多次熔断！暴涨超220%！香港，也传出大动作！

Core Viewpoint - The article discusses the recent developments in the stablecoin market, particularly focusing on Circle's IPO and the implementation of the Stablecoin Regulation in Hong Kong, which aims to regulate stablecoin activities and establish a licensing system [1][4]. Group 1: Circle's IPO - Circle officially listed on the NYSE on June 5, becoming the first publicly traded stablecoin company, with an IPO price of $31 per share and a total fundraising amount of $1.054 billion [2]. - The stock opened at $69, a 122% increase from the IPO price, and reached a peak of $103.75, marking a 235% increase before closing at $83.23, a 168% rise [2]. - The IPO was oversubscribed with a subscription ratio exceeding 20 times, leading to an increase in the number of shares issued from 24 million to 34 million [2]. Group 2: USDC Market Position - As of May 2025, USDC's circulation reached $61 billion, holding a market share of 24.4%, making it the second-largest stablecoin after Tether's USDT [3]. - USDC is compliant with regulations, backed by cash and short-term government bonds, unlike USDT, which includes commercial paper and cryptocurrencies in its reserves [3]. - Circle's revenue projections show a significant increase from $772 million in 2022 to $1.676 billion in 2024, with net profits expected to turn positive in 2024 [3]. Group 3: Hong Kong's Stablecoin Regulation - The Hong Kong government announced the implementation of the Stablecoin Regulation on August 1, 2025, establishing a licensing system for stablecoin activities [4][5]. - The regulation aims to provide appropriate guidelines for stablecoin activities, promoting sustainable development in Hong Kong's digital asset ecosystem [5]. - The regulation is seen as a milestone that could enhance Hong Kong's competitiveness as an international financial center and support the internationalization of the Renminbi [5]. Group 4: Global Stablecoin Legislation - Global regulatory bodies are accelerating the legislative process for stablecoins, with the U.S. Senate passing a stablecoin bill, expected to be finalized by August [6]. - The U.S. government views stablecoins as a means to increase demand for U.S. Treasury securities and strengthen the dollar's position [6]. - The expansion of the stablecoin market is anticipated to provide long-term benefits for cryptocurrencies, although the acceleration of this trend may depend on the certainty of U.S. policies [6].