中资机构抢滩香港数字资产，业界呼吁构建M2向M0转换机制

Core Viewpoint - Hong Kong aims to establish itself as a global innovation hub for digital assets through the implementation of the "Hong Kong Digital Asset Development Policy Declaration 2.0," which emphasizes a trusted and innovative digital asset ecosystem focused on risk management and investor protection [1][2]. Group 1: Policy and Regulatory Framework - The "Policy Declaration 2.0" outlines a "LEAP" framework focusing on optimizing legal and regulatory aspects, expanding tokenized product varieties, promoting application scenarios and cross-sector collaboration, and developing talent and partnerships [1]. - The Hong Kong government will implement a stablecoin regulatory regime starting August 1, indicating a significant step towards becoming a key hub for digital assets and Web3 innovation [1][2]. Group 2: Market Dynamics and Risks - The U.S. Senate has passed the "GENIUS Act," establishing a regulatory framework for stablecoins, which could have profound implications for the market, particularly concerning the prevention of double-spending [2][3]. - If Hong Kong fails to establish an M2 to M0 conversion mechanism promptly, it risks being overshadowed by U.S. dollar stablecoins [3]. Group 3: RWA Development and Challenges - As of June 2025, the global RWA (Real World Assets) market, excluding stablecoins, is estimated at approximately $25.5 billion, with private credit, U.S. Treasury bonds, and commodities being the top three products [4]. - The market for RWA is projected to reach $16 trillion by 2030, representing 10% of global GDP, but faces challenges such as insufficient on-chain application scenarios and liquidity issues [4][5]. Group 4: Strategic Recommendations - It is suggested that the People's Bank of China establish a mechanism to connect domestic digital RMB and RWA assets with Hong Kong stablecoins, facilitating effective capital flow between mainland China and Hong Kong [6]. - Investment firms are encouraged to leverage a dual-channel mechanism for converting RWA and digital assets to enhance market liquidity [6]. Group 5: Future Outlook - The implementation of the stablecoin ordinance in Hong Kong will require entities to obtain licenses for issuing stablecoins, with a limited number of licenses expected to be granted by 2025 [7][8]. - Companies are advised to focus on their digital asset business strategies rather than solely on obtaining stablecoin licenses, as the regulatory landscape evolves [7][8].