With the listing of compliance stablecoin leader Circle, a significant benchmark effect has emerged, prompting widespread attention to stablecoins domestically. Various stablecoin payment conferences are frequently held, companies are organizing learning activities, and the cryptocurrency community is actively discussing, with experts engaging in in-depth debates.
Behind the excitement, who is actually making money?#
According to the overall development process, the evolution of stablecoins can be divided into three stages, each with different roles profiting from it.
Stage One: Applying for Licenses.#
Compliance is a priority, and currently, most companies are focusing on applying for licenses in Hong Kong. The main challenge of Hong Kong regulation lies in its overly stringent requirements, making it difficult for many companies to clearly meet regulatory standards. At this time, law firms take the lead, providing legal consulting services to applying companies, assisting in submitting materials and communicating with regulatory agencies. Therefore, law firms are the first to achieve profitability in this stage.
Stage Two: Building Technology.#
Compliance and technology can progress in parallel, with many companies simultaneously applying for licenses and building technical systems, so that they can launch stablecoins immediately after obtaining licenses to seize market opportunities. Waiting to start projects until after license approval would miss critical time windows. Stablecoin payments involve complex processes, including compliance services, asset management, token issuance, liquidity management, and security services, specifically covering KYB, KYT, AML, order management, address management, clearing and settlement, deposits and withdrawals, contract auditing, and on-chain security. However, traditional Web2 companies generally lack blockchain development experience and talent reserves, so they need to collaborate with Web3 technology service companies. In this stage, many crypto technology service providers actively expand their client base and directly earn revenue.
Stage Three: Channel Promotion.#
After obtaining licenses and completing technical construction, companies can directly start their businesses. Currently, most companies are still in the first or second stage, with the third stage at most in negotiation status. Once business starts, a "battle of a hundred coins" situation will form. Liquidity is the core of stablecoins and must be expanded through business scenarios, making channel promotion crucial, requiring collaboration with high-traffic channels. For example, the rise of Circle's USDC mainly relies on the liquidity and brand endorsement provided by Coinbase. This is a clear development path, and participants in Hong Kong's stablecoin market need to bind various channels to seize the market. In the battle of a hundred coins stage, exchanges, e-commerce platforms, cross-border trade companies, and other channels will become the main profit-makers.
After going through the above three stages, only the stablecoins that stand out can achieve profitability. Ultimately, one stablecoin will dominate the Hong Kong or Chinese-speaking market, squeezing competitors through a siphoning effect and occupying the vast majority of market share. Once market share is solidified, stablecoin issuers begin to profit by enhancing their profit models. Referring to the domestic ride-hailing, shared bicycle, and food delivery battles, the path is similar: after an initial chaotic battle, the winners achieve a winner-takes-all situation and realize profits by reducing subsidies and increasing unit prices. At this point, the profit scale is enormous, and stablecoin issuers profit from a large asset volume. For ordinary users, when new stablecoin forces grab market and liquidity through subsidies, retail investors can arbitrage from it. In summary, the stablecoin boom presents vast opportunities, and one must seize their share.
Addressing the issue of inaccessible exchanges like OKX, Binance, Huobi in mainland China#
Many exchanges' original domain names may be listed on restriction lists or experience access delays due to overseas servers. Ordinary users often find this confusing, even misjudging it as a service interruption from the platform. In fact, this is mainly caused by the network environment, not issues with the exchanges themselves. To address this situation, exchanges like OKX and Binance regularly update backup domain names to ensure users can access the official website through alternative addresses.
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- OKX backup domain Overseas OKX - Need to use VPN or Alternative link
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- Binance backup domain Binance
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- Bitget backup domain Bitget
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- Bybit backup domain Bybit/Bybitglobal
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- Huobi HTX backup domain Huobi (Huobi/HTX)
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- Gate backup domain Gate.io (Open Sesame)
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