We are about to welcome the stablecoin issued by JD.com, which is shocking! You heard it right, it is the masterpiece of JD.com led by Dong Ge. At the end of last year, the Hong Kong Regulatory Authority announced that qualified institutions were allowed to issue stablecoins that were exchanged 1:1 with the Hong Kong dollar, and the sandbox mode test had been launched. JD.com, Yuanbi, and Standard Chartered participated together. Why is stablecoin so important? In the field of cryptocurrency, it is not only an inevitable product, but also the key to determining the future pattern of WEB3.
First, traditional encrypted assets fluctuate violently, like a roller coaster, and players' confidence fluctuates accordingly, and their mentality is easily affected.
Second, the lack of stable settlement tools between virtual currencies has exacerbated market fluctuations and even caused transactions to stagnate, with efficiency comparable to barter in primitive society.
Third, stablecoins have achieved efficient online withdrawals, directly raising encrypted transactions to the modern level of shopping with currency.
Fourth, stability is the lifeline of stablecoins, and regulatory intensity and reserve transparency are crucial. The Hong Kong version of stablecoins, with the Hong Kong dollar as a solid backing, is far superior to the traditional credit endorsement model and cannot be compared with USDT.
Hong Kong's layout of WEB3 and the first testing of stablecoins herald the arrival of a new era. But as participants, we also need to be vigilant: the balance between anonymity and regulation of stablecoins, as well as potential security risks, especially the covetousness of criminals. Let us look forward to it together and respond rationally to this change.
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