Recently, there have been rumors online about USDT being delisted and stablecoins going extinct, but the actual situation is much more nuanced. What is truly being cleaned up are not USDT itself, but unlicensed underground exchange points.

The new regulatory regulations introduced in Hong Kong in August directly target unlicensed trading institutions. Previously, those long-standing currency exchange shops scattered around Wan Chai and Tsim Sha Tsui could still operate somewhat, but now they are completely out of the game. For USDT to circulate legally, it must go through licensed and regulated platforms, which is the core policy change.

Meanwhile, the regulatory framework for stablecoins is gradually being improved, especially with deeper cooperation with mainland China. The days of large transfers being conducted "invisibly" are gone; the traceability of every transaction is increasing. Risks are indeed tightening, but on the other hand, genuinely compliant trading platforms are beginning to gain more opportunities.

What’s more worth noting is that Hong Kong’s insurance institutions are planning to participate in crypto asset investments. This is not the idle money of gamblers, but funds entering the market in an orderly manner within the formal financial system. Their investment focus mainly targets mainstream assets like BTC and ETH, as well as projects related to stablecoins. Small-cap coins are generally not within their scope of consideration.

From these two trends, the shift in market rules is quite clear: unregulated channels are being squeezed, while compliant funds are gradually being injected. This is neither a bullish hype nor a bearish panic, but a genuine reshaping of the market landscape. Whether you can seize this opportunity depends on whether you are willing to abandon old methods and switch to compliant operations.