Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights the rapid growth and adoption of stablecoins, with their transaction volumes surpassing those of traditional financial systems like Visa and PayPal [7]. - It emphasizes the regulatory advancements in Hong Kong, particularly the introduction of the "Stablecoin Regulation Draft," which is expected to enhance compliance and foster innovation in the virtual asset market [23]. - The report anticipates an influx of institutional players into the virtual asset trading services, driven by regulatory clarity and the expansion of service offerings by Chinese brokerage firms [60]. Summary by Sections Section 1: Industry Chain, Application Scenarios, and Profit Models - Stablecoins have emerged as a more efficient medium for on-chain transactions compared to fiat currencies, significantly simplifying the process of trading cryptocurrencies [4]. - As of May 2025, the total market size of stablecoins is approximately $247.2 billion, with an average rolling transaction volume of $2.29 trillion, which is 1.7 times that of Visa [7]. - The most popular stablecoins are fiat-backed, such as USDT and USDC, which account for 64% and 25% of the market share, respectively [13]. - The report outlines the different types of stablecoins, including fiat-collateralized, crypto-collateralized, algorithmic, and commodity-backed stablecoins, each with its own advantages and disadvantages [10][12]. - The profitability of stablecoin issuers primarily comes from interest income generated from reserve assets, with Tether's interest income reaching $4 billion in 2023 [16]. Section 2: Institutions Expected to Accelerate Entry into Virtual Asset Trading Services - Chinese brokerage firms are rapidly expanding into virtual currency services, with Guotai Junan International being the first to obtain a Virtual Asset Service Provider (VASP) license [60]. - The report notes that as of July 2025, 43 brokerages and one bank have upgraded their licenses to provide virtual asset trading services, indicating a growing trend in the market [64]. - The report identifies 11 licensed Virtual Asset Trading Platforms (VATPs) in Hong Kong, which are crucial for retail investors to access virtual asset investments [66]. Section 3: Investment Recommendations - The report maintains a positive outlook on the development of the virtual asset trading market in Hong Kong, driven by government policies and the anticipated expansion of market participants [83]. - It suggests that the ongoing regulatory framework will facilitate the tokenization of real-world assets, providing new avenues for revenue generation for brokerages [83].

Core Viewpoint - The signing of the GENIUS Act by President Trump establishes a regulatory framework for stablecoins at the federal level in the U.S., aiming to facilitate the development of the crypto finance industry by removing regulatory barriers [1][4]. Group 1: Regulatory Framework - The GENIUS Act mandates that stablecoin issuers must hold at least a 1:1 ratio of reserve assets, including cash, bank deposits, U.S. Treasury securities, and other high-liquidity government assets [3]. - Bank issuers will be regulated by the Federal Reserve, while non-bank issuers will be overseen by the Office of the Comptroller of the Currency (OCC) [3]. Group 2: Market Impact - The act allows foreign stablecoins that meet technical and compliance standards to be used in the U.S., enhancing flexibility for cross-border payments [4]. - The signing of the act is expected to boost market trust and drive industry growth, with major U.S. tech and retail companies exploring stablecoin applications to reduce credit card fees, potentially saving billions annually [4]. Group 3: Future Projections - Current reports indicate approximately $250 billion in dollar-pegged stablecoins are in circulation, with over 80% of reserve assets in U.S. Treasury securities, creating an additional demand of about $200 billion for the Treasury market [5]. - Standard Chartered predicts that the stablecoin market could reach $2 trillion by 2028, with corresponding Treasury demand between $1.2 trillion and $1.6 trillion, positioning stablecoin issuers as the second-largest buyers of U.S. Treasuries after the Federal Reserve [5]. Group 4: Banking Sector Response - Despite the potential for stablecoins to enhance payment efficiency, some banks remain cautious, with JPMorgan questioning the necessity of stablecoins and Citigroup highlighting high exchange costs between stablecoins and fiat currencies [6]. - Some banks are considering forming industry alliances to launch compliant and interoperable stablecoins [6]. Group 5: Overall Implications - The passage of the GENIUS Act marks a significant step in U.S. stablecoin regulation, providing a clear legal framework for the crypto industry and laying the groundwork for payment innovation and financial modernization [6]. - As tech companies and traditional financial institutions accelerate their stablecoin strategies, the U.S. may gain a competitive edge in the future digital finance landscape, although challenges in practical application and regulatory refinement remain [6].

Core Insights - The global financial landscape in 2025 is characterized by intense competition over stablecoins, driven by regulatory developments and the involvement of major financial and tech players [3][8][21] - Stablecoins, once seen as a niche product, are now central to discussions about monetary power and financial market restructuring, with significant profit potential for issuers [4][6][22] Regulatory Developments - The U.S. Senate passed the "GENIUS Act" on June 17, 2025, establishing strict regulations for stablecoins, including a 100% reserve requirement and mandatory transparency [10][11] - The EU's MiCA regulation, effective December 30, 2024, imposes stringent requirements on stablecoins, including a 1:1 liquidity reserve and banning algorithmic stablecoins [12] - Hong Kong's "Stablecoin Ordinance" came into effect on May 30, 2025, marking the beginning of licensed operations for stablecoin issuers [13] Market Dynamics - Major financial institutions like JPMorgan and BlackRock are actively entering the stablecoin market, with JPMorgan's blockchain platform processing over $20 billion daily and BlackRock's BUIDL fund capturing 40% of the tokenized U.S. Treasury market [15] - Tech giants such as JD.com and Ant Group are also positioning themselves in the stablecoin space, aiming to reduce cross-border payment costs significantly [16] - The involvement of political figures, such as the Trump family launching a stablecoin, adds a new dimension to the competitive landscape [17] Financial Implications - The stablecoin market is projected to generate substantial profits, with Tether's market cap at $155.7 billion and a net profit of $13 billion in 2024, indicating its significant role in the U.S. Treasury market [6] - The total transaction volume of stablecoins surpassed $27.6 trillion in 2024, exceeding that of Visa and Mastercard combined, highlighting their growing importance in global payments [19][20] Future Outlook - The evolution of stablecoins is seen as a potential revolution in payment systems and asset tokenization, with implications for various asset classes [21] - The competitive landscape is expected to intensify as demand for stablecoins grows, driven by their utility in facilitating transactions and their role as a bridge between fiat and cryptocurrencies [23]

Group 1 - The "Genius Act" (also known as the "Great and Beautiful Act") establishes the first comprehensive regulatory framework for stablecoins in the U.S., requiring all circulating dollar stablecoins to maintain 100% reserves in U.S. dollars or government securities [3] - The act mandates monthly solvency disclosures and regular audits for stablecoin issuers, with a dual regulatory oversight from federal and state levels [3] - The act is expected to enhance confidence in the U.S. dollar and increase demand for U.S. Treasury securities, as stated by President Trump [3] Group 2 - Following the signing of the Genius Act, the U.S. stock market experienced volatility, with the Dow Jones showing slight gains while the Nasdaq faced a pullback [1][5] - Investors are closely monitoring the performance of major tech companies like AT&T and Tesla, which have shown significant short-term adjustments following their earnings reports [1] - The market is characterized by a cautious trading sentiment as participants await the implementation details of the Genius Act and the outcomes of the Federal Reserve's meetings [5][8] Group 3 - The XBIT decentralized exchange has adapted its on-chain functionalities in response to the new regulatory environment, emphasizing non-custodial and user-controlled asset management [5] - The launch of cross-chain stablecoin staking on the XBIT platform has led to a 20% increase in trading volume for dollar stablecoins, indicating a growing interest in regulated digital assets [6][8] - Approximately 60% of the funds in the cross-chain staking come from institutional investors, highlighting the increasing involvement of traditional finance in the crypto space [8]

