PANews reported on October 23rd, reporting from the 2025 Shanghai International Blockchain Week. Yuanbi Technology CEO Liu Yu stated in her keynote speech, "Power Game and the Reshaping of Copyright," that the market capitalization of stablecoins has exceeded $310 billion, and the industry is transitioning from a "hundred flowers blooming" phase to a "compliance integration" phase. The global stablecoin regulatory landscape is rapidly expanding, from approximately 10 countries in 2023 to over 40 countries and regions today. She noted that the mainstreaming of stablecoins requires a compliant and legal framework, which is key to the maturity of on-chain financial infrastructure.
Liu Yu explained that Circle Coin Technology, co-founded in 2020 by Dr. Xiao Feng, HashKey Group, ZhongAn Group, and former Hong Kong Monetary Authority Chief Executive Norman Chan, is one of Hong Kong's first stablecoin companies. Its two core businesses include RDinnotech, a stablecoin issuance platform (which has entered the Hong Kong Monetary Authority's stablecoin issuance sandbox), and OristaPay, a payment network focused on enterprise (B2B) stablecoin settlement and cross-border payments.
She pointed out that the stablecoin industry is experiencing three major trends: 1. The accelerated integration of traditional financial giants and crypto-native institutions; 2. The diversified expansion of application scenarios from crypto trading to e-commerce, remittances, trade settlement, and more; and 3. The formation of a phased ecosystem characterized by alliances. Liu Yu predicts that regional, non-US dollar-dominated compliant stablecoin systems will emerge in the future. Hong Kong, with the rapid implementation of the Stablecoin Issuer Regulation Act, will serve as a model for global regulatory innovation.
