New Path for Stablecoins in the Era of Compliance

Web3 has entered the "Age of Discovery" in terms of Compliance. The wheel of history has turned for 500 years, and today the unknown waters we face are no different from those encountered by navigators in the 15th to 17th centuries. In this new sea, Hong Kong has taken the lead in establishing a beacon — stablecoin. On May 30, 2025, Hong Kong's "Stablecoin Ordinance" was officially passed, marking the formal implementation of the first systematic regulatory framework for fiat stablecoins in Asia.

The establishment of rules points the way for shipping routes, allowing ships to navigate orderly and sail towards a further future. In this "Great Navigation" of Web3, a key role is gradually emerging, quietly working to build a complete pathway for the issuance of stablecoins. This includes providing a trading platform as the "first stop for liquidity" for stablecoin issuance, offering technical support through independently developed public chains for stablecoin circulation, and acting as one of the very few primary agents globally with the native minting rights of USDC, becoming a "super engine" for stablecoin liquidity.

The "Deep Water Harbor" of Stablecoins

After the issuance of stablecoin, how can users purchase and use it? This is a real and urgent question.

If we compare blockchain to a global transportation network, stablecoins are the cargo ships that carry value within it. They are both carriers of liquidity and the infrastructure that supports transactions. However, these "cargo ships" need to dock at "deep-water ports"—which must be able to accommodate 10,000-ton giants while ensuring orderly docking rules.

As multiple companies rush to enter the Asian stablecoin market, their initial public offering gateways have coincidentally pointed to the same platform. This platform, as the largest licensed virtual asset exchange in Asia, is set to surpass a trading volume of 600 billion HKD in 2024, boasting strong liquidity depth, and has become an indispensable "fiat gateway" in the crypto market. At the same time, it has obtained digital asset-related licenses in several regions, including Hong Kong, Singapore, Japan, Dubai, and Bermuda, providing a secure and compliant trading environment. This dual assurance of compliance and liquidity naturally makes it the preferred "liquidity first stop" for stablecoin issuance.

It is worth mentioning that the exchange also has highly competitive market fees. According to public data, its USDC/USD trading fee is 0.03% (three hundredths of a percent), which is significantly lower than most traditional banks or offline exchange institutions.

From "fiat portal" to "stablecoin portal", the platform is connecting global payment channels. Currently, the platform supports multi-currency fiat deposits and withdrawals, facilitating several fiat channels including USD, HKD, SGD, and AED. Through the efficient trading methods of the exchange, users can achieve low-cost and high-efficiency conversions between stablecoins and various fiat currencies.

This allows stablecoins to not only serve as efficient payment tools but also to truly integrate into the traditional financial system, taking root in more practical scenarios.

The "Golden Route" of Stablecoins

The prosperity of stablecoins does not depend on the number of public chains, but on whether the public chains can truly meet the deep demand for value circulation. A public chain that is highly compatible with the characteristics of stablecoins can not only promote the growth of its own ecosystem but also inject security, efficiency, and scenarios into stablecoins, ultimately achieving a win-win situation.

The data verifies this logic. According to Chainalysis data, in the first quarter of 2025, USDT accounted for over 50% of the global stablecoin trading volume on a certain network, surpassing Ethereum for the first time to become the largest issuing public chain. Technical adaptation and deep cultivation of scenarios have created a strong binding between a public chain and stablecoins.

A compliant "Golden Channel" is safely bringing the capital giants of the traditional world into the compliant harbor of Web3. The value of this public chain goes far beyond compliance itself; its core advantage lies in constructing a complete "issuance - scenario - assetization" closed loop, promoting stablecoins to break the limitations of merely being payment tools, and truly integrating into the cycle of the financial system. When stablecoin issuers connect to this public chain, they are connecting to the entire ecosystem behind it, directly linking compliant trading platforms, efficient fiat exchange channels, and institutional-level liquidity networks, significantly shortening the path from issuance to circulation.

