摩根大通：稳定币12个关键问题-剖析有关生态系统、监管、应用及权益影响

Investment Rating - The report does not explicitly provide an investment rating for the stablecoin industry or specific companies involved in it. Core Insights - The stablecoin market has seen significant growth, with total market capitalization increasing from approximately US$3 billion in 2019 to over US$230 billion by 2Q25. The market is projected to reach US$2 trillion by 2028, with potential estimates as high as US$3.7 trillion by the end of the decade [8][10][20]. - The Hong Kong SAR government aims to establish the city as a global hub for digital assets, with stablecoins being a crucial component of this strategy. The development of stablecoins is expected to facilitate various payment scenarios, including cross-border transactions and digital financial asset transactions [1][20]. - Key players in the stablecoin ecosystem include issuers, exchanges, custodians, payment channels, blockchain networks, and brokers, each with distinct roles and monetization strategies [14][18]. Summary by Sections Market Overview - The stablecoin market is currently dominated by fiat-backed stablecoins, with USDT and USDC capturing 66% and 26% of the market share, respectively [8][9]. - The growth prospects for stablecoins are closely tied to the adoption of digital assets in various payment scenarios, including B2B, B2C, and C2C transactions [1][20]. Regulatory Framework - The report outlines similarities and differences between stablecoin regulations in the US and Hong Kong, emphasizing the need for regulatory supervision and adequate consumer protection [18][19]. - Hong Kong's Stablecoin Bill is set to take effect on August 1, 2025, with the Hong Kong Monetary Authority (HKMA) as the primary regulator [19]. Utilization and Features - Potential features of Hong Kong's stablecoins include being primarily referenced to HKD, maintaining liquid and low-risk reserve assets, and requiring all ecosystem players to be licensed [23][24]. - Key use cases for stablecoins in Hong Kong include facilitating digital asset transactions, trade finance, and cross-border payments [24]. Company Involvement - Companies such as Standard Chartered, Futu, ZhongAn, and JD.com are actively participating in the stablecoin ecosystem, with various strategies to secure licenses and develop digital asset solutions [25][30][31]. - The report notes that only Futu and Standard Chartered have initiated monetization efforts, with digital asset revenue contributions currently being immaterial but expected to ramp up upon obtaining relevant licenses [26][32]. Equity Implications - The rising adoption of stablecoins is anticipated to benefit companies in the communications services and discretionary sectors, particularly e-tailing platforms, while traditional payment service providers may face declining transaction volumes [34].