Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The application scenarios for stablecoins are continuously expanding, with a future scale expected to reach $3.5 trillion [3][25] - Circle, as a leading company in the stablecoin sector, demonstrates growth potential and challenges in its business layout, ecosystem construction, and financial performance [3][25] Summary by Sections 1. Stablecoins: Continuous Expansion of Application Scenarios - Since the launch of the first stablecoin USDT in 2014, stablecoins have evolved from focusing solely on cryptocurrency trading to applications in payments and traditional finance [7] - Major developments include JPM Coin for cross-border trade settlements and PayPal USD for consumer payments, indicating a broadening of use cases [7][8] 2. Future Scale of Stablecoins - The future scale of stablecoins is projected to reach $3.5 trillion, driven by four main scenarios: cryptocurrency trading, cross-border payments, daily consumer payments, and traditional capital market applications [25][26] - In cryptocurrency trading, stablecoins are expected to reach $363.3 billion by 2030, assuming a 10% growth in the cryptocurrency market [15][26] - For cross-border payments, stablecoins could capture 20% of the market, leading to a demand of $2.9 trillion [15][26] - Daily consumer payments could see stablecoin demand of $121.6 billion, assuming a 10% market share [15][21] - In traditional capital markets, stablecoin demand is estimated at $133.3 billion under neutral scenarios [15][26] 3. Circle: The First Publicly Listed Stablecoin Company - Circle, founded in 2013, is set to go public in 2025 and focuses on its self-issued stablecoin USDC, which is expected to account for 99.1% of its revenue by 2024 [25][26] - The company has built an ecosystem around USDC, including stablecoin issuance, tokenized funds, liquidity services, and developer tools [25][31] - Circle's revenue is highly tied to reserve asset yields, benefiting from the Federal Reserve's interest rate hikes, with projected revenue of $1.676 billion in 2024 [25][41] 4. Financial Performance and Challenges - Circle's revenue has shown significant growth, from $772 million in 2022 to $1.45 billion in 2023, with a further increase to $1.676 billion expected in 2024 [44] - The company's gross margin has declined from 60% in 2022 to 39% in 2024 due to rising distribution and transaction costs [48] - Circle's financial model is sensitive to external economic variables, particularly interest rates and market events, which can lead to volatile profit margins [46][50]

Core Insights - Stablecoins are digital currencies designed to maintain value stability by anchoring to specific assets, addressing the volatility issues of traditional cryptocurrencies like Bitcoin [1] - The primary mechanism involves issuers holding sufficient reserve assets to ensure a 1:1 exchange with the anchored asset [1][3] Types of Stablecoins - Fiat-collateralized stablecoins (e.g., USDT, USDC) require a dollar or equivalent government bonds for each issued stablecoin, audited by third parties [3][4] - Crypto-collateralized stablecoins (e.g., DAI) are generated through over-collateralization of other cryptocurrencies, typically with a collateralization rate exceeding 150% [5] - Algorithmic stablecoins (e.g., the failed UST) rely on algorithms to adjust supply and demand without physical collateral, posing high risks [6] - Commodity-backed stablecoins (e.g., Tether Gold) are linked to physical assets like gold, but are smaller in scale [7] Core Functions and Value - Serve as a "safe haven" during cryptocurrency market downturns, allowing users to quickly convert assets to stablecoins to avoid losses [8] - Enhance cross-border payment efficiency, reducing transaction times to seconds and costs to 0.1% compared to traditional methods [9] - Act as foundational infrastructure for decentralized finance (DeFi), used as collateral, lending tools, and units of account [10] - Provide a means to hedge against fiat currency devaluation, particularly in countries with high inflation rates like Argentina [11] Global Competitive Landscape - The U.S. aims to reinforce the dollar's dominance through legislation mandating stablecoins to be dollar or U.S. Treasury-backed, converting global demand into U.S. debt purchasing power [12] - Hong Kong is promoting the internationalization of the yuan with regulations allowing companies like JD and Ant Group to explore offshore yuan stablecoins [13] - Regulatory discrepancies are evident, with the EU's MiCA legislation imposing strict controls on non-euro stablecoins, while China focuses on digital yuan and bans private cryptocurrencies [13] Controversies and Risks - The anonymity of stablecoin transactions has been linked to regulatory arbitrage and money laundering, with an estimated $51 billion in illicit on-chain flows in 2024 [15] - Lack of transparency in reserve assets can lead to misuse of funds, risking collapse during a bank run, as seen in the UST incident [16] - Vulnerable countries like Argentina face risks of currency substitution, accelerating the depreciation of local fiat currencies [17] - Technical security risks include vulnerabilities in smart contracts and potential 51% attacks that could lead to asset theft [18] Future Trends - The global stablecoin market is projected to exceed $238 billion by 2025, with expectations to reach $2 trillion by 2030 [19] - Applications are expanding from cryptocurrency trading to supply chain finance and tokenization of energy assets [20] - The competition between dollar-backed stablecoins and offshore yuan stablecoins may reshape the global payment system [21]

