稳定币概念延续火热 盈利模式前景存疑

Core Viewpoint - The concept of stablecoins continues to attract significant interest, with multiple companies planning to apply for stablecoin licenses in Hong Kong following the upcoming regulations set to take effect on August 1, 2023 [1][4]. Group 1: Company Developments - Multi-Point Smart (02586.HK) announced plans to apply for a stablecoin license in Hong Kong, leading to a stock price surge of nearly 90% on July 3, 2023, and a closing increase of over 23% [1][2]. - The company, established in 2015, is the largest provider of retail digital solutions in China, with a market capitalization that has fluctuated between 40 billion and nearly 200 billion HKD since its listing in 2024 [2]. - Multi-Point Smart's CFO expressed optimism about the cryptocurrency sector, highlighting that stablecoins can enhance cross-border payment efficiency and reduce costs for retail clients [2]. Group 2: Market Trends - Several companies, including Ant International and Lianlian Digital, are accelerating their applications for stablecoin licenses in Hong Kong, aiming to submit their applications as soon as the regulations are in effect [4]. - The Hong Kong Monetary Authority (HKMA) will begin accepting license applications on August 1, 2023, and is currently consulting on specific guidelines for the new regulations [4][5]. Group 3: Industry Challenges - The profitability of stablecoin issuers remains a topic of debate, with concerns about the sustainability of their business models [6][7]. - The first stablecoin issuer, Circle (CRCL.N), has seen its stock price soar post-IPO, but its revenue model, heavily reliant on reserve income, has faced scrutiny [7][8]. - Analysts have raised concerns about Circle's business model being vulnerable to interest rate fluctuations and increasing distribution costs, which could impact profitability [8].