GENIUS法案允许稳定币发行方自行担任其代币的托管人，但前提是需接受联邦监管机构的监管。这就 是加密公司向美国货币监理署(OCC)申请成为银行的原因之一。除了节省托管费用外，银行牌照还允许 它们提供结算交易等服务。 智通财经APP获悉，与美元挂钩的稳定币可能会引发美联储与美国总统唐纳德·特朗之间的又一场对 决。Circle(CRCL.US)以及Ripple等加密货币公司希望通过申请银行牌照来绕过传统贷款机构，但更大的 目标可能是在美联储开设所谓的主账户。 据了解，特朗普开启第二任期以来，推出多项举措支持加密货币。美国众议院上周通过了GENIUS法 案，概述了数字美元发行方的监管方式。Circle、Ripple 等公司必须用高质量的流动资产支持其代币， 并公开披露其储备情况。该法案旨在增强企业接受稳定币作为主流支付方式的信心。 与大多数金融科技初创公司一样，加密货币公司目前面临诸多运营限制。因此，金融科技公司通常会与 受监管的银行合作开展业务，这种模式在业内通常被称为"租用牌照"。根据奥纬咨询的研究，该模式使 银行获客成本降低82.5%至95%，但也导致金融科技公司难以摆脱对银行的依赖。 对加密货币公司来说， ...

Core Viewpoint - The regulatory framework for stablecoins is evolving globally, with significant developments in the U.S. and Hong Kong, which are expected to enhance market stability and drive the growth of real-world asset (RWA) tokenization [2][4][7]. Regulatory Developments - The U.S. has adopted a unified legislative approach for stablecoin regulation, with the GENIUS Act set to become law, establishing comprehensive guidelines for issuance, reserves, redemption, and auditing [4][5]. - Hong Kong has implemented the Stablecoin Issuance Regulatory Ordinance, which mandates high liquidity for reserve assets and requires licensed institutions to maintain robust risk management practices [7]. Market Dynamics - The rise of stablecoins is facilitating the digitization of assets and enhancing the efficiency of settlements, creating a cycle of increased asset digitalization, efficient settlement, and structured allocation [2][10]. - Stablecoins are becoming a key innovation in the digital currency space, widely used in cross-border payments and decentralized finance (DeFi) [2]. RWA and Stablecoin Interaction - The integration of stablecoins with RWA is creating a synergistic value cycle, where stablecoins serve as a liquidity tool and pricing benchmark for RWA markets, driving efficient asset circulation [10]. - The use of blockchain technology allows for the transformation of real-world assets into tradeable tokens, with stablecoins playing a crucial role in the digitalization process [9][10]. Efficiency Gains - A practical example in the renewable energy sector demonstrates that using stablecoins for RWA asset transactions can reduce cross-border settlement time and costs by 70-80% [9].

报告日期：2025 年 7 月 21 日 申银万国期货研究所 首席点评：美国稳定币监管立法落地，中国工业经济韧性凸显 美国总统特朗普在白宫正式签署《指导与建立美国稳定币国家创新法案》（简 称《天才法案》），标志着美国稳定币监管立法进入实施阶段。 美国众议院 17 日以 308 票赞成、122 票反对的结果，通过了这一法案，该法案旨在为"锚 定"美元的稳定币制定监管框架。国内方面今年上半年工业和信息化领域主要 经济指标总量和增速稳步提升，规上工业增加值同比增长 6.4%，在一季度良好 开局的基础上展现出较强韧性，制造业增加值占 GDP 比重达到 25.7%，基本保 持稳定。下一步，多项政策举措将筑牢工业经济基本盘、持续培育发展动能。 其中，工业和信息化部将实施新一轮钢铁、有色金属、石化、建材等十大重点 行业稳增长工作方案；会同相关部门完善支持新型工业化的金融政策，纵深推 进产融合作；在政策、人才、资金、市场等方面持续优化企业发展环境。 重点品种：黄金、钢材、股指 钢材：当前钢厂盈利率持平未明显降低，铁水仍处高位缓慢回落的情况下，钢材 供应端压力逐步体现。钢材库存延续去化，钢材出口虽面临关税和反倾销影响， 但钢坯 ...

