BlackRock(US:BLK) Shenwan Hongyuan Securities·2025-06-22 14:11Group 1: Stablecoin Payment Scenarios - Stablecoin transaction volume has surpassed that of traditional payment systems like VISA and Mastercard, with an annual transaction amount reaching $15.6 trillion, approximately 119% of VISA's transaction volume and 200% of Mastercard's [10][11][12] - In the past year, B2B payments have overtaken P2P payments, with B2B stablecoin payment amounts reaching $3 billion compared to P2P's $1.5 billion [10][11] - The average cost of a $200 remittance through traditional banking systems exceeds $10, while using blockchain technology reduces this cost to just $0.00025 [24][27] Group 2: Investment Scenarios for Stablecoins - Real World Assets (RWA) are emerging as a significant investment opportunity, with stablecoins playing a crucial role in this space. The market for RWA is expected to grow significantly due to the backing of real-world assets, enhancing investor trust [32][33] - As of June 14, 2025, the market capitalization of stablecoins reached $238.03 billion, with monthly transaction volumes hitting $2.8 trillion [33] - The most successful application of RWA is in stablecoins, with USDT and USDC being the primary examples, as they are backed by real assets [33][34] Group 3: Future Opportunities for Digital Assets and Digital Currency in China - The digital yuan is aligned with national strategies, while stablecoins focus on financial innovation. The central bank leads the design and distribution of digital currency through state-owned banks and large tech platforms [32] - The integration of digital assets with stablecoins and the digital yuan is expected to drive financial innovation and enhance the international status of the renminbi [32][38] - The Malu Grape data asset project, set to launch by the end of 2024, represents a significant attempt to leverage RWA in China, optimizing resources and enhancing operational efficiency [32][38]