Today is February 13, 2026, and the Web3 and crypto markets present a stark contrast: on one side, the Chinese eight departments have issued the strictest regulatory ban, while on the other side, Hong Kong will issue stablecoin licenses next month, and market sentiment remains in a state of extreme fear.

Core dynamics sorted by events:

· 🇨🇳 China’s 8 departments join forces: The People’s Bank of China and 7 other departments issued a notice reiterating that virtual currency business within the country is illegal, and foreign institutions are strictly prohibited from providing related services (including RWA tokenization). Financial institutions must not provide any services, and the terms “virtual assets” and “RWA” are prohibited. A comprehensive crackdown on mining and fraud laundering is underway.

· 🇭🇰 Hong Kong license countdown: Chief Executive John Lee stated that the first batch of stablecoin issuer licenses is expected to be issued next month. The Monetary Authority is evaluating applications, aiming for a March issuance, and Hong Kong stock stablecoin concept stocks have become active.

· 📉 Market and institutional trends: Coinmarketcap data shows that LIT, H, and others have slightly increased, while MYX has plummeted over 30%, and UNI has dropped by 12%. The market fear index is only 5 (extreme fear), with BTC around $67,000. Standard Chartered has once again lowered its target price to $100,000, and the founder of Gate believes recovery relies on RWA and payment cards.

· 🛠️ Platform and industry trends: Binance Wallet has launched Web3 Loan on-chain lending, allowing users to collateralize borrowed coins for long positions; OKX is investing in the stablecoin project STBL, planning to launch a stablecoin backed by RWA. Binance will remove 13 spot pairs including AT/BNB today, and XT will launch ESP spot.

· 💵 Stablecoin sector competition: U.S. policy negotiations are at a standstill, with banks firmly holding the line on "prohibiting payment yields." However, the market has already "voted with their feet," with yield-bearing stablecoin scale reaching $140 billion.#CZ币安广场AMA $BTC