Sou Hu Cai Jing·2025-06-08 07:58Core Insights - The recent surge in interest around "stablecoins" is driven by the Hong Kong Legislative Council's passage of the "Stablecoin Ordinance" on May 19, which establishes a licensing regime for fiat-backed stablecoins, marking Hong Kong as the first jurisdiction to do so [1][14][17] - Major financial institutions, including CITIC Securities and CICC, are actively publishing research reports and conducting roadshows related to stablecoins, highlighting the regulatory benefits and industry opportunities presented by the new law [1][6] - The stablecoin market is projected to grow significantly, with estimates suggesting a market cap exceeding $250 billion by May 2025, driven by increasing adoption in cross-border payments and e-commerce [10][11] Industry Developments - Stablecoins are defined as cryptocurrencies that maintain a stable value by being pegged to fiat currencies, with USDT and USDC being prominent examples [2][4] - The total market capitalization of stablecoins reached nearly $200 billion as of November 2024, with USDT accounting for over $130 billion and USDC for over $39 billion [2] - The introduction of the Stablecoin Ordinance is expected to enhance the development of the digital financial ecosystem in Hong Kong, facilitating the transition of stablecoins from mere transactional mediums to essential financial infrastructure [1][6] Market Reactions - Stablecoin-related stocks have experienced significant volatility, with some Hong Kong-listed companies seeing daily gains exceeding 80% [4] - Investment firms are increasingly conducting research and analysis on stablecoin-related stocks, indicating a growing recognition of the sector's potential [5][6] - The demand for stablecoins in cross-border trade is rising, as companies seek efficient and compliant payment solutions, with many businesses already inquiring about the acceptance of USDT or USDC for transactions [5][8] Regulatory Landscape - Global regulatory bodies are accelerating the legislative process for stablecoins, with frameworks being established in regions such as Europe and the United States, alongside Hong Kong's new regulations [14][16] - The Hong Kong regulatory framework emphasizes the importance of stablecoins as a key component of the digital financial system, aiming to mitigate risks associated with traditional financial markets [16][20] - The licensing requirement for stablecoin issuers in Hong Kong includes a minimum registered capital of HKD 25 million, ensuring a level of financial stability and compliance [17]