万亿稳定币众生相：抢筹、合规和B端

Core Insights - The stablecoin sector is witnessing a competitive rush among institutions as Hong Kong's Stablecoin Regulation approaches and the U.S. GENIUS Act progresses [1][2] - Major players like Ant Group and JD.com are actively applying for stablecoin licenses in Hong Kong, aiming to leverage stablecoins for cross-border payments and retail transactions [4][5][10] - The focus is on addressing traditional cross-border payment challenges such as high costs and slow processing times, with stablecoins offering a potential solution through "payment upon settlement" features [1][11] Company Actions - Ant Group has initiated dual applications for stablecoin licenses through its subsidiaries, Ant Digital and Ant International, with the former already in discussions with regulators and completing sandbox trials [4][5] - JD.com is in the second phase of sandbox testing for its stablecoin, targeting cross-border payments and retail transactions, with ambitions to reduce global enterprise remittance costs by 90% [6][10] - Other companies like Lianlian Digital and Xiaogoods City are also exploring stablecoin licenses, indicating a broader institutional interest in the space [1][5] Industry Trends - The competition for stablecoins is shifting from mere issuance to the dominance of application ecosystems, with firms needing to establish compliant and replicable business models to capture value in the trillion-dollar market [1][8] - The stablecoin market is projected to exceed $1 trillion, driven by the demand for high-frequency, large-value B2B payments, as traditional cross-border payment systems face structural inefficiencies [16][17] - The regulatory landscape is evolving, with Hong Kong providing a compliant entry point for mainland institutions to connect with the global digital finance market [7][12] Regulatory Challenges - Compliance with varying regulations across jurisdictions remains a critical challenge for institutions entering the stablecoin space, particularly in navigating the boundaries of legality in China [12][18] - The high standards of regulation in Hong Kong imply significant compliance costs and operational hurdles, necessitating strong capital, risk management, and technical capabilities from institutions [18]