Core Viewpoint - Stablecoins combine digital currency technology with the value stability of traditional currencies, addressing the price volatility of cryptocurrencies while enhancing the cross-border circulation efficiency of fiat currencies [1][2]. Summary by Relevant Sections Advantages of Stablecoins - Stablecoins support 24/7 global cross-border transfers, taking only seconds to minutes, with costs less than 0.1%, compared to traditional bank services which range from 3% to 8% [2]. - They provide value stability, serving as a "measure of value" and "medium of exchange" in the blockchain industry, unlike volatile cryptocurrencies like Bitcoin [2]. Global and Stablecoin Market Outlook - The global stablecoin market is currently valued at nearly $250 billion, with a monthly trading volume of approximately $700 billion, which is close to Visa's global transaction volume [3]. - There are over 100 million wallet addresses, indicating real-world applications such as payments, investment scenarios, and on-chain global settlement networks [3]. - Predictions suggest that by 2030, the global stablecoin market could exceed $1 trillion, with optimistic estimates reaching between $3 trillion to $6 trillion [3]. Hong Kong Stablecoin Market Outlook - Before the stablecoin legislation is passed, the Hong Kong Monetary Authority (HKMA) released a discussion paper on crypto assets and stablecoins in 2022 and plans to launch a stablecoin "sandbox" in 2024, indicating that Hong Kong's entry into the stablecoin market is not late [4]. - The future scale of the Hong Kong dollar stablecoin will depend on application scenarios and demand, as well as regulatory flexibility regarding on-chain investment scenarios and cross-chain interactions [4]. Potential for Renminbi Stablecoin - Policies suggest that Hong Kong could explore the possibility of an offshore Renminbi (CNH) stablecoin, potentially piloted in the region [5]. Comparison of Stablecoin Legislation in the US and Hong Kong - The US regulatory framework covers fiat, commodity, and algorithmic stablecoins, while Hong Kong's framework is limited to fiat-backed stablecoins [6]. - The US emphasizes capital requirements, consumer protection, and systemic risk prevention, with higher entry barriers and a focus on stablecoin payments and value storage [6]. - Hong Kong's legislation is based on the US framework but emphasizes innovation and flexibility, with moderate entry barriers and a broader range of business activities, including DeFi and staking [6]. Stablecoin Application Scenarios - Key application scenarios for stablecoins include cross-border payments and trade, on-chain finance (DeFi), daily payments in emerging markets, and tokenization of real-world assets [8]. Participants in the Stablecoin Industry Chain - The stablecoin industry consists of three main segments: 1. Upstream: Infrastructure, including blockchain networks, custody services, and compliance services [9]. 2. Midstream: Core industry players, including issuers (e.g., Circle, Tether), technology service providers, and liquidity providers [9]. 3. Downstream: Application scenarios, including payment platforms and DeFi protocols [9].
海通国际：未来港元稳定币规模更多取决于应用场景和需求