {\"transition\": \"Stablecoins transition from 'decentralization narrative' to financial infrastructure\", \"primary_applications\": \"primary applications in corporate cross-border payments rather than retail replacement\", \"legal_recognition\": \"legal recognition growing despite regulatory challenges\" }, \"professional_perspective\": {\"quote\": \"\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306f\u4f1d\u7d71\u7684\u306a\u91d1\u878d\u3068\u30c7\u30b8\u30bf\u30eb\u8cc7\u7523\u306e\u9593\u306e\u5b9f\u7528\u7684\u306a\u6a4b\u6e21\u3057\u5f79\u3067\u3042\u308b\u3002\\\"\u305d\u306e\u771f\u4fa1\u306f\u6280\u8853\u7684\u306a\u65b0\u5947\u6027\u306b\u3042\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u898f\u5236\u306e\u67a0\u7d44\u307f\u306e\u4e2d\u3067\u904b\u7528\u3057\u306a\u304c\u3089\u3001\u3053\u308c\u3089\u306e\u30b7\u30b9\u30c6\u30e0\u9593\u3067\u6a5f\u80fd\u7684\u306a\u76f8\u4e92\u904b\u7528\u6027\u3092\u751f\u307f\u51fa\u3059\u3053\u3068\u306b\u3042\u308b\u3002\"\"}, \"\u7d50\u8ad6\": \"\u5206\u6790\u306b\u3088\u308c\u3070\u3001\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306f\u9769\u547d\u7684\u306a\u4ee3\u66ff\u7269\u3067\u306f\u306a\u304f\u3001\u5236\u5ea6\u5316\u3055\u308c\u305f\u91d1\u878d\u30c4\u30fc\u30eb\u306b\u306a\u308a\u3064\u3064\u3042\u308a\u3001\u9999\u6e2f\u306f\u898f\u5236\u3055\u308c\u305f\u6697\u53f7\u3068\u91d1\u878d\u306e\u7d71\u5408\u306e\u305f\u3081\u306e\u30a2\u30b8\u30a2\u306e\u5b9f\u9a13\u5834\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u3066\u3044\u308b\u3002\uff5d<\/p>","protected":false},"excerpt":{"rendered":"
{“introduction”:”Liu Honglin, founder of Mankun Law Firm – China’s first Web3-focused legal practice – provides a comprehensive analysis of stablecoins’ strategic significance in global finance.”,”key_insights”:{“US_Strategic_Positioning”:{“market_statistics”:”90% of the $260B stablecoin market is USD-pegged, primarily backed by US Treasuries”,”regulatory_goals”:”US regulatory push aims to maintain dollar dominance and expand Treasury demand”,”recent_cases”:”Recent cases demonstrate stablecoins’ susceptibility to US sanctions (e.g., $1.4B Russian USDT freeze)”},”Hong_Kong_Experimental_Role”:{“licensing_framework”:”Stablecoin licensing framework effective August 2025 with strict requirements”,”focus_area”:”Focus on B2B applications rather than retail adoption”,”emerging_use_case”:”Integration with RWA (Real World Assets) projects emerging as key use case”},”China_Cautious_Approach”:{“mainland_restrictions”:”Mainland maintains cryptocurrency restrictions due to capital control concerns”,”offshore_testing”:”Hong Kong serves as testing ground for offshore RMB stablecoins”,”cross_border_solutions”:”Cross-border settlement solutions emerging through Hong Kong entities”}},”market_evolution”:{“transition”:”Stablecoins […]<\/p>","protected":false},"author":1,"featured_media":3690,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[35],"tags":[],"class_list":["post-3691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insight"],"_links":{"self":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/posts\/3691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/comments?post=3691"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/posts\/3691\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/media\/3690"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/media?parent=3691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/categories?post=3691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/tags?post=3691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}