计算机行业点评报告：稳定币的新进展和应用场景

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][11]. Core Insights - The recent passage of the GENIUS Act by the US Senate aims to establish a regulatory framework for stablecoins, marking a significant step in stablecoin legislation [3][6]. - The global market for stablecoins is estimated to be around $240 billion, with trading volume expected to exceed $20 trillion in 2024, indicating a growing demand driven by increased digital asset trading activity [6]. - Stablecoins are identified as key tools for cross-border payments and Real World Assets (RWA), enhancing transaction speed, reducing costs, and improving efficiency [6][7]. Summary by Sections Recent Developments - The US Senate's approval of the GENIUS Act on June 17, 2025, advances the regulatory framework for stablecoins [3][6]. - In Hong Kong, the Stablecoin Ordinance has been enacted, requiring licenses for stablecoin issuance, with the regulatory body processing applications [6]. Market Potential - The total on-chain RWA assets reached $24.31 billion as of June 22, 2025, reflecting a 6.17% increase over the past 30 days, with a significant rise in asset holders [6][7]. - The report emphasizes the potential for RWA to enhance financing efficiency and reduce financing cycles, with ongoing projects in collaboration with companies like Ant Group [6][7]. Investment Recommendations - The report suggests focusing on companies involved in cross-border payment services, digital currency operations, and those with blockchain technology capabilities, including: - IT infrastructure services: Tianyang Technology, Jingbei Fang, Zhongke Jincai, Changliang Technology - Hardware devices: Lakala, Newland, Xinguodu [11].