Guoxin Securities·2025-06-06 09:08Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1][6]. Core Viewpoints - The stablecoin has entered the second phase of sandbox testing, with long-term potential to synergize with international e-commerce operations [2][4]. - JD Coinlink Technology, a subsidiary of JD Technology, is positioned to benefit significantly from the issuance of stablecoins, potentially earning interest income from user deposits and charging fees for currency exchange services [3][14]. - The international e-commerce business of JD Group is still in its early stages, contributing less than 1% to revenue, but the issuance of stablecoins is expected to enhance operational efficiency and reduce transaction costs [3][14]. Summary by Sections Industry Overview - The Hong Kong Legislative Council passed the "Stablecoin Ordinance" on May 21, 2024, establishing a licensing system for fiat stablecoin issuers [2]. - JD Coinlink Technology was selected as one of the first participants in the Hong Kong Monetary Authority's stablecoin sandbox, allowing it to test various applications including cross-border payments and retail transactions [2][4]. Application Scenarios - In cross-border payment scenarios, transaction times can be reduced from 2-3 days to 10 seconds, with costs dropping to one ten-thousandth of traditional methods [5]. - The stablecoin is expected to facilitate investment transactions through partnerships with leading compliant exchanges [8]. - Retail payment applications are being tested in collaboration with JD's Hong Kong and Macau platforms, aiming to create a more convenient trading environment for users [8][9]. Regulatory Context - The "Stablecoin Ordinance" aims to solidify Hong Kong's position as an international financial center, supporting both local and foreign stablecoins [10][12]. - The regulatory framework includes strict requirements for issuer licensing, operational transparency, and anti-money laundering measures [10][12]. Future Developments - The first compliant stablecoins are expected to be officially launched by the end of 2025, following the recent legislative approval [13]. - JD Group is actively exploring opportunities in international markets, with significant growth observed in its global sales during recent promotional events [9][14].