如何看待香港稳定币发展前景？

Investment Rating - The report does not explicitly provide an investment rating for the industry [34]. Core Insights - Stablecoins are closely linked to fiat currencies, with regulatory uncertainty being the most significant factor affecting their development across regions. Hong Kong has passed the "Stablecoin Ordinance" and is expected to implement it within the year, positioning itself at the forefront of the industry. Given its connection to the Greater Bay Area, Hong Kong's stablecoin development is anticipated to rank among the world's leaders in the future [3][5][8]. Summary by Sections Definition and Regulation - The Hong Kong Legislative Council officially passed the "Stablecoin Ordinance" on May 21, 2025, providing a comprehensive regulatory framework for stablecoins. The ordinance is expected to come into effect within 2025. The regulatory definition of stablecoins in Hong Kong emphasizes usability, technology, and stability, requiring them to exist in encrypted form and be linked to a single or basket of assets [5][6]. Issuance and Profitability - Only licensed institutions are permitted to issue stablecoins, with specific qualifications including a minimum paid-up capital of 25 million HKD and approval from the Monetary Authority for key stakeholders. Issuers must maintain 100% reserve assets to support the stablecoins, ensuring independent custody and daily audits [6][7]. - Future profit sources for issuers are expected to include interest from reserve assets and transaction fees. The ordinance stipulates that issuers cannot pay interest, suggesting that reserve asset income may primarily benefit the issuers [7]. Market Outlook - The development of stablecoins is expected to accelerate in Hong Kong, driven by cost advantages and increasing transaction volumes. As of May 1, 2025, the total market size of stablecoins reached approximately 227.37 billion USD, with a year-on-year growth of 46.5%. The 30-day rolling transaction volume for stablecoins reached 2 trillion USD, surpassing traditional payment channels like Visa and PayPal [8][28]. - The report highlights that only about 10% of transaction volumes in Asia currently utilize stablecoins, indicating significant growth potential in the region, especially considering its population and economic status. The close relationship between stablecoins and fiat currencies, along with the recent legislative advancements in Hong Kong, positions the region for rapid development in the stablecoin sector [8].