With the listing of compliance stablecoin giant Circle, a significant benchmark effect has emerged, leading to widespread attention in the stablecoin sector domestically. Various stablecoin payment conferences are emerging one after another, companies are organizing learning activities, and the cryptocurrency community is actively engaging in discussions, with experts sharing their opinions.
Behind the excitement, who is actually making money?#
In fact, the development process of stablecoins can be divided into three stages, each with different roles profiting from it.
Stage One: Applying for Licenses.#
Compliance is the primary task, and many companies are currently focusing on applying for licenses in Hong Kong. The main challenge of Hong Kong regulation lies in its strictness, with numerous requirements, leaving many companies uncertain about how to meet regulatory standards. At this time, law firms take the lead, providing legal consulting for applying companies, assisting in submitting materials, and communicating with regulators. Therefore, law firms profit first in this stage.
Stage Two: Building Technology.#
Compliance and technology can progress in parallel. Many companies are building technical systems while applying for licenses, so they can launch stablecoins immediately after obtaining approval, seizing the opportunity. Waiting until the license is issued to start the project would miss the time window. 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 often lack blockchain development experience and talent reserves, requiring collaboration with Web3 technology service companies. Thus, in this stage, Crypto technology service providers actively seek clients and directly earn revenue.
Stage Three: Channel Promotion.#
After obtaining the license and completing the technical build, business operations can commence. Currently, most companies are still in the first or second stage, with the third stage at most in negotiation. However, once the business starts, a "battle of a hundred coins" will ensue. Liquidity is the core of stablecoins, and various stablecoins need to find business scenarios to scale up; channel promotion is crucial, requiring partnerships with high-traffic channels. For example, the rise of Circle's USDC primarily relies on the liquidity and brand endorsement provided by Coinbase. This is a clear path, and Hong Kong stablecoin players also need to bind channels to seize the market. During the battle of a hundred coins, the most profitable are various channels, such as exchanges, e-commerce platforms, and cross-border trade companies.
After these three stages, only the stablecoins that ultimately prevail can truly profit. One stablecoin will stand out, becoming a leader in Hong Kong or the Chinese-speaking region, and through a siphoning effect, squeeze out competitors, occupying the majority market share. Once market share is solidified, issuers can enhance profitability, and only then do they truly profit. Referring to the domestic ride-hailing, shared bicycle, and food delivery battles, after the initial chaos, the winner takes all, and once the subsidy war ends, a period of recovery is needed to reduce subsidies and raise prices to achieve profitability. At this time, the profit potential is enormous, and stablecoin issuers profit from their large asset volumes. For ordinary users, when new stablecoin forces grab market share and liquidity through subsidies, retail investors can arbitrage from it.
In summary, the stablecoin craze can be described as "the bigger the water, the bigger the fish," and one must seize their own opportunities.
Solving the issue of domestic access to the OKX exchange#
Many exchanges' original domain names may be blacklisted, or access speed may be affected due to servers being located overseas. Ordinary users may feel confused and even suspect that there is a problem with the exchange. In fact, this is mainly due to the network environment, rather than a disruption in platform services. To address this, 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 bypass restrictions 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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