news flash·2025-06-03 01:10Core Viewpoint - The regulatory framework for stablecoins in Hong Kong may provide compliant channels for mainland companies to issue RMB-pegged stablecoins for cross-border trade and investment, enhancing their competitiveness in global markets and attracting incremental capital into A-shares [1] Group 1: Market Impact - The stablecoin framework is expected to create short-term structural opportunities in the stock market, particularly benefiting sectors such as digital currency, cross-border payments, blockchain, and RWA (Real World Asset tokenization) [1] - Despite the potential for structural opportunities, the likelihood of large-scale incremental capital entering A-shares remains low due to the stringent virtual currency policy environment [1] Group 2: Strategic Implications - Stablecoins may serve as a strategic tool for the U.S. to defend the dollar's position, potentially alleviating some selling pressure on the dollar and U.S. Treasuries [1] - However, the limited scale of stablecoins and increasing competition may restrict their short-term positive impact on the dollar and U.S. Treasuries [1]