Investment Rating - The report does not explicitly provide an investment rating for the stablecoin industry Core Insights - The stablecoin industry combines digital currency technology with the stability of traditional currencies, addressing cryptocurrency volatility and enhancing cross-border transaction efficiency [2][10] - The global stablecoin market is currently valued at approximately USD 250 billion, with monthly transaction volumes around USD 700 billion, and is projected to exceed USD 1 trillion by 2030, with optimistic estimates reaching USD 3-6 trillion [27][28] Summary by Sections 1. Definition and Core Advantages of Stablecoins - Stablecoins are digital assets that maintain a stable value, combining the advantages of digital currency technology and traditional currency stability [10] - They support 24/7 global cross-border transfers with low costs (<0.1% vs. 3-8% for traditional banking) and provide a stable value compared to cryptocurrencies like Bitcoin [2][9] 2. Types of Stablecoins and Representative Cases - Types include fiat-collateralized stablecoins (over 80% market share), crypto-collateralized stablecoins, and algorithmic stablecoins [11] 3. Growth Trajectory of Stablecoins - The stablecoin market has evolved through various phases: inception (2014-2017), growth (2018-2020), explosive growth (2021-2022), and regulatory adjustment (2022-present) [11] 4. Market Size and Key Participants - The stablecoin market is dominated by USDT (USD 150 billion, 62% market share) and USDC (USD 60 billion, 24% market share) [17] 5. Use Cases and Examples - Key applications include cross-border payments, on-chain finance (DeFi), daily payments in emerging markets, and tokenization of real-world assets [31] 6. Global and Stablecoin Market Outlook - The report forecasts significant growth in the stablecoin market, with potential market cap exceeding USD 1 trillion by 2030 [27][28] 7. Hong Kong Dollar Stablecoin Outlook - The future growth of Hong Kong dollar stablecoins will depend on use cases, regulatory easing, and demand [21][28] 8. Possibility of a RMB Stablecoin - Hong Kong's role as an offshore RMB hub suggests potential for developing an offshore RMB stablecoin [29] 9. Comparison of US and Hong Kong Stablecoin Legislation - The US framework covers fiat, commodity, and algorithmic stablecoins, while Hong Kong's framework currently applies only to fiat-pegged stablecoins [30][23]
稳定币专家会:香港监管框架鼓励创新,未来发展可期
Haitong Securities International·2025-06-06 06:48