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稳定币香港政策落地,关注板块投资机会
Guoxin Securities·2025-06-04 15:07

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market average by more than 10% [2][50]. Core Insights - The total market capitalization of stablecoins has surged to approximately $246.38 billion, reflecting a staggering growth of about 4927.64% from approximately $5 billion in 2019 [12]. - Stablecoins are positioned as a bridge asset in multi-chain ecosystems, enhancing payment capabilities, liquidity, and user engagement across various blockchain networks [12]. - The recent implementation of the "Stablecoin Ordinance" in Hong Kong aims to establish a regulatory framework that enhances transparency and reduces redemption risks, thereby fostering innovation in digital finance [13]. Summary by Sections Stablecoin Types and Regulatory Framework - Stablecoins are categorized based on their backing mechanisms, including fiat-backed (e.g., USDC, USDT), cryptocurrency-backed, commodity-backed, and algorithmic types [6]. - The Hong Kong regulatory framework mandates a minimum capital requirement of HKD 25 million and emphasizes the need for regular audits to ensure asset backing [6][13]. Market Growth and Trends - The stablecoin market has seen explosive growth, with stablecoins now accounting for 7.04% of the total cryptocurrency market capitalization [12]. - The report highlights the dominance of centralized stablecoins like USDT and USDC, which serve as benchmarks for regulatory compliance in Hong Kong [6][12]. Hong Kong's Stablecoin Ordinance - The ordinance introduces a unified licensing system and capital reserve regulations, aiming to address long-standing issues of transparency and redemption risks in the stablecoin sector [13]. - It allows for the circulation of non-HKD stablecoins, facilitating cross-border payments and enhancing the region's role in the global stablecoin ecosystem [13]. Cross-Border Payment Efficiency - Stablecoins significantly improve transaction speed and reduce costs compared to traditional cross-border payment systems, with transfers often completed in seconds and fees as low as $1 [25][26]. - The report notes that stablecoins can bypass the inefficiencies of the SWIFT system, which typically takes 1-3 days for transactions [25]. RWA Market Integration - The report discusses the rapid development of the Real World Asset (RWA) market in China, with stablecoins playing a crucial role in enhancing liquidity and compliance for RWA projects [33]. - Examples of successful RWA projects include collaborations with companies like GCL-Poly and the integration of charging stations as RWA assets [33]. Financial Performance of Key Players - Circle, the issuer of USDC, is preparing for an IPO, with a current circulation of $60.1 billion and a projected revenue of $1.67 billion in 2024 [46]. - Tether, the issuer of USDT, reported a market cap exceeding $150 billion, showcasing its significant profitability compared to USDC [46]. Related Companies and Opportunities - The report identifies several companies involved in the stablecoin ecosystem, including payment service providers and technology firms that are exploring stablecoin applications in cross-border payments [47].