东吴证券：稳定币发行有三种思路 建议关注公链、数字钱包与牌照获取三大类公司

Core Viewpoint - Dongwu Securities outlines three potential approaches for the issuance of stablecoins in China, emphasizing the importance of public chains, digital wallets, and licensing acquisition [1] Group 1: Issuance Approaches - The first approach is central issuance, where the central authority directly issues stablecoins on-chain, allowing enterprises to build a stablecoin ecosystem around this central node [1] - The second approach involves a licensing system, where companies must obtain a license to issue stablecoins, requiring them to hold a corresponding amount of fiat assets in reserve [1] - The third approach combines central wholesale with enterprise retail, where the central bank manages the public chain and wholesale issuance, while banks and tech companies are authorized to issue stablecoins [1] Group 2: Market Implications - The manufacturing sector could drive the internationalization of the RMB through stablecoins, leveraging China's strong manufacturing background to enhance the influence of public chains via cross-border trade [1] - Companies in the public chain, digital wallet, and licensing acquisition sectors are recommended for attention as potential investment opportunities [1]