Core Insights - Stablecoins are emerging as a crucial bridge between traditional finance and the digital world, providing value stability by pegging to traditional assets like the US dollar, thus facilitating smoother transactions in the cryptocurrency market [1][25][26] Market Overview - As of June 2025, the global stablecoin market reached a total market capitalization of $262.9 billion, accounting for 7.7% of the entire cryptocurrency market. USDT (Tether) dominates with a market cap of $157.6 billion, representing 60% market share, followed by USDC (USD Coin) at $61.7 billion, or 23% [2][26] - The market is characterized by a high concentration, with USDT and USDC forming a "duopoly" due to their first-mover advantage and strategic partnerships [3][26] Applications and Use Cases - Stablecoins have expanded their applications beyond mere trading intermediaries, becoming integral in various sectors such as cryptocurrency trading and decentralized finance (DeFi). For instance, stablecoins account for over 60% of trading pairs on major exchanges like Binance [4][18] - In the DeFi space, stablecoins are essential for lending and borrowing, with USDC holding over $48 billion in total loans on platforms like Compound [4][16] Cross-Border Payments - Stablecoins are increasingly being utilized for cross-border payments, offering significant advantages over traditional systems like SWIFT, including faster transaction times (minutes instead of days) and lower fees (as low as 0.1%) [5][26] Industry Structure - The stablecoin industry consists of key players including issuers, exchanges, and custodians. Issuers like Tether and Circle earn profits through interest on reserve assets and transaction fees [6][30] - Tether's business model resembles that of a "crypto central bank," where users deposit equivalent assets to mint stablecoins, while Circle relies heavily on reserve asset interest for revenue [6][35] Regulatory Landscape - Regulatory frameworks are evolving globally, with the U.S. Senate passing the GENIUS Act to regulate stablecoins and ensure they are backed by cash or short-term U.S. Treasury securities. Similar regulations are being implemented in regions like Hong Kong [7][26] Future Potential - The growth trajectory of stablecoins remains strong, with USDT and USDC showing annual growth rates exceeding 50%. The increasing regulatory clarity and technological advancements suggest that stablecoins could play a pivotal role in reshaping the global payment system [7][26]

Core Viewpoint - Stablecoins are rapidly becoming a strategic focus for global fintech companies, with significant developments in tokenization and cross-border payments expected in July 2023 [1][2]. Group 1: Market Developments - The financial technology ETF (516860) has seen a rise of over 13% year-to-date and more than 117% over the past year, indicating strong market interest [1]. - Major stocks within the financial technology ETF, such as Xinyada and Dazhihui, have experienced significant price increases, reflecting positive market sentiment [1]. - The Hong Kong government has announced a policy to promote the tokenization of various assets, including precious metals and renewable energy, establishing a stablecoin ecosystem anchored by high-quality Chinese assets [1][2]. Group 2: RWA and Stablecoins - Real World Assets (RWA) refer to the tokenization of physical or intangible assets through blockchain technology, aiming to enhance liquidity and reduce investment barriers [4][6]. - Stablecoins serve as a trading tool for RWA, providing a stable value and facilitating easier transactions, especially in international trade [6][7]. - The regulatory framework for stablecoins is expected to bolster the development of RWA by providing a legitimate payment and settlement framework [6][7]. Group 3: Future Prospects - The integration of stablecoins and RWA is anticipated to break traditional financial barriers, enabling more efficient transactions and lowering investment thresholds in sectors like real estate and private credit [7][9]. - The expansion of RWA into various asset categories, including securities and real estate, is expected to create new growth opportunities for financial institutions [9]. - The financial technology ETF is positioned to benefit from the growing RWA market, with its components actively participating in tokenization services [9][10]. Group 4: Financial Technology ETF Insights - The financial technology ETF comprises 57 stocks, focusing on the electronic and non-bank financial sectors, with a significant portion of its weight in leading companies [10]. - The average R&D investment of the ETF's components exceeds 15%, indicating a strong commitment to innovation within the sector [10]. - The current price-to-earnings ratio of the index is at 79 times, suggesting a valuation that is within the historical upper range [11].

