科普｜稳定币产业链全解析：从托管到发币，RWA又为何成为关键锚点？

Core Viewpoint - Stablecoins are transitioning from decentralized experiments to institutionalized frameworks, with a focus on compliance, custody, and asset tokenization, particularly in regions like Hong Kong where regulatory frameworks are being established [1] Group 1: Stablecoin Industry Chain Overview - The stablecoin ecosystem is complex, involving various key participants such as custodians, issuers, distributors, payment and IT providers, and RWA participants [2][3][4][5] - Custodians are responsible for safeguarding the reserve assets backing stablecoins, such as USD and short-term government bonds [2] - Issuers must obtain licenses to legally issue stablecoins, with over 50 companies expressing interest in applying for licenses in Hong Kong [3] - Distributors facilitate the circulation of stablecoins, with 11 virtual asset trading platforms already licensed in Hong Kong [4] - RWA participants provide real-world asset backing for stablecoins, expanding their value beyond just USD [5] Group 2: Stablecoin Issuance Mechanism - The stablecoin issuance process involves five key steps: user requests for exchange, funds entering a custody account, reserve management, stablecoin minting, and user receipt and usage [7][8][9] Group 3: Global Stablecoin Trends - Regulatory frameworks are being established globally, with major economies implementing licensing requirements for stablecoin issuance [12] - Traditional financial institutions are increasingly adopting stablecoins as settlement tools, enhancing their role in mainstream financial infrastructure [13] - Non-USD stablecoin options are emerging, promoting a multi-polar ecosystem with local currency stablecoins in regions like Southeast Asia and Latin America [14] Group 4: RWA as a Key Application Scenario - RWA (Real World Assets) is gaining attention as a potential new underpinning for stablecoins, moving the focus from merely USD backing to more robust asset support [15] - RWA involves mapping real-life assets onto the blockchain, providing legal certainty and regulatory compliance [16] - The RWA market is projected to grow significantly, with estimates suggesting it could reach $16 trillion by 2030, becoming a foundational element of the stablecoin ecosystem [19]