MancunBlockchainLegal

On May 13, 2025, the stablecoin USDT issuer Tether announced that it will launch the Tether Gold Token (XAU₮) on the Thai digital asset exchange Maxbit. According to Tether, 1 XAU₮ corresponds to 1 ounce of gold in the real world.
Prior to this, on March 10, 2025, the Thai SEC announced USDT as an approved cryptocurrency, and the Deputy Prime Minister of Thailand also announced the country's intention to utilize cryptocurrency and blockchain technology to promote the development of the local tourism industry.
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When law meets Web3.0, a launch ceremony anchoring the future is born in Shenzhen.
On June 25, 2025, Mankun Law Firm officially landed in Shenzhen, announcing its mission to "ensure the legal occurrence of Web3.0 in China" with an opening ceremony that integrated legal compliance and cutting-edge technology, setting sail in the Guangdong-Hong Kong-Macao Greater Bay Area.
Before the ceremony, leaders, industry experts, partners, and regulatory representatives signed their names in front of the welcome board, marking the beginning of the grand opening of Mankun Shenzhen Law Firm, embarking on a new journey of compliance in Web3.0.
Chairman Zhang Bin and Director Liu Honglin delivered speeches, anchoring the development direction of Mankun Shenzhen Law Firm.
Zhang Bin, the president of the Shenzhen Bar Association, first delivered a congratulatory speech for the opening of Mankun Shenzhen Law Firm and expressed high expectations for Mankun Shenzhen Law Firm.
Zhang Bin will stay long-term, Mankun Shenzhen Law Firm continues to focus on professional foundation building and ecological co-construction, on one hand constructing "law + technology + business".

How much is a channel worth?
We start with an ancient yet revolutionary story.
In 1859, the construction of the Suez Canal began, taking a full ten years to excavate an artificial waterway connecting the Mediterranean Sea and the Red Sea. At that time, the cost was 416 million francs, equivalent to 1.5% of France's GDP. In today's terms, this is an investment comparable to that of a national-level infrastructure project.
Why did we have to pay such a high price to dig an "artificial river" back then?
You will understand when you look at a set of data:
Each ship passing through the Suez Canal has to pay about $250,000; the annual number of passing ships is between 18,000 and 21,000; annual revenue exceeds $6 billion; average daily revenue exceeds $15 million.
Because it is not an ordinary river, but a "golden channel" that connects Europe and Asia.
If there were no canal, all ships would have to go around the Cape of Good Hope at the southern tip of Africa, which would not only add 4 or 5 days to the journey but also double the cost compared to now.

On 21 May 2025, the passage of the Hong Kong Stablecoin Ordinance in the Hong Kong Legislative Council marked a critical turning point for regulation, which was gazetted on 30 May 2025 and is scheduled to come into effect on 1 August 2025. Fiat-pegged stablecoins (FRS) are no longer in the grey area of crypto finance, but are part of a formal and institutionally regulated legal framework. The Ordinance represents a deliberate recalibration: it aims to position Hong Kong as a compliant, forward-looking virtual asset hub capable of hosting the next generation of programmable finance under the rule of law. This article analyzes the key provisions, strategic positioning, and practical impact of the regulation, and clarifies its differences from related technologies such as physical asset tokenization (RWA).
legal infrastructure
The legislation constructs a complex semantic system regarding digital value. Stablecoins are defined not only as a functional tool.

On June 6, 2025, the Hong Kong Anti-Money Laundering Alliance exchanged views with Legislative Council members to discuss the "Stablecoin Bill" and the anti-money laundering system. The meeting emphasized Hong Kong's strategic position in international financial compliance and showcased the Alliance's important role in promoting legislative and compliance innovation. Mankun Law Firm participated in the discussion and supported Web3.0 legal services. The Alliance will continue to promote the construction of a compliance ecosystem to support the financial security of Hong Kong.

On May 22, Eastern Time, the price of Bitcoin reached a new all-time high.
At the same time, two things have happened recently: first, the Hong Kong Legislative Council passed the "Stablecoin Regulation Draft", which is expected to take effect within the year; second, on the other side of the globe in the United States, the GENIUS Act, aimed at regulating stablecoins, is also being pushed forward vigorously.
It is reported that stablecoins are virtual assets designed to maintain a relatively stable value against certain assets, usually currencies. The value of stablecoins is pegged to various fiat currencies, such as the US dollar, euro, etc. Common stablecoins include USDT (Tether) and USDC. Previously, the Hong Kong Monetary Authority publicly released the first batch of stablecoin issuer sandbox lists, including JD Group's JD Coin Chain Technology ( Hong Kong ), Yuan Coin Innovation Technology, while Standard Chartered Bank (Hong Kong), Animoca Brands Limited, and HKT chose to apply jointly.
Stablecoin Monitor