Hong Kong's first batch of stablecoin licenses have been issued, focusing on creditworthiness, financial strength, compliance, and risk control capabilities, rather than just technology. Stablecoin regulation will implement requirements for reserves, redemption, and asset segregation, raising issuance thresholds and concentrating issuance capacity. The value of stablecoins comes from liquidity and scene applications: trading, cross-border funds, merchant payments, and RWA integration, becoming standardized financial infrastructure. Once boundaries are clear, market segmentation deepens, and the real opportunities lie in positioning and strategy, not merely the number of tokens issued.