Following the implementation of Hong Kong’s Stablecoin Ordinance on August 1, 2025, Bitrace reported that total TRC20-USDT outflows in the OTC market dropped by 32.94%, with store-type providers experiencing a 43.20% decline and non-store providers a 30.65% drop. Many service providers suspended stablecoin-related activities while awaiting license applications, highlighting a significant immediate impact on the local crypto exchange sector.