摩根士丹利：稳定币，香港能做什么

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies involved in stablecoin development in Hong Kong. Core Insights - Hong Kong is positioned as a strategic testing ground for stablecoin development, with the upcoming Stablecoin Regulation set to enhance reliability and transparency, facilitating the issuance of offshore RMB stablecoins [1][11][19] - The initial development of offshore RMB stablecoins is expected to be slower compared to USD and HKD stablecoins due to capital controls and limited offshore RMB liquidity [2][25] - Key beneficiaries of the stablecoin ecosystem include issuers, brokers, and fintech companies with mature blockchain technology, while traditional banks and e-commerce platforms will undergo a gradual transformation [2][11][32] Summary by Sections Regulatory Framework - The Hong Kong Stablecoin Regulation will take effect on August 1, 2025, marking Hong Kong at the forefront of global stablecoin legislation [11][19] - The regulation requires stablecoin issuers to maintain a minimum paid-up capital of HKD 25 million or 1% of the total outstanding stablecoins, and mandates the storage of reserve assets in independent accounts [19][20] Market Opportunities - The report highlights that the current market opportunities are primarily focused on USD and HKD stablecoins, which are utilized in cryptocurrency trading and cross-border settlements [11][25] - Companies like Futu Holdings, ZhongAn Online, and Hong Kong Exchanges and Clearing are expected to stand out as they leverage their existing platforms and capabilities in the stablecoin space [2][35][36] Challenges and Limitations - The development of offshore RMB stablecoins faces challenges such as market liquidity issues, weak network effects, and existing cross-border settlement tools [2][25] - The report emphasizes that the widespread adoption of stablecoins in cross-border e-commerce will take time due to the established payment systems in developed markets and regulatory uncertainties [33][34] Future Outlook - The report anticipates that the rise of stablecoins will enhance Hong Kong's capital market infrastructure, potentially leading to increased financial market investments globally [28][29] - The integration of stablecoins into existing financial systems will depend on regulatory clarity and the willingness of market participants to adopt these new payment methods [30][32]