香港稳定币产业链生态解析

Investment Rating - The report assigns an "Outperform" rating for the industry, indicating that the sector is expected to perform better than the market benchmark by more than 10% over the next 6 to 12 months [84]. Core Insights - The stablecoin ecosystem in Hong Kong is evolving with regulatory frameworks, including the upcoming implementation of the "Stablecoin Ordinance" on August 1, 2025, which will allow for the issuance of stablecoin licenses [16][17]. - Major players in the stablecoin market include Tether's USDT with a market cap exceeding $150 billion and Circle's USDC with over $60 billion, together accounting for nearly 87% of the market share [17]. - The report highlights the operational mechanisms of stablecoins, which include primary market issuance, secondary market circulation, and various use cases such as cross-border payments and virtual asset trading [11][16]. Summary by Sections 1. Stablecoin Operational Mechanism - The operational mechanism of stablecoins involves issuance, circulation, and application scenarios, with a focus on the role of custodial banks and asset management companies [11][13]. - Different types of stablecoins are categorized based on their backing mechanisms, including fiat-backed, crypto-backed, and algorithmic stablecoins [8][9]. 2. Hong Kong Stablecoin Ecosystem - The report outlines the participants in the Hong Kong stablecoin ecosystem, including issuers, custodial banks, and virtual asset trading platforms [62]. - Notable issuers include Standard Chartered Bank and Ant Group, which are developing Hong Kong dollar stablecoins [16][63]. 3. Integration of Traditional Financial Institutions - Traditional financial institutions are increasingly exploring the integration of stablecoins into their operations, with banks like JPMorgan and Santander considering the issuance of their own stablecoins [80]. - The report emphasizes the potential for stablecoins to enhance cross-border payment efficiency and reduce costs by bypassing traditional banking channels [78][79].