Tech giants are vying to lay out stablecoins, starting a new round of global payment competition

As the regulatory policy for stablecoins is about to be implemented in Hong Kong, several tech giants are making moves. Recently, an international business entity under a large tech group announced plans to apply for a stablecoin issuer license as soon as the policy takes effect, while also advancing compliance arrangements in markets such as Singapore and Luxembourg. This move has attracted widespread attention from the market and marks the official start of a "battle for dominance" among the giants surrounding stablecoins.

The layout of stablecoins may open up a huge market space

It is reported that a certain international technology group will handle a total global fund of over 1 trillion USD in 2024, of which more than a third is completed through its blockchain platform, roughly estimating that over 300 billion USD is circulating on-chain. If half of this can be extended to stablecoin scenarios, then within the existing business system of that company alone, the theoretical space for stablecoin trading volume has reached the level of 150 billion USD. This data fully demonstrates the enormous potential of the stablecoin market.

The Web3 Exploration Journey of Tech Giants

In fact, many tech giants have been exploring Web3 for many years. Taking a well-known tech group as an example, its Web3 strategy can be traced back nearly a decade.

• 2015: Establishment of the blockchain research group
• 2016: The first blockchain public welfare application went live
• 2018: The blockchain platform is open to the public
• 2019: Multiple blockchain applications were implemented, including supply chain finance, commodity traceability, copyright protection, and more.
• 2020: Blockchain platform upgrade, daily on-chain transactions exceed 100 million times
• 2021: Entering the NFT field
• 2023: Launch overseas Web3 sub-brand and collaborate with traditional financial institutions to test tokenized deposits.
• 2024: Group restructuring, Web3 business operating independently
• 2025: Launch of overseas Layer2 blockchain, becoming the first enterprise client to use a certain bank's tokenized deposit service.

This development path showcases the strategic depth and ongoing investment of tech giants in the Web3 space.

The stablecoin sector attracts multiple forces

With Hong Kong launching a stablecoin sandbox test and clearly stating that a licensing system will be introduced soon, several companies have begun to compete for positioning. Currently, the Hong Kong stablecoin sector is gathering three main forces:

1. Traditional financial institutions: Viewing stablecoins as a testing ground for tokenized deposits and on-chain accounts.
2. Tech and e-commerce giants: Focus on integrating stablecoins into their ecosystems to promote the implementation of cross-border payments and digital consumption scenarios.
3. Web3 Native Power: Attempting to leverage Hong Kong's policy window to create competitive on-chain stable assets.

These participants from different backgrounds will bring diversified innovation and application scenarios to the stablecoin ecosystem.

Conclusion

The strategic layout of tech giants regarding stablecoins not only demonstrates their keen insights into global market dynamics but also foreshadows a new direction for payment and capital flow. As more participants join in, the maturity and innovation of the stablecoin ecosystem will drive the global payment system into a new era. This competition surrounding stablecoins will undoubtedly become one of the key factors shaping the future financial landscape.