GOLDEN SUN SECURITIES·2025-06-22 13:28Investment Rating - The report suggests an "Increase" rating for the industry, indicating a positive outlook for investment opportunities in the stablecoin and RWA sectors [6]. Core Insights - The competition in the stablecoin market is intensifying, particularly in Hong Kong, with major players like JD.com and Ant Group actively seeking licenses to issue stablecoins [10][11]. - The global stablecoin market has seen explosive growth, with a total market capitalization reaching approximately $230.74 billion as of June 1, 2025, representing a staggering increase of about 5745.88% since 2019 [42]. - The RWA (Real World Asset) market is also expanding rapidly, with a total market size of around $23 billion, showing a growth rate of 6.4% over the past month [49]. Summary by Sections Stablecoin Development - The Hong Kong government is advancing its stablecoin policy, with the "Stablecoin Ordinance" set to take effect on August 1, 2025, allowing qualified applicants to issue stablecoins [9][31]. - Major companies like JD.com and Ant Group are in the process of applying for stablecoin licenses, aiming to leverage blockchain technology for cross-border payments and other financial services [11][16]. RWA Market Growth - The RWA market is projected to accelerate with multiple projects launching in 2024, covering sectors such as energy and agriculture [44]. - Notable projects include Ant Group's collaboration with Longxin Group for financing based on renewable energy assets, marking a significant step in the RWA space [22][45]. Industry Players and Infrastructure - Key players in the stablecoin infrastructure include ZhongAn Online, Sifang Technology, and others, which are expected to benefit from the growing demand for stablecoin solutions [52]. - The report highlights the involvement of local Hong Kong entities like Standard Chartered Bank in forming joint ventures to issue stablecoins, indicating a collaborative approach to market entry [29][27].