PANews reported on August 12th that Bitrace monitoring showed that the local over-the-counter (OTC) market in Hong Kong had decreased by 32.94% in the week since the implementation of the Hong Kong Stablecoin Ordinance on August 1st. The average daily USDT transfer volume to merchant addresses decreased by 43.20%, while that to non-merchant addresses decreased by 30.65%. Some practitioners turned to applying for licenses, while others turned to underground trading.