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At the 11th Global Blockchain Summit, Ms. Liu Yu, CEO of Round Dollar Technology, delivered a speech titled "Stablecoin Storm: Power Game and Landscape Reshaping". She provided an in-depth analysis of the regulatory dynamics, competitive landscape, and future trends of the global stablecoin market.
Round Dollar Technology Liu Yu: Web3 Payments - Power Game and Landscape Reshaping Key Points
At the 11th Global Blockchain Summit, Ms. Liu Yu, CEO of Round Dollar Technology, delivered a speech titled "Web3 Payments: Power Game and Landscape Reshaping". Below is a summary of the key points:
| Dimension | Key Points |
|---|---|
| Global Regulation | More than 45 countries or regions have initiated or implemented stablecoin regulations. The implementation of Hong Kong's "Stablecoin Issuer Regulatory Bill" has set a compliance benchmark for the industry. |
| Application Scenarios | Application scenarios have expanded from exchanges and DeFi to B2B, B2C, card payments, and cross-border settlements and other broader areas. |
| Competitive Landscape | The market shows a "alliance" development trend, with issuers and traditional payment networks extending upstream and downstream. However, in the long run, the global nature of blockchain will ultimately achieve interconnectivity between networks. |
| Future Outlook | The future stablecoin market will form a "few superpowers, many strong players" landscape, dominated by a few giants, with regional stablecoins occupying a niche in specific markets. |
| Architecture Evolution | The boundaries between the four layers of stablecoins (application layer, on/off-ramp layer, asset layer, and clearing layer) will gradually blur, potentially leading to the emergence of **"super apps"** similar to internet finance. |
| Regional Development | Regional, non-USD-dominated compliant stablecoins will have significant market potential in their corresponding fiat currency circulation regions. |

· Conference Background: Ms. Liu Yu's speech took place at the 11th Global Blockchain Summit held at the Hyatt on the Bund in Shanghai on October 23, 2025. The summit was hosted by Wanxiang Blockchain Labs, with this year's theme being "Web3, Boundless," bringing together experts, scholars, and business leaders from the global blockchain industry.
· Round Dollar Technology is actively expanding into the stablecoin sector, with its official website displaying the words "HKD stablecoin HKDR (coming soon)." As the company's CEO, Ms. Liu Yu has publicly stated that the company will fully promote and is confident in successfully obtaining the relevant licenses.

Access to Virtual Asset Trading: $GUOTAI JUNAN I(01788.HK) , $Futu(FUTU.US), $FOSUN INTL(00656.HK)$CM BANK(03968.HK) , $VICTORY SEC(08540.HK), etc.;
Stablecoin Issuer Applicants: Round Dollar Technology-related ($ZA ONLINE(06060.HK) , $GOFINTECH QUANT(00290.HK), $Z FIN(01168.HK), etc.), $JD-SW(09618.HK) , $STANCHART(02888.HK) , domestic state-owned enterprise applicants, etc.;
Hong Kong Virtual Asset Exchanges (VATP License Holders):$OSL GROUP(00863.HK) , $HKE HOLDINGS(01726.HK)$LIANLIAN(02598.HK) , $Futu(FUTU.US) , $PUXING ENERGY(00090.HK) (Hashkey shareholder);
Stablecoin Downstream Application Scenarios:$YEAHKA(09923.HK) , $GOLDSTREAM INV(01328.HK) , $LIANLIAN(02598.HK)
RWA Related:$CRYPTO FLOW(08198.HK) , $SENSETIME-W(00020.HK) , $ETHK LABS INC.(01931.HK) , $PHANCY(06682.HK) , $LINEKONG(08267.HK) , $RF GREEN EN AI(00527.HK) , $FOSUN INTL(00656.HK), $GOFINTECH QUANT(00290.HK) , $SYNAGISTICS(02562.HK), $YUNFENG FIN(00376.HK) , $DL HOLDINGS GP(01709.HK), $EASOU TECH(02550.HK) , $VOBILE GROUP(03738.HK), $CMGE(00302.HK) , $GCL TECH(03800.HK) , $LINKLOGIS-W(09959.HK), $COOLPAD GROUP(02369.HK) , $GREENLAND HK(00337.HK) , $DMALL(02586.HK)
US-listed Stablecoin Direct Issuers: $Circle(CRCL.US)
US-listed Trading Platforms and Ecosystem Partners: $Coinbase(COIN.US), $Robinhood(HOOD.US)
US-listed Traditional Financial Institutions Expanding into Stablecoins: $JPMorgan Chase(JPM.US), $Bank of America(BAC.US) , $Interactive Brokers(IBKR.US) , $Citigroup(C.US)
US-listed Innovative Technology and Infrastructure Companies: $Mega Matrix(MPU.US)
US-listed Payment and Fintech Companies: $Paypal(PYPL.US) , $SoFi Tech(SOFI.US) , $Visa(V.US)

CM BANK
HK03968

VOBILE GROUP
HK03738

GREENLAND HK
HK00337

JPMorgan Chase
USJPM

SoFi Tech
USSOFI

China Merchants Bank
SH600036

RF GREEN EN AI
HK00527

DMALL
HK02586

Visa
USV

ZA ONLINE
HK06060

GOFINTECH QUANT
HK00290

STANCHART
HK02888

PUXING ENERGY
HK00090

GOLDSTREAM INV
HK01328

GUOTAI JUNAN I
HK01788

YUNFENG FIN
HK00376

Coinbase
USCOIN

Interactive Brokers
USIBKR

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE
USJPM-C

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)
USJPM-D

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG
USJPM-J

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ
USJPM-K

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL
USJPM-L

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM
USJPM-M
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