Core Viewpoint - Stablecoins are a strategic battleground for national digital financial discourse, serving as a bridge between traditional finance and the crypto economy, especially in the context of emerging regulations in the EU, the US, and Hong Kong [1][5][10]. Group 1: Stablecoin Mechanism and Application Scenarios - Stablecoins are categorized into three types based on their anchoring mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic, with fiat-collateralized stablecoins dominating the market [2][19]. - The stablecoin market exhibits a "one super, one strong, and a hundred flowers blooming" pattern, with USDT and USDC together accounting for 86% of the market share [2][36]. - Stablecoins are utilized in various scenarios including DeFi ecosystems, RWA transactions, value storage, cross-border payments, and retail payments, providing functions such as pricing benchmarks and real-time settlement [2][63]. Group 2: Impact on Banking Systems - Stablecoins pose significant implications for banking systems, affecting currency status, central bank policy tools, and potentially leading to systemic disturbances [3][9]. Group 3: Regulatory Developments - Recent regulatory frameworks in the US and Hong Kong mark a turning point for stablecoin development, emphasizing the need for compliance and stability in the financial system [5][10]. - Hong Kong's "Stablecoin Ordinance" introduces a comprehensive regulatory framework for fiat-backed stablecoins, focusing on strict entry requirements, robust reserve management, and unconditional redemption [13][14]. Group 4: Comparison of Regulatory Models - The regulatory approaches in Hong Kong, the US, and the EU differ significantly, with Hong Kong emphasizing openness and compatibility, the US reinforcing the dominance of the dollar, and the EU pursuing unity and security [16][18]. - The regulatory frameworks aim to balance financial stability and innovation while protecting investors and maintaining the integrity of financial markets [17][18]. Group 5: Stablecoin Market Dynamics - As of June 2025, the stablecoin market exceeds $250 billion, with USDT and USDC leading the market, accounting for 62% and 24% of the total market share, respectively [36][39]. - The market is characterized by a high degree of concentration, with USDT being the largest stablecoin by market cap, followed by USDC, which has gained traction due to its compliance and transparency [40][41].

