稳定币条例生效一周后，香港场外交易市场规模降低33%

marsbitPublicado em 2025-08-12Última atualização em 2025-08-13

香港《稳定币条例》（以下简称条例）已于 2025 年 8 月 1 日正式生效，该条例为稳定币的发行和运营制定了严格的规则，明确禁止在无牌照情况下的稳定币要约、推广与售卖，并未提供过渡期。

作为以稳定币、法币互兑为主营业务的机构，香港本地的加密货币找换店首当其冲，在条例生效后，多家场外交易服务商宣布暂停与稳定币相关的业务，等待申请牌照。

本文旨在通过披露香港场外交易服务商（HKVAOTC）地址在最近 70 天的 TRC20-USDT 流出数据，为监管部门提供考察条例影响力的链上视角。

数据说明

Bitrace 长期对位于香港或主要服务香港客户的 VAOTC 实体进行业务地址流量监测，后者分别归属于主要服务线下客户或实名客户的门店类型服务商，以及主要服务线上客户或匿名客户的非门店类型的服务商。

本次调查数据披露，将囊括所有服务商在北京时间 2025 年 6 月 1 日至 7 月 31 日、8 月 1 日至 8 月 8 日两个时间段内的 TRC20-USDT 转出数据。

以下数据均已剔除业务地址之间的非经营性质中转活动。

场外交易市场稳定币交易规模下降 32.94%

6 月 1 日至 7 月 31 日之间，全部业务地址共转出 3.17B USDT，日均 52.04M USDT；8 月 1 日至 8 月 8 日之间，全部业务地址共转出 279M USDT，日均 34.90M USDT。

香港《稳定币条例》

相比于条例生效前，8 月 1 日后稳定币找换市场整体规模降低了 32.94%，这一敏感度表明条例对香港本地加密产业的影响程度之深远。

门店类型服务商降低规模更大

对门店类型与非门店类型的服务商业务地址分别进行流量统计。

香港《稳定币条例》

门店类型服务商业务地址在条例生效后，日均 USDT 转出规模减少了 43.20%（9.47M -> 5.38M），非门店类型服务商业务地址则减少了 30.65%（42.57M -> 29.52M）。

香港《稳定币条例》

门店类型服务商遭受的影响显著高于非门店类型，表明条例生效后，香港场外交易服务行业部分商家在短时间内出现转入地下的趋势。

写在最后

《稳定币条例》的出台标志着香港加密行业合规的重要进展，短期内对当地场外交易服务行业产生显著影响。在相关从业者中，部分选择遵循监管申请牌照，部分则转向地下运营，呈现差异化选择。

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