#稳定币 Seeing the data that Hong Kong virtual asset ETFs have grown 33% year-over-year and the management scale of tokenized money market funds has surged by 557%, my mind instantly recalled 2017. That year, we witnessed the frenzy of ICOs and the subsequent collapse. What’s the difference? Today, what’s on the table is compliance, regulatory approval, and institutional acceptance.

The stablecoin sector is especially worth pondering. The joint reminder from the Securities and Futures Commission and the Financial Services and Treasury Bureau about the risks associated with stablecoins is not opposition; it’s a mature attitude—innovation must go hand in hand with protection. In 2018, I saw too many stablecoin projects grow wildly without any regulatory framework, most of which eventually vanished. Today, tokenized retail money market funds have grown from zero to HKD 5.48 billion, with 8 products from none, representing growth within a regulated framework—completely different in quality.

The increase from 0 to 11 spot ETFs indicates market differentiation. Back then, everyone wanted to issue tokens and innovate; now, institutional investors are starting to enter selectively. What does this mean? It shows that virtual assets are no longer just speculative labels but are becoming legitimate asset classes. The role stablecoins need to play is also changing—they are not tools for quick wealth but serve as liquidity carriers and settlement tools.

History always repeats itself: from disorder to order, from frenzy to calm. One generation’s trial and error become the foundation for the next. The current stablecoin ecosystem is on this very path.