谁掌控稳定币，谁掌控未来金融？

Core Insights - The stablecoin industry is approaching a historic moment with Circle, the issuer of USDC, planning to go public on June 5, marking the first IPO in the stablecoin sector, which is seen as a significant step towards mainstream financial acceptance of digital currencies [2][4] - The global stablecoin market is heating up, with Bitcoin prices surpassing $110,000 since 2025, and major banks like JPMorgan and Standard Chartered entering the stablecoin business [2][7] - Hong Kong's "Stablecoin Regulation" officially took effect on May 30, establishing a comprehensive regulatory framework for fiat-backed stablecoins, positioning Hong Kong as a leader in digital financial governance [4][5] Industry Developments - Circle's IPO is expected to provide a valuation benchmark for the stablecoin industry and test traditional capital markets' acceptance of stablecoin business models [4] - The "Stablecoin Regulation" in Hong Kong introduces high standards for licensing, including a minimum paid-up capital of HKD 25 million and strict reserve asset requirements, enhancing market entry barriers and promoting a more professional and transparent stablecoin market [5] - Major banks are accelerating their involvement in the stablecoin sector, with JPMorgan's "JPM Coin" and other banks exploring stablecoin issuance and related services, indicating a shift towards deeper integration of stablecoins in traditional finance [7][8] Regulatory Landscape - The introduction of the "Stablecoin Regulation" in Hong Kong fills a regulatory gap and lays a solid foundation for the compliant development of stablecoins, enhancing investor protection and market confidence [5] - Global competition for stablecoin dominance is intensifying, with the U.S. and EU also working on regulatory frameworks to secure their positions in the evolving digital currency landscape [6][10] - The regulatory environment is expected to evolve, with banks likely to engage more actively in stablecoin issuance, trading, and derivative businesses as frameworks become more established [7][10] Market Dynamics - The rapid growth of stablecoins, particularly those pegged to the U.S. dollar, is enhancing the international influence of the dollar, raising concerns about the implications for traditional monetary systems [9][10] - The integration of stablecoins and cryptocurrencies into traditional financial systems is increasingly recognized for its potential to improve financial service efficiency and reduce costs, suggesting an irreversible trend towards convergence [10]