More importantly, stablecoins deployed on the chain can seamlessly enter diversified financial application scenarios. After holding stablecoins, users can instantly exchange them for tokenized security shares on the platform. Here, stablecoins are no longer just a medium for trading, but have upgraded to a hub for investors to manage on-chain portfolios and asset allocation. Currently, there are several products deployed on this public chain, including USD funds, HKD/USD money market ETF funds, and multi-currency tokenized securities, with more tokenized financial asset products expected to go on-chain in the future.

The value of this public chain is to evolve stablecoins from a single payment settlement function into the "blood" of an efficient on-chain financial system, forming a complete closed loop from transactions to applications.

The "High-Speed Waterway" of Stablecoins

Traditional over-the-counter trading markets often resemble a winding and tortuous old riverbed—funds must flow through layers of intermediaries, where each bend can increase costs, cause delays, and even pose risks. In contrast, a certain OTC platform is like having carved out a "high-speed waterway" directly to the core water source—leveraging its connectivity across Asia and the Middle East to enable faster and cheaper stablecoin flows.

The uniqueness of this OTC platform lies in its direct connection to the source of stablecoins—it is one of the few globally that holds primary agency status with direct minting rights for USD stablecoins from the USDC issuer. This means that large institutional users can mint and redeem large amounts of USDC through it with source-level efficiency and cost. This authority itself serves as a silent endorsement of the platform's Compliance and market position.

But that's not enough. The platform has chosen a "two-legged" strategy: one leg firmly stands on the native channel of the USDC issuer, enjoying institutional-level pricing and real-time settlement; the other leg seamlessly connects through strategic partnerships to the liquidity network of the USDT issuer, which currently has the widest global coverage for stablecoin liquidity. Users no longer need to go around searching for liquidity; they can directly access the core source, significantly reducing slippage losses during the trading process.

More importantly, the security and speed of fund flow are critical. The platform has established a unique banking infrastructure in the Asia-Pacific region - it simultaneously has a naming account system with two major banks. This addresses the most pressing pain point for institutions - client funds flow directly in the platform's naming accounts with these two major banks, completely bypassing the risks associated with third-party custody, achieving a truly "zero intermediate layer" settlement. This clearing network, directly supported by top banks, compresses the exchange time of fiat currency and stablecoins to nearly real-time, far surpassing the industry's common "next-day settlement" (T+1) model. Moreover, the extremely stringent cooperation entry standards of these two banks also provide a strong endorsement for the platform's compliance and risk control capabilities. For institutions, this is akin to being on an exclusive, fast, and stable financial expressway.

These capabilities ultimately fall into the daily lives of real users. Through this OTC platform, whether it is traders, investment institutions, or family offices, they can achieve safe and flexible capital flow: a well-known public chain foundation exchanges tokens for USDC monthly to pay global developers' salaries, achieving "minute-level" arrival in the tens of millions of dollars, saving over 2% slippage costs; a certain trader utilizes this platform's New Dollar channel for instantaneous conversion between fiat and USDC, increasing arbitrage efficiency by nearly 30%; a top Asian venture capital firm sells tens of millions of dollars worth of tokens through this platform, with the transaction price exceeding the market average by 2.5%, maximizing investment returns; an Asian family office managing over $1 billion in assets, when liquidating cryptocurrency, not only receives about 0.8% transaction premium but also achieves T+0 instant arrival through a bank account with the same name, completely eliminating the risk of freezing.

At the core of all this is to truly unleash the liquidity of stablecoins, ultimately flowing into the real scenarios that need them, giving meaning to the liquidity.

Conclusion

For stablecoins to truly enter the real world, they rely on the synergy of compliance trading, underlying technology, and professional services. From trading platforms to public chain technology, and then to OTC services—a complete ecosystem is gradually connecting this chain and building a bridge for digital assets to the real world. When stablecoins can truly serve global trade, cross-border payments, asset management, and value storage safely, efficiently, and without hindrance, the "Age of Exploration" in Web3 can be said to have truly set sail.