When States and Big Capital Seize Web3—Our Countermove

Section 1: In a Dark Sandstorm (Introduction · Problem Statement)

Rahab (Vo / Female Spy)
The news landed quietly. Chinese tech giants have paused plans to issue stablecoins in Hong Kong. Beijing is reportedly uneasy about “private entities holding the reins of currency.” FT named Ant Group and JD.com. Hong Kong launched a stablecoin licensing regime this year—and even so, they stopped. That’s not random. State-level “monetary sovereignty” is tightening the noose on the Web3 grassroots.
Financial Times
Cointelegraph Japan

Moka (G/Vo / Messenger of Love)
Hold on—what exactly is a stablecoin? And if Hong Kong is “promoting” while Beijing is pushing “pause,” how does that twist hit ordinary users like us?

Rachel (Ba / Apathetic Punk Youth)
“The market is moody. Don’t dance to short-term whispers.” A line I remember from somewhere. Right now we need to study the structure, not jump into the heat of headlines.

John (Dr / Young Monk, a blend of calm and madness)
The structure is: currency, network, governance—who holds each? When states and giant capital face the same way, individual voices get drowned out. So we prepare our own counter-axis—that’s our homework.

Section 1 | Overview of the Hong Kong Stablecoin Pause

Section 2: Super Simple First (Gentle Definitions of Key Terms)

Rahab
A stablecoin is “a digital currency designed to keep its price stable.” Most are pegged 1:1 to the US dollar or similar. People use them for daily payments, remittances, or as “dry powder” on exchanges.

Moka
So it’s like a “steady wheel” meant to fix the “crypto is too volatile” problem?

John
Exactly. But the heart of it is who guarantees that “stability.” If the triangle of issuer, reserve assets, and regulation breaks, stability is a mirage. Hong Kong tried to lock down that triangle through law, and launched comprehensive rules on August 1, 2025.
Davis Polk
sidley.com

Rachel
“Keep a margin of safety.” Old voices say the same. Few words require more testing than “stable.”

Section 2 | Ultra-Simple Glossary Diagrams

Section 3: The Core of This News (What Happened and Why It Matters)

Rahab
Let’s line up the facts. Chinese tech majors like Ant Group and JD.com paused their Hong Kong stablecoin plans. Mainland regulators—the PBoC and the CAC—reportedly hit the “wait” button. FT, Reuters, and Cointelegraph carried the story—even as the HKMA’s regime had already started moving.
Financial Times
Reuters

Moka
Why the “wait”?

John
Because “currency” is the backbone of a state. If privately issued digital money spreads, it affects a central bank’s control—monetary policy and capital management. China wants to grow its e-CNY. So it tapped the brakes on private stablecoin expansion. That’s one read.
Financial Times

Rachel
“It always returns to who takes responsibility at the end.” Not just for money.

Section 3 | Causal Chain of Events

Section 4: Direct Hits on Us (User Perspective)

Moka
Then what should everyday users watch out for? Please keep it simple.

John
Three things.

Gatekeeping at the entrance: As laws tighten, “entry points” like exchanges and wallets may narrow. Your service choices may shrink.

Freedom of transfers: Cross-border transfers could get harder. If “USD-pegged stablecoins” are constrained, participation costs in DeFi and NFTs may shift.

Creep toward centralization: The centralized axis of states, big capital, and major exchanges grows stronger—fees and rule changes hit individuals more directly.

Rahab
“Lower your dependency before things get shut off.” That’s basic decentralization.

Rachel
“Your rules over the crowd’s frenzy.” The old books are full of such warnings.

Section 4 | Impact on Everyday Users

Section 5: The Shadow of U.S. Mega-Capital (A Critical Lens)

Rahab
Here’s the main point. What truly worries us is U.S. mega-capital buying up the “on-ramps” and “circulation” of Web3, hollowing out the ethos of the DAO (Decentralized Autonomous Organization). A DAO is “an organization whose decisions are made by code and community.” Real Web3 values autonomous, borderless networks. Yet it’s being sucked into a whirlpool of speculation, ads, and oligopoly.

Moka
In other words, it preaches “decentralization” but drifts toward “aggregation,” right?

John
Yes. The “power of scale” led by public companies and giant funds speeds up funding and UX, but slows—or sometimes cancels—community decision-making. With the twin wheels of “money and regulation,” network neutrality is shaved away. The U.S. and China differ in direction, but on the axis of “centralization,” they sometimes point the same way. This news makes that clearer.
Financial Times

Rachel
“The easy road costs the most.” In investing and in architecture alike.

