AItoC4方向：05：稳定币、NFT与传媒板块的逻辑

Investment Rating - The report maintains an investment rating of "Leading the Market - A" [6] Core Insights - The current market focus on stablecoins is driven by their accelerated legalization process, which aims to mitigate the high volatility of cryptocurrencies [2][11] - The relationship between NFTs and stablecoins is established as "trading goods" and "trading currencies," with a significant portion of NFT transactions being conducted using stablecoins [3][13] - NFTs serve as a distribution and monetization method for IP in the media industry, enhancing the commercial value of content creation [4][14] - The logic connecting the media internet sector and stablecoins is twofold: the internal demand of platform economies and the potential for IP operators to leverage innovative payment methods [15] Summary by Sections 1. Stablecoins and Their Legalization - Stablecoins were created to counteract the volatility of cryptocurrencies, with their current market attention stemming from ongoing legislative processes in various regions, including the U.S. and Hong Kong [2][11] 2. NFTs and Stablecoins - NFTs have gained traction since 2021, and their transactions are often facilitated by stablecoins, which are becoming integrated into various payment scenarios [3][13] 3. Media Industry and NFTs - The media industry relies on content creation and distribution, where NFTs can enhance the visibility and monetization of IP, contributing to a more favorable environment for creators [4][14] 4. Media Internet and Stablecoin Logic - The media internet sector's connection to stablecoins is characterized by user engagement in payment processes and the potential for IP operators to unlock commercial value through innovative payment solutions [15] 5. Investment Logic - The investment logic surrounding stablecoins and the media internet sector is still in a policy and trial phase, indicating a cautious approach to identifying specific investment targets [17]