香港即日起实施稳定币牌照制度！它或许是最先受益于稳定币的ETF！

Core Viewpoint - The implementation of the Stablecoin Regulations 2025 in Hong Kong signifies a growing acceptance of stablecoins across various sectors, establishing a licensing system for fiat-backed stablecoin issuers to enhance regulatory frameworks and promote financial innovation [3][5][10]. Group 1: Regulatory Framework - The Hong Kong Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) released the final details of the Stablecoin Regulations on July 31, 2023, which took effect on August 1, 2023 [3]. - The regulations require any entity issuing fiat-backed stablecoins in Hong Kong or claiming to peg to the Hong Kong dollar to apply for a license from the financial management commissioner [5]. - Only licensed institutions are permitted to sell fiat-backed stablecoins in Hong Kong, providing better protection for the public and investors [5]. Group 2: Market Dynamics - Over 40 companies, including Standard Chartered Bank and Circle, are competing for a limited number of licenses, indicating a highly competitive environment [5]. - The regulations position stablecoins as a significant financial infrastructure, evolving from mere crypto tools to reshaping cross-border payment systems and impacting the international monetary framework [10]. Group 3: Infrastructure and Technology - The successful development of stablecoins relies on a well-constructed underlying system, necessitating upgrades to IT systems of banks, payment companies, and exchanges [11]. - Financial IT companies can provide the necessary technological infrastructure and earn revenue based on transaction volumes [11]. Group 4: Investment Opportunities - Financial technology ETFs are expected to be among the biggest beneficiaries of the rapid development of stablecoins, with management fees and custody fees at 0.50% and 0.10%, respectively [12]. - The largest financial technology ETF has a scale exceeding 50 billion, while two others are below 10 billion [12][13].