HUAXI Securities·2025-06-22 12:02Investment Rating - Industry Rating: Recommended [4] Core Insights - The launch of the "Cross-Border Payment Link" and the rise of stablecoins are reshaping the cross-border payment landscape, enhancing efficiency and supporting the internationalization of the RMB [11][12] - JD Group is actively pursuing stablecoin licenses globally, aiming to reduce cross-border payment costs by 90% and transaction times to under 10 seconds [41][48] - The U.S. Senate has passed the "GENIUS Act," establishing a federal regulatory framework for stablecoins, which mandates full backing by high-quality liquid assets [51][52] Summary by Sections Cross-Border Payment Innovations - The "Cross-Border Payment Link" officially launched on June 22, 2025, connecting payment systems between mainland China and Hong Kong, facilitating efficient cross-border transactions [11][12] - The People's Bank of China and the Hong Kong Monetary Authority are collaborating to enhance cross-border payment services, which will significantly reduce transaction costs and time [22][23] JD Group's Stablecoin Strategy - JD Group plans to issue a stablecoin pegged to the Hong Kong dollar and U.S. dollar, with a focus on cross-border trade settlements [41][49] - The stablecoin project is currently in a regulatory sandbox in Hong Kong, with expectations to launch in the fourth quarter of 2025 [49][50] U.S. Regulatory Developments - The "GENIUS Act" passed by the U.S. Senate requires stablecoins to be fully backed by liquid assets, with strict auditing and compliance measures for issuers [51][52] - This legislation aims to provide a clear regulatory framework, enhancing the legitimacy of stablecoins and potentially increasing their adoption in everyday transactions [56][57]