Lawyer: Hong Kong stablecoins will not directly compete with USDT/C This video is sourced from an interview with Hong Kong senior regulatory lawyer Wu Wenqian on the podcast "Wu Says Colin Wu". Please do not reproduce it casually; infringement will be pursued. The lawyer believes that in the foreseeable future, Hong Kong's stablecoins are unlikely to directly confront and compete with USDT and USDC. From a market positioning perspective, the potential advantage of local stablecoins in Hong Kong lies in compliance scenarios. They may be limited to the use of licensed, HKD-denominated stablecoins. This will create a market ecosystem that is relatively independent from existing mainstream stablecoins. In scenarios involving cooperation with the Hong Kong Stock Exchange, securitized trading, and other areas requiring strict KYC and identity verification, USDT/C may face restrictions, while compliant stablecoins can enter these fields with regulatory approval. However, from the perspective of traditional cryptocurrency users, USDT and USDC remain the most familiar and commonly used options. The development path of local stablecoins in Hong Kong depends on whether suitable application scenarios can be found within the regulatory sandbox and pilot programs, and on establishing competitiveness in an independent track. Video source: