香港金管局为稳定币二度降温，走向成熟尚需时日

Core Viewpoint - The discussion around stablecoins has cooled down, and further measures are needed to prevent market overheating and speculation [1][3][4] Group 1: Market Sentiment and Regulation - The Hong Kong Monetary Authority (HKMA) emphasizes the need for rationality among investors and warns against excessive hype surrounding stablecoins, which could lead to market bubbles [3][4] - The HKMA's president, Yu Weiwen, has previously expressed concerns about the over-excitement in the market and the necessity of a balanced regulatory approach [3][4][9] - The International Bank for Settlements (BIS) has also highlighted the uncertainty regarding the role of stablecoins in future monetary systems, indicating that they have not yet met the necessary criteria to be considered foundational to the monetary system [4][8] Group 2: Market Dynamics and Company Responses - Several companies have seen significant stock price increases due to announcements related to stablecoin initiatives, such as Prostar Energy's investment in HashKey Holdings, which resulted in a 141.38% stock price increase [5][6] - Companies are increasingly interested in applying for stablecoin licenses, but many proposals remain at the conceptual stage without practical applications or risk management capabilities [5][6][9] Group 3: Challenges and Future Outlook - Stablecoins face several challenges, including reliance on high-quality reserve assets, potential for bank runs, and the need for improved security and regulatory frameworks [7][8] - The lack of a unified global regulatory framework for stablecoins poses risks, including regulatory arbitrage and potential threats to macro-financial stability [8][9] - Analysts suggest that the maturation of stablecoins will take time, with a critical window for development expected between 2025 and 2030, during which practical applications and regulatory frameworks will evolve [8][9]