条例生效倒计时，香港银行业稳定币托管“暗战”升级

Core Viewpoint - The upcoming implementation of Hong Kong's Stablecoin Regulation is creating new business opportunities for the banking sector, particularly in custody services for reserve assets [1][2]. Group 1: Custody Business Opportunities - Banks selected as custodians for stablecoin issuers can gain valuable non-interest income amidst narrowing net interest margins [2][11]. - Notable banks such as ZhongAn Bank and Deutsche Bank have already been chosen by institutions for custody services, while Standard Chartered and Tianxing Bank are potential candidates [2][4]. - The Hong Kong banking sector is large, with potential for multiple issuers to select the same custodian, raising questions about the number of licenses to be issued [2][3]. Group 2: Regulatory Environment - The Hong Kong Monetary Authority (HKMA) is tightening regulations on virtual asset custody, which may lead to the consolidation of license types [2][12]. - The HKMA has indicated that only a few licenses will be granted initially, despite significant interest from various institutions [7][12]. Group 3: Market Dynamics - The average custody fee in the industry ranges from 0.1% to 0.5%, with negotiations likely to occur between issuers and custodians [11]. - The example of Circle, which pays over $100 million annually to its custodian for managing over $60 billion in reserves, illustrates the potential revenue from custody services [11]. Group 4: Competitive Landscape - Ant Group is also entering the stablecoin market, with its Ant International selecting Deutsche Bank as its reserve bank [7]. - Other banks, including China Merchants Bank, are actively promoting their stablecoin custody services, indicating a competitive landscape [9].