行业点评报告：《稳定币条例》正式出台，关注数字货币机遇

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The stablecoin market is becoming a bridge between traditional finance and the crypto world, with a total market capitalization exceeding $240 billion, accounting for 8% of the entire cryptocurrency market as of May 20, 2025 [3][4] - The Hong Kong Stablecoin Regulation has officially become law, establishing a licensing system for fiat-backed stablecoin issuers, which aims to balance financial innovation and risk prevention [4] - Circle, a major player in the stablecoin market, is set to go public on June 5, 2025, which is expected to enhance awareness and recognition of stablecoins, potentially expanding the market size [5] Summary by Sections Stablecoin Market Overview - Stablecoins are categorized into three main types: centralized, algorithmic, and decentralized, with centralized stablecoins currently dominating the market [3] - As of May 20, 2025, there are 232 types of stablecoins with a total market value exceeding $240 billion [3] Regulatory Developments - The Hong Kong government has implemented the Stablecoin Regulation to improve the regulatory framework for virtual asset activities and maintain financial stability [4] - The regulation requires any entity issuing fiat-backed stablecoins in Hong Kong to obtain a license from the financial management authority [4] Market Opportunities - Circle's upcoming IPO is anticipated to increase market interest in stablecoins, with plans to issue 24 million shares at a price range of $24 to $26, aiming to raise $600 million [5] - The report recommends several companies that could benefit from the digital currency market opportunities, including Langxin Group and others [6]