Section 5 | Tug-of-War: “Decentralized” vs “Centralized”

Section 6: What Was Hong Kong’s Regime? (Where Rules and Reality Diverge)

PGirlsKeyword:4f8r22f7

Moka
But wasn’t Hong Kong trying to give peace of mind through firm rules?

John
The rules did take shape. On August 1, 2025, the FRS license took effect; unauthorized issuance, sales, or solicitation became punishable. Making “visible trust” under the law is progress. But when extra-territorial dynamics (mainland regulatory intent) weigh heavily, a “politics layer” sits atop the regime. This halt request shows exactly that.
Cointelegraph
Davis Polk

Rahab
Rules that exist but can’t be used feel like a show window to users. Trust is built by live products and daily operations.

Section 6 | Regime and Political Layer

Section 7: PGirlsChain as a Counter-Axis (Why an Independent Network and Token)

Rahab
That’s why we run our independent network “PGirlsChain” and issue our native token “PGirls.” So we don’t rely on “external roads” that stop at someone else’s convenience.

Moka
But “our own chain” sounds hard. What’s the user benefit?

John
In plain terms:

Clear ownership: From minting to transfers, the history is recorded on-chain, proving “your artwork, your ticket.”

Circulating revenue: Royalties in secondary sales keep value flowing inside the community.

Autonomous fees (gas): Less exposed to price hikes or congestion on outside networks.

Instant governance: DAO voting lets the community decide “tomorrow’s rules.”

Rachel
“Compounding lives inside the mechanism.” Royalties and community expansion quietly stack value.

Rahab
And above all, consistency of ethos. Our aim isn’t “one quick speculative hit.” It’s to connect across borders through art and music. Not lazy anti-U.S. or anti-China. It’s about having a self-governed option against over-centralized power.

Section 7 | Value of PGirlsChain and PGirls

Section 8: Concrete Moves to Resist Speculation (Beginner-Friendly To-Dos)

Moka
What should we do starting tomorrow? Keep the jargon light.

John
Make a mini-glossary: Stablecoin / wallet / gas / bridge / DAO—write 15-second explanations for each on your own cards.

Diversify dependencies: Use at least two exchanges and two wallet types. Don’t rely on a single stablecoin.

Get on-chain hands-on: On PGirlsChain, try a small mint → send → burn to feel the “touch.”

Make participation a habit: Join a DAO vote once a month. Writing your view is the best education.

Go to primary sources: Verify laws and rules via official docs and multiple media. For this case, checking FT, Reuters, Cointelegraph, and HKMA trims noise.
hkma.gov.hk
Financial Times
Reuters

Rachel
“Write your rules and repeat them.” That becomes the “muscle” that doesn’t sway with others.

Section 8 | Ultra-Concrete Actions Starting Tomorrow

Section 9: Taking Objections Seriously (Common Questions and Answers)

Moka
Q: “In the end, isn’t an ‘independent chain’ still at the mercy of its operators?”
John
A: Transparency changes the game. As long as funds, contracts, and votes are on-chain, “convenience” leaves a trail. Monitoring costs are lower than in centralized setups.

Moka
Q: “Isn’t following regulation the right thing to do?”
John
A: Of course. Compliance is a baseline. On top of that, we’re talking about choosing designs that don’t over-tilt toward centralization. When rules and reality wobble—as in Hong Kong—self-governed options matter.
Davis Polk

Moka
Q: “So U.S. mega-capital is bad and China’s national policy is bad?”
Rahab
A: We’re not drawing that binary. “When centralization goes too far, individual creativity and community wither.” We’re pro-autonomy, not anti-anything. That’s the PGirlsChain stance.

Section 9 | FAQ (Diagram)

Section 10: Synthesis (John’s Closing)

John
Today’s news mirrors Web3’s reality. Hong Kong set up the law; mainland regulatory intent still pressed brakes on private stablecoins. The tug-of-war between state monetary sovereignty and private innovation will continue for a while.
Financial Times

Our choice is to end as “mere users” or become “co-operators of the network.”

Clear ownership, circulating revenue, instant governance.

And paving roads no one else can shut down.

PGirlsChain and PGirls are the concrete tools for that.
In the simplest words—build your own house and set your own rules. In a time when states and mega-capital blow hard, that first step keeps a community from snapping and helps it move forward.

Finally

PGirlsChain operates on Discord.
Minting works, community votes, and the development roadmap all live on Discord. First, take a peek and drop just one reaction—your single vote can move the network.