Recently, Hong Kong has started taking real action against USDT, and this move has caused a huge stir within the crypto community. Combined with the mainland's long-standing tough stance on stablecoins, the current situation can rightly be described as a "Tale of Two Cities" in crypto regulation.

The mainland's attitude has always been clear—stablecoins are a red line that cannot be crossed. The central bank, together with over a dozen other departments, has long made it explicit: issuing or trading stablecoins is classified as illegal financial activity. Banking channels? Already cut off. Overseas platforms? Blocked as needed. The data speaks for itself: just this year, over 300 related cases have been handled, involving nearly 5 billion yuan. Meanwhile, the digital yuan is thriving, with cross-border payment volumes exceeding 10 trillion yuan, clearly developing into a mainstream payment tool.

Hong Kong’s new regulatory rules are even more noteworthy. The newly issued "Stablecoin Ordinance" puts Tether under strict control—retail investors? Sorry, USDT is off-limits to you; only professional investors can participate. What’s more, as of December, not a single stablecoin-related license has been issued in Hong Kong. The capital thresholds and liquidity requirements set by the HKMA essentially send a clear message: this door is hard to enter.

The current situation is clear: regulators are not going to go soft on stablecoins. On one side, the mainland is completely blocking them; on the other, Hong Kong is setting precise regulatory barriers. With both places working in tandem, the entire market landscape is bound to be reshuffled. For ordinary investors, it’s time to rethink asset allocation strategies; for the industry, compliance transformation is no longer a choice—it’s a matter of survival.