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Core Viewpoint - The article discusses the rising interest and regulatory developments surrounding stablecoins globally, particularly highlighting China's proactive stance in participating in the global framework for stablecoins and their implications for cross-border payments and financial sovereignty [2][3][6][44]. Group 1: Stablecoin Characteristics and Market Dynamics - Stablecoins are pegged to other assets, typically fiat currencies, to maintain price stability, contrasting with volatile cryptocurrencies like Bitcoin [7]. - As of June 2023, the global stablecoin market is approximately $261.5 billion, with USDT and USDC accounting for about 85% of this total [7][11]. - The dominance of the US dollar in the stablecoin market is noted, despite its declining share in global foreign exchange reserves [8]. Group 2: Regulatory Developments - The U.S. Senate passed the GENIUS Act on June 17, 2023, and Hong Kong's Legislative Council approved the Stablecoin Ordinance on May 21, 2023, which will implement a licensing system for fiat-backed stablecoin issuers starting August 1, 2023 [3][5]. - The European Union has also enacted the Crypto-Asset Market Regulation (MiCA) in 2023, indicating a global trend towards stablecoin regulation [4]. Group 3: Investment Opportunities - The Wind Stablecoin Index has seen a significant increase of 36.9% over the past month, reflecting growing investor interest in this sector [5]. - Financial technology ETFs are identified as direct beneficiaries of the stablecoin trend, with a focus on companies involved in payment processing, lending, and blockchain technology [21][22]. - The article lists several financial technology ETFs, highlighting their performance and potential for investors looking to capitalize on the stablecoin market [24][25]. Group 4: Risks and Market Sentiment - The article warns of potential risks associated with the rapid rise in stablecoin-related stocks, particularly those with high price-to-earnings (PE) ratios and weak fundamentals [31][32]. - Specific examples, such as the stock performance of Lakala, illustrate the disconnect between stock price increases and underlying financial performance, raising concerns about market sustainability [34][35]. - The volatility of related ETFs and the potential for significant price corrections are noted, emphasizing the need for cautious investment strategies [40][44].