On August 1, 2025, Hong Kong's "Stablecoin Ordinance" will officially come into effect, marking the implementation of the world's first comprehensive regulatory framework for fiat-backed stablecoins. This article interprets the regulatory policies of the Hong Kong Monetary Authority (HKMA), guiding retail investors on how to hold stablecoins in compliance and comparing regulatory differences between Hong Kong, Singapore, and the US to reveal market opportunities and challenges. Core Points of...

Last night, I came across news that Wyoming, in selecting a blockchain for its upcoming stablecoin WYST, conducted a public scoring process. Eleven blockchains made the shortlist, with Aptos and Solana tying for first place at 32 points, Sei close behind at 30, and Ethereum and several L2s scoring 26 or lower. This outcome might differ significantly from the perceived ecosystem activity and token prices of these chains. How exactly were these scores determined? Curious, I delved into the deta...