Hong Kong's stablecoin legislation is supposed to compete with the United States, and many people are cheering, but I am not very optimistic. Think about the previous Bitcoin Ethereum spot ETF and exchange licensing system. How many years ago did it go public? How do it compare to ETFs and exchanges in the United States now? Wu Zhuangjie said the truth: Don't wake up early again and rush to the evening gathering. In recent years, Hong Kong has actively developed Web3 and has achieved some results, but due to insufficient liquidity and strict regulation, it is still in its infancy. Perhaps what Hong Kong should do is not to compare with the United States, but to better become a safe haven for WEB3 in Greater China, which is relatively more realistic.