21世纪经济报道·2025-06-21 09:15Core Viewpoint - The stablecoin sector is experiencing a period of adjustment after a surge in interest, driven by legislative progress in the US and Hong Kong, but is now facing skepticism and a return to rationality among investors [2][4][16]. Group 1: Market Dynamics - The stablecoin market saw significant activity in May, with the US Senate passing the GENIUS Act and Hong Kong's Legislative Council approving the Stablecoin Regulation Draft, leading to a surge in related stocks [6][15]. - Following the legislative announcements, stocks like ZhongAn Online and Lianlian Digital experienced substantial price increases, with ZhongAn Online rising over 60% in five trading days [6][7]. - A surge in interest led investors to seek out "stablecoin concept stocks" in both Hong Kong and A-share markets, with many companies receiving inquiries about their involvement in stablecoin projects [7][8]. Group 2: Investor Sentiment - Non-rational investor sentiment drove significant price increases in A-share stablecoin concept stocks, with several stocks hitting their daily price limits [8][10]. - Despite initial enthusiasm, skepticism began to emerge as multiple A-share companies publicly denied involvement in stablecoin projects, leading to a market correction [12][16]. - The market began to experience a "desensitization" phase, with investors adopting a more cautious approach towards stablecoin-related news [17]. Group 3: Regulatory and Corporate Developments - The People's Bank of China highlighted the challenges and opportunities presented by stablecoins during the Lujiazui Forum, indicating a need for regulatory responses [18]. - Companies like Lakala and Ant Group are actively pursuing stablecoin licenses, indicating a strategic move towards internationalization and digital currency applications [19]. - The market is witnessing a shift as companies clarify their positions on stablecoins, with some initially denying involvement later indicating potential capabilities in the sector [13][19].