行业深度报告：稳定币迎来“奇点”时刻，产业大趋势已至

Investment Rating - The investment rating for the industry is "Positive" (First time) [1] Core Insights - Stablecoins are becoming a bridge between traditional finance and the crypto world, with applications expanding from cryptocurrency trading to broader payment fields, including cross-border trade payments and retail payment innovations [3][13] - The stablecoin market is rapidly growing, with a total market capitalization exceeding $250 billion as of June 26, 2025, and projections indicating it could reach $2 trillion within three years [4][24] - Regulatory frameworks in regions like the EU, the US, and Hong Kong are being established to support the healthy development of the stablecoin market [4][34] Summary by Sections 1. Stablecoins as a Bridge - Stablecoins are designed to address the volatility of cryptocurrencies, typically pegged to fiat currencies or commodities [13] - They can be categorized into fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, with fiat-collateralized stablecoins like USDT and USDC dominating the market [14] 1.1 Expansion of Use Cases - The application of stablecoins is broadening from cryptocurrency trading to include cross-border payments, retail innovations, and inclusive finance [15] - In cross-border trade, stablecoins significantly reduce transaction times and costs compared to traditional banking methods [19][21] 1.2 Market Growth - As of June 26, 2025, there are 267 types of stablecoins with a total market cap exceeding $250 billion, and the trading volume in the past 12 months reached $33 trillion [24][28] - USDT and USDC are the leading stablecoins, holding 62.47% and 24.31% of the market share, respectively [26] 2. Regulatory Developments - The EU's MiCA regulation and the US's GENIUS Act are significant steps towards establishing a clear regulatory framework for stablecoins [34][38] - Hong Kong's stablecoin regulation aims to balance financial innovation with risk management, requiring licenses for stablecoin issuers [35] 3. Development of Major Stablecoins - USDT, the largest stablecoin, is pegged 1:1 to the US dollar and has become a fundamental tool in cryptocurrency trading and DeFi [41] - USDC, the second-largest stablecoin, has a business model centered around treasury yield from US government bonds, with a total revenue of $1.676 billion in 2024 [49][51] 4. Investment Recommendations - The report recommends investing in companies benefiting from the stablecoin and RWA market opportunities, including Longxin Group, Boyan Technology, and Zhuoyi Information, among others [6]