New regulations in Hong Kong for stablecoins have already had a noticeable impact on local trading, according to Foresight News. The first week following the implementation of these rules saw a 32.94% reduction in the size of the over-the-counter market in the city. Data from Bitrace reveals significant drops in daily USDT transfer volume. Store-based service providers saw their business addresses’ transfers decline by 43.20%, moving from 9.47 million to 5.38 million. Meanwhile, non-store service providers experienced a 30.65% decrease, with their volume reducing from 42.57 million to 29.52 million. These figures illustrate the immediate consequences of the new regulations on the stablecoin trading landscape in Hong Kong.