Group 1: Regulatory Developments - The U.S. Senate passed the "GENIUS Act" on May 19, 2025, which stipulates that only federally or state-approved entities can issue stablecoins, requiring issuers to hold at least $1 in compliant reserves for every $1 stablecoin issued [2][4][5] - Hong Kong's Legislative Council passed the "Stablecoin Ordinance" on May 21, 2025, which mandates that any entity issuing fiat-backed stablecoins must apply for a license from the Financial Management Commissioner [10][12] Group 2: Uses and Impacts of Stablecoins - Stablecoins facilitate payments and settlements, reducing transaction difficulties and fees, thus enhancing international trade [13] - The demand for stablecoins will shift towards the underlying assets they are pegged to, such as U.S. Treasury bonds for USD stablecoins, which may strengthen the dollar's international position [13][17] Group 3: Investment Outlook for Stablecoin-Related Stocks - The Hong Kong stablecoin index saw a cumulative increase of 55.47% from May 21 to June 6, 2025, despite a short-term pullback [26][30] - The A-share stablecoin index increased by 35.51% from May 26 to June 5, 2025, with a subsequent decline of 2.83% [36][42] - The listing of Circle, the issuer of USDC, on the NYSE on June 5, 2025, resulted in a significant stock price increase, with a first-day gain of 168.48% [25]
稳定币概念股投资展望