{“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 transitioning 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”:”\\”Stablecoins represent a pragmatic bridge between traditional finance and digital assets,\\” notes Liu. \\”Their true value lies not in technological novelty, but in creating functional interoperability between these systems while operating within regulatory frameworks.\\””},”conclusion”:”The analysis concludes that stablecoins are becoming institutionalized financial tools rather than revolutionary replacements, with Hong Kong positioned as Asia’s testing ground for regulated crypto-financial integration.”}<\/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 […]<\/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\/zh\/wp-json\/wp\/v2\/posts\/3691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/comments?post=3691"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/3691\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media\/3690"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media?parent=3691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/categories?post=3691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/tags?post=3691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}