稳定币概念又迎利好，再次大涨！四大环节有望受益！阿里、京东等多家巨头下场！

Core Viewpoint - The article discusses the recent surge in interest and investment in stablecoins within the A-share market, driven by regulatory developments and the performance of major stablecoin companies like Circle, which has seen its stock price increase by over 675% since its NYSE listing [2][10]. Group 1: Stablecoin Market Overview - Stablecoins have surpassed Bitcoin and Ethereum in trading volume, with USD stablecoins reaching a trading volume of $100.7 billion as of June 1, 2025 [10][12]. - The stablecoin market has evolved significantly since the launch of Tether (USDT) in 2014, with over 160 types of stablecoins in circulation by 2024, supported by clearer regulations such as the EU's MiCA framework [3][4][18]. Group 2: Types of Stablecoins - Stablecoins can be categorized into four types: fiat-collateralized, crypto-collateralized, algorithmic, and commodity-collateralized, with fiat-collateralized being the most prevalent [5][6]. - The collateralization rates vary, with fiat-collateralized stablecoins requiring 100% collateral, while algorithmic stablecoins rely on market mechanisms to maintain stability [6][5]. Group 3: Functions and Adoption of Stablecoins - Stablecoins serve three main functions: value storage, transaction tools, and payment methods, with increasing adoption in value storage indicating a preference for stable assets [7][9]. - The use of stablecoins in cross-border payments is growing, particularly in regions with economic instability, as they offer a fast and low-cost alternative to traditional banking systems [9][10]. Group 4: Regulatory Developments - Regulatory frameworks for stablecoins are being established globally, with significant developments in the US and Hong Kong, including the passage of the GENIUS Act and the introduction of a licensing system for stablecoin issuers in Hong Kong [15][16][18]. - These regulations aim to enhance the legitimacy and compliance of stablecoins, potentially driving further market growth [17][18]. Group 5: Companies Involved in Stablecoin Business - Several A-share companies are actively involved in the stablecoin sector, including Sifang Jingchuang, which provides IT services for virtual asset projects, and Hengfu Co., which is engaged in digital currency solutions [24][22]. - The article lists various companies and their respective stablecoin-related activities, highlighting significant stock price increases in this sector [24][22].