🚗 #GateSquareCommunityChallenge# Round 2 — Which coin is not listed on Gate Launchpad❓
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🗓️ Deadline: October 8, 2025, 24:00 (UTC+8)
Stablecoin stocks in Hong Kong fall as new regulations take effect.
Stocks related to stablecoins in Hong Kong plummeted on Friday due to the impact of new regulations and market adjustments. Bright Smart fell nearly 20%, Yunfeng Financial lost over 16%, and Guotai Junan and OSL dropped 11% and 10.5% respectively. These are companies related to the issuance, custody, or infrastructure of stablecoins.
Hong Kong is entering a six-month transition phase with strict regulations such as a 1:1 reserve requirement, same-day refunds, and a minimum capital of 25 million HKD. Many experts believe that this adjustment is healthy, eliminating speculation and helping to shape a more sustainable market.
Small companies may withdraw, making way for larger organizations with compliance capabilities. Although the HKD stablecoin cannot yet compete in volume with the USD, Hong Kong is still expected to become a reliable digital asset hub.