主题掘金（250530）：稳定币生态加速构建

Group 1 - The stablecoin market is experiencing rapid growth, with a global market value nearing $240 billion as of April 2025, having increased by $36 billion within the year. USDT and USDC dominate the market, holding nearly 90% of the total market share [1][2] - Stablecoins have become widely adopted in payment and transaction sectors, with a total transfer volume of $27.6 trillion in 2024, surpassing the combined transaction volume of traditional payment giants Visa and Mastercard [1] - Circle, the issuer of USDC, plans to go public on the NYSE, aiming to raise up to $624 million by issuing 24 million shares, with a valuation of $6.7 billion [2] Group 2 - Recent regulatory developments in both China and the U.S. are accelerating the construction of the stablecoin ecosystem. Hong Kong has introduced a licensing system for fiat-backed stablecoin issuers, while the U.S. is advancing legislation to establish a regulatory framework for stablecoins [3][4] - Stablecoins are viewed as strategic tools to uphold the dominance of the U.S. dollar, with significant policy support expected. The leading stablecoin issuers hold over $100 billion in U.S. Treasury securities, positioning them among the top 20 holders of U.S. debt [4] - The stablecoin theme encompasses various sectors, including Real World Assets (RWA), stablecoins themselves, and internet finance, with companies like Ant Group and JD.com leading the way in integrating stablecoins and digital currencies [5][7] Group 3 - The report identifies key stocks related to the stablecoin theme, including companies across various sectors such as insurance, software development, and IT services, with market capitalizations ranging from approximately 17.41 million to 309.40 billion [9]