Missed out on a hundred possibilities with stablecoins? Small and medium-sized enterprises are losing 30% efficiency dividends.

Text | RWA Knowledge Circle

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1. New regulations for stablecoins in Hong Kong are implemented, but stablecoins are far more than just fiat-pegged!

The Hong Kong "Stablecoin Regulation" will officially take effect on August 1, 2025, marking a key step in the regulation of crypto assets in the Asian financial hub. However, most people's understanding of stablecoins remains at the level of "pegged to the US dollar at 1:1." In reality, there are over a hundred global stablecoin projects, each with significant differences in design logic and application scenarios. This article will systematically review the four main types of stablecoins and analyze their profound impact on business operations.

II. In-depth Analysis of the Four Major Types of Stablecoins and Their Enterprise Applications

1. Fiat-collateralized stablecoins (such as USDT, USDC)

Enterprise Application Value:

Stablecoins of this kind, with their strong peg to fiat currencies, allow businesses to effectively avoid exchange rate volatility risks during cross-border payments and trade settlements. At the same time, leveraging their widespread liquidity on exchanges, businesses can significantly reduce friction costs when exchanging crypto assets. However, companies need to be wary of credit risks associated with centralized institutions, such as the brief de-pegging event of USDC caused by the Silicon Valley Bank crisis in 2023. Additionally, the sensitivity of policy regulation requires businesses to continuously monitor the compliance dynamics of the issuers; if the legal team lacks practical experience in crypto asset compliance, they will be unable to meet the timeliness requirements for continuous monitoring of regulatory dynamics.

Core Features:

Issuance mechanism: Centralized institutions issue tokens backed by fiat currency reserves at a 1:1 ratio (for example, USDT claims to be redeemable for 1 US dollar each).

Stability maintenance: Completely relies on the transparency of the issuer's fiat currency reserves.

2. Decentralized Over-Collateralized Stablecoins (such as DAI)

Enterprise application value:

This type is particularly suitable for enterprises to build censorship-resistant DeFi payment systems by avoiding single points of failure, while the high degree of user asset autonomy is beneficial for developing on-chain automated financial tools. However, enterprises must bear the cost of low capital efficiency—collateral rates above 150% limit the utilization of liquid funds, and they must also guard against balance sheet fluctuations caused by collateral liquidation in extreme market conditions.

Core Features:

Issuance mechanism: Users over-collateralize ETH and other cryptocurrencies to generate (e.g. 1 ETH collateralizes $1500 DAI)

Stability maintenance: relying on smart contract liquidation mechanism and collateral ratio control

3. Algorithmic stablecoins (e.g. Frax)

Business Application Value:

The capital efficiency released by the design of unsecured collateral gives enterprises a significant advantage in high-frequency, small-value payment scenarios, while the decentralized issuance model further lowers the technical access threshold. However, the UST crash, which led to short-term losses exceeding $40 billion for enterprises, serves as a warning that its stability vulnerability could cause devastating impacts. The complex algorithmic mechanisms also require enterprises to seek collaboration with professional auditing institutions. However, for businesses without experience that want to try the RWA track, finding auditing institutions with relevant experience is a difficult task.

Core Features:

Issuance mechanism: dynamically adjusting supply and demand through algorithms (e.g., Frax uses partial collateralization + algorithmic control)

Stability maintenance: relying on market arbitrage mechanisms and protocol bond design

4. Yielding Stablecoins (such as USDe, sUSDa)

Enterprise application value:

The characteristic of holding yielding interest allows companies to obtain an additional return of 5-15% on idle funds. This dual function of "value storage + yield generation" is reshaping the financial management logic of enterprises. However, the income source is highly dependent on the profitability of the protocol (such as the volatility of Lido staking rewards), and multi-layered asset portfolios further increase the complexity of risk management, necessitating a professional team to monitor the health of the mechanisms in real-time.

Core features:

Issuance mechanism: Based on the distribution of income from collateralized assets (such as USDe pegged ETH staking rewards)

Stability Maintenance: Dual reliance on collateral value and the sustainability of the yield mechanism

III. Chinese companies accelerate their layout in the stablecoin track

Domestic Dynamics: With the clarification of the regulatory framework for stablecoins in Hong Kong, domestic enterprises are significantly accelerating their exploration of the stablecoin sector. Several technology and e-commerce groups, including JD.com and Ant Group, have initiated related R&D plans, expecting to launch enterprise-level payment solutions for cross-border trade scenarios in Q4 2025. Such layouts generally focus on optimizing supply chain settlement efficiency through stablecoin technology, shortening cross-border payment cycles, and exploring integration paths for on-chain financial services.

With the new regulations in Hong Kong providing a clear compliance path, many small and medium-sized business owners have yet to realize that their cross-border trade, supply chain management, or Web3 businesses are losing 15%-30% of operational efficiency each year due to the lack of stablecoin tools. Three types of enterprises will benefit first:

Cross-border trade enterprises: Reduce SWIFT settlement costs by 97% and account period of 3-5 days.

Supply Chain Management Enterprises: Achieving Minute-Level Multi-Tier Supplier On-Chain Payments

Web3 ecosystem enterprises: Constructing compliant fiat deposit and withdrawal channels to enhance user experience

Action Recommendation: The aforementioned transformation dividend needs to be realized through professional RWA accelerator organizations - which provide full-cycle services from compliance framework design, technical solution implementation to liquidity introduction, helping enterprises avoid 90% of trial and error costs.

4. Stablecoins are just the tip of the iceberg in the RWA track.

Stablecoins, as the primary form of real-world assets (RWA), have more scenarios waiting to be developed:

Real estate tokenization: Fractional ownership of commercial real estate lowers investment barriers

Carbon Credit Tokenization: Programmable Trading of Corporate ESG Assets

Digitalization of bills: Commercial acceptance bills circulating on the blockchain

However, RWA issuance needs to break through three barriers:

Compliance framework: Must meet regulatory requirements such as securities laws, anti-money laundering, and cross-border data flow.

Technical solution: Asset on-chain oracle mechanism, liquidation logic design

Ecosystem Integration: Collaboration among Exchanges, Custodians, and Audit Institutions

In the face of these barriers, for companies venturing into the RWA sector, lacking practical experience means that a systematic knowledge base and skill set become key to breaking through. Focusing on practical courses in the RWA field can serve as such support—these courses gather senior experts in compliance, technology, and ecological integration, deeply analyzing the design logic of stablecoins and the entire process of asset tokenization, combining cutting-edge policy cases such as Hong Kong's new regulations, and guiding companies step-by-step in building compliant frameworks, implementing technical solutions, and achieving ecological synergy. For novice companies just entering the RWA space or practitioners seeking a competitive leap, such learning opportunities are sufficient to help them quickly grasp core points, steadily advance in the RWA sector, and avoid unnecessary detours.