Macro News - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan [1][5] - The National Export Control Work Coordination Mechanism Office has organized a meeting to advance the crackdown on strategic mineral smuggling and export, emphasizing increased law enforcement efforts and the establishment of a joint enforcement coordination center [4][5] Industry News - The State Administration for Market Regulation has interviewed major platform companies including Ele.me, Meituan, and JD.com, urging them to engage in rational competition and promote a healthy ecosystem for consumers, merchants, delivery riders, and platform enterprises [3][7] - The Ministry of Industry and Information Technology and other departments held a meeting to further regulate competition in the new energy vehicle industry, focusing on product price monitoring and quality supervision [7][8] - The Central Fourth Guidance Group is conducting research and discussions on addressing irrational competition issues in the new energy vehicle sector [7] - The Ministry of Industry and Information Technology announced plans for a new round of growth stabilization work in key industries such as steel, non-ferrous metals, and petrochemicals, with specific plans to be released soon [8][9] Company News - Yushu Technology has initiated its listing guidance process [10] - The State-owned Assets Supervision and Administration Commission announced the establishment of China Yajiang Group Co., Ltd. with government approval [10] - Dongfang Fortune announced that shareholder Shen Yougen plans to transfer 1% of the company's shares [11] - Nuo Tai Bio announced it will be subject to other risk warnings upon resuming trading on July 22 [11] - China Shipbuilding announced that the merger with China Heavy Industry has received approval from the Securities Regulatory Commission [11] - Chip Union Integration plans to acquire 72.33% equity of Chip Union Yuezhou for 5.897 billion yuan [11] - Nanjing High-Tech reported a contract sales amount of 1.021 billion yuan in the first half of the year, a year-on-year increase of 729.83% [11] - Qidi Design announced a pre-bid win for the 860 million yuan Henan Airport Intelligent Computing Center project [11] - Great Wall Motors reported a net profit of 6.337 billion yuan in the first half of the year, a year-on-year decrease of 10.22% [11] - Hongbao Li announced that its largest shareholder and actual controller plan to reduce their holdings by no more than 2% of the company's shares [11]

中央第四指导组围绕综合整治新能源汽车行业非理性竞争问题开展专题调研座谈，要求龙头企业要依法 合规理性竞争，联合抵制行业非理性竞争，共同维护公平公正的市场竞争秩序(央视新闻)；18日市场监 管总局约谈饿了么、美团、京东三家平台企业，要求相关平台企业严格遵守《中华人民共和国电子商务 法》《中华人民共和国反不正当竞争法》《中华人民共和国食品安全法》等法律法规规定，严格落实主 体责任，进一步规范促销行为，理性参与竞争(央视新闻)；美国总统特朗普在白宫正式签署《指导与建 立美国稳定币国家创新法案》(简称《天才法案》)，标志着美国稳定币监管立法进入实施阶段(央视新 闻)。 ...

Domestic News - The Yarlung Tsangpo River downstream hydropower project officially commenced on July 19 in Nyingchi, Tibet, with a total investment of approximately 1.2 trillion yuan, aiming to construct five tiered power stations primarily for power transmission and local consumption [2] - The Ministry of Finance's Deputy Minister Liao Min announced at the G20 finance ministers and central bank governors meeting that China will implement a more proactive fiscal policy in the second half of the year and expand high-level opening-up [2] Industry News - The State-owned Assets Supervision and Administration Commission (SASAC) released the list of A-level enterprises for the 2024 annual performance assessment, including major companies such as State Grid Corporation of China and China National Petroleum Corporation [3] - The Lixun Robot Headquarters project broke ground in Changshu with a total investment of 5 billion yuan, expected to achieve an annual output value of 10 billion yuan upon completion [4] - FAW Qiji New Power Technology Co., Ltd., a wholly-owned subsidiary of FAW Group, held its inaugural conference in Changchun, focusing on developing leading technologies in new energy powertrains [4]