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Who is making money from the stablecoin boom in China

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With the listing of Circle, a leader in compliant stablecoins, there has been a surge of interest in stablecoins in China. Various conferences and discussions are taking place, with companies and experts actively engaging in debates. The evolution of stablecoins can be divided into three stages, each with different profit opportunities: 1. **Licensing Stage**: Compliance is crucial, and many companies are seeking licenses in Hong Kong, facing strict regulatory challenges. Law firms benefit by providing legal consulting and assistance in the licensing process. 2. **Technology Development Stage**: Companies work on building their technical systems while applying for licenses to launch stablecoins quickly once approved. Many crypto tech service providers gain clients and revenue during this phase due to the lack of blockchain expertise in traditional companies. 3. **Channel Promotion Stage**: Once licensed and technologically ready, companies can start operations. Most are still in the first two stages, but once they launch, competition will intensify. Liquidity is key, and partnerships with high-traffic channels are essential for success. Companies like Circle have thrived due to support from platforms like Coinbase. Ultimately, only a few stablecoins will dominate the market, leveraging their market share to increase profitability. The path mirrors other competitive markets in China, where initial chaos leads to a few winners who then raise prices to achieve profitability. Additionally, many users face access issues with exchanges like OKX, Binance, and Huobi due to network restrictions. These exchanges regularly update their backup domains to ensure user access. In summary, the stablecoin landscape is evolving rapidly, offering various opportunities for profit at different stages, while users navigate access challenges to major exchanges.

With the listing of compliance stablecoin leader Circle, a benchmark effect has been triggered, leading to widespread attention on stablecoins domestically. Various stablecoin payment conferences are emerging, companies are organizing learning sessions, and the cryptocurrency community is actively participating in discussions, with experts engaging in intense 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, with different roles profiting at each stage.

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Stage One: Applying for Licenses.#

Compliance is the first step, and many companies are currently focused 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 point, law firms intervene to provide legal consulting services to companies applying for licenses, assisting in the submission of materials and communication with regulatory bodies. Therefore, in this stage, law firms are the first to profit.

Stage Two: Building Technology.#

Compliance and technology development can proceed in parallel. Many companies apply for licenses while building technical systems, so they can launch stablecoins immediately after obtaining the license and seize market opportunities. Waiting until the license is obtained to start the project would miss a critical time window. Stablecoin payments involve multiple complex services, including compliance, asset management, token issuance, liquidity management, and security, such as 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 accumulation, so they need to collaborate with Web3 technology service providers. In this stage, many cryptocurrency technology service providers begin attracting clients and generating direct revenue.

Stage Three: Channel Promotion.#

Once a license is obtained and technology is built, companies can directly start their business. Currently, the vast majority of companies are still in the first or second stage, with the third stage at most in preliminary negotiations. However, once the business starts, a "battle of a hundred coins" will emerge. Liquidity is the core of stablecoins, and various stablecoins need to find business scenarios to scale up. Therefore, channel promotion is crucial, requiring partnerships with high-traffic channels. For example, Circle's USDC rapidly rose due to the liquidity and brand endorsement provided by Coinbase. This is a clear development path, and Hong Kong stablecoin participants should also bind various channels to seize the market. In this stage, the most profitable will be various channels, including exchanges, e-commerce platforms, and cross-border trade companies.

After these 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 capturing a large market share. Once a stable market share is established, stablecoin issuers can make money by increasing profitability. Referring to the domestic battles in ride-hailing, shared bicycles, and food delivery, the path is similar: after initial chaos, the winner takes all, followed by reducing subsidies and raising prices to achieve profitability. At this point, the scale of profits is enormous, relying on a large amount of assets. Besides the project parties, ordinary users can also profit from the subsidy wars of new stablecoins. In summary, the stablecoin boom is a "big water, big fish" situation, and one should seize the opportunity to share in the profits.

Solving the issue of accessing exchanges like OKX, Binance, Huobi in mainland China#

Many exchanges' original domain names may be blocked, or access may be slow due to overseas servers. Ordinary users often feel confused and even suspect platform malfunctions. In fact, this is mainly a network environment issue, not a service interruption. 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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