One week after the implementation of Hong Kong's stablecoin regulations, OTC trading volume dropped by nearly 33%

According to Bitrace, the volume of Hong Kong's over-the-counter (OTC) market decreased by 32.94% within a week after the implementation of the Hong Kong Stablecoin Ordinance on August 1st. The average daily USDT transfer volume to merchant addresses decreased by 43.20%, while that to non-merchant addresses decreased by 30.65%. Some practitioners turned to applying for licenses, while others retreated into underground trading.