#全球加密货币监管发展# The stablecoin regulatory framework launched in Hong Kong sets a new standard for global digital asset regulation. This framework establishes strict entry requirements, including a minimum capital requirement of HKD 25 million and full reserve support. From a timeline perspective, September 30, 2025, is the deadline for priority applications, with the first licenses expected to be issued in early 2026. It is worth noting that the framework introduces comprehensive KYC requirements, which may spark industry controversies. From the perspective of on-chain data analysis, this policy will significantly impact capital flows and stablecoin usage patterns. It is recommended to closely monitor the performance of the first licensed institutions and their impact on the market. In the long run, Hong Kong's approach may become a template for other regions to follow, thereby reshaping the global stablecoin ecosystem.