Core Insights - Stablecoins are gaining mainstream recognition in the financial narrative, supported by regulatory frameworks like the GENIUS Act in the US and the Stablecoin Ordinance in Hong Kong [1] - Circle, as the first publicly traded stablecoin company, saw its market capitalization exceed $50 billion and a price-to-earnings ratio of 120, indicating high market expectations for growth [1][5] - The primary revenue model for major stablecoin issuers is interest arbitrage, with Circle projected to earn $1.56 billion in interest income in 2024, constituting 99% of its total revenue [3] Business Models - Major stablecoin issuers primarily profit from interest arbitrage by investing dollar reserves into low-risk, interest-bearing assets like US Treasury bonds [3] - Tether, the largest stablecoin issuer, reported profits exceeding $13 billion, primarily from similar investment strategies [3] Market Position - Tether holds a significant first-mover advantage, capturing 60%-70% of the market share since its launch in 2014, while USDC, launched in 2018, holds about 20%-24% [4] - USDC emphasizes compliance and transparency, which has attracted regulated entities, but its market penetration is limited in less regulated environments [4] Regulatory Environment - The scarcity of stablecoin licenses in Hong Kong may increase their value, similar to the experience with virtual bank licenses [6] - Over-regulation could stifle innovation and push issuers to less regulated regions, potentially limiting the value of licenses [6] Application Scenarios - The most promising application scenarios for licensed stablecoin issuers include cross-border payments and decentralized finance (DeFi), due to their scalability and cost-effectiveness [7] - Cross-border payments are highlighted as the most certain application, with USDC significantly reducing transaction times and costs compared to traditional methods [7] Impact on Financial Institutions - Traditional financial institutions, particularly banks, may face revenue restructuring as stablecoins could replace some cross-border payment services [9] - Stablecoins enhance financial inclusion, especially in developing regions, while market power may concentrate among compliant institutions due to regulatory barriers [10] Future Trends - The emergence of multi-currency and multi-asset stablecoins could lead to a digital currency exchange rate system, potentially replicating international monetary dynamics [11] - The dominance of the US dollar in stablecoins may persist unless non-dollar stablecoins achieve significant scale, with central bank digital currencies (CBDCs) adding complexity to the competitive landscape [11]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 自願性公告 與ASSETO FINTECH LIMITED 戰略合作之諒解備忘錄 戰略合作諒解備忘錄 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年6月30日，本公司與 Asseto Fintech Limited（「Asseto」）訂立一份戰略合作（「戰略合作」）諒解備忘 錄（「諒解備忘錄」）。本集團將與Asseto建立戰略合作夥伴關係，攜手在亞洲市 場共同探索並開發真實世界資產（「RWA」）的代幣化解決方案，並推動採納合 規數字資產產品與服務，包括穩定幣應用及去中心化金融（「DeFi」）整合。 1 訂約方擬在以下關鍵領域展開合作： 諒解備忘錄項下擬進行的交易為訂約方就擬議戰略合作達成的初步共識，仍 需由訂約方進一步協商並簽立 ...

Core Insights - Sun Yuchen delivered a speech on "Driving Decentralized Finance Scale with Stablecoins" at Istanbul Blockchain Week (IBW2025), highlighting TRON's latest achievements in the stablecoin ecosystem [1][3] - The dual approach of compliant stablecoin USD1 and decentralized stablecoin USDD is creating a comprehensive stablecoin ecosystem, providing diverse financial infrastructure for global Web3 users [1][4] Group 1 - USD1, issued by World Liberty Financial, has been natively minted on TRON, backed by 100% USD assets and short-term U.S. Treasury bonds, showcasing high standards of security, transparency, and compliance [3] - USD1's choice of TRON as its primary issuance platform is due to TRON's high throughput, low cost, and reliable on-chain performance, along with Sun Yuchen's influence in global blockchain policy [3] - USDD has rapidly expanded, with total locked value surpassing $400 million, making it one of the leading decentralized stablecoins globally [3] Group 2 - The integration of USD1's compliance and USDD's on-chain governance reflects TRON's mature capabilities in technology integration and scenario deployment [4] - Sun Yuchen emphasized that a single form of stablecoin cannot meet the diverse market demands, advocating for a financial system that accommodates various types of digital assets [4] - TRON is evolving from a traditional public chain platform to a core hub of global digital financial infrastructure, aiming to enhance the usability, security, and compliance of its stablecoin system [4]

2025年6月24日，万事达宣布与Chainlink（区块链预言机网络，旨在弥合链下数据与链上智能合约 之间的差距）建立战略合作伙伴关系。有分析认为，这意味着传统支付网络正主动上"链"，在不拆 解合规架构的前提下，将 DeFi（去中心化金融）纳入自身轨道。 现在，一个用户无需理解区块链即可体验链上经济价值、推动Web3.0（基于区块链去中心化的第 三代互联网）从"极客工具"向"大众金融基础设施"转型的支付裂变时刻已至。 金融业正在经历"链改"而非"被颠覆"，最终是否会形成一种 混合型金融服务生态：底层是区块链技术作为新金融基础设 施；中间层是合规框架下的加密资产纳入主流体系；应用层则 由传统金融机构主导。 作者：欧阳晓红 封图：图虫创意 想 象 一 下 ： 2025 年 的 夏 天 ， 在 纽 约 一 家 咖 啡 馆 ， 一 位 年 轻 的 软 件 工 程 师 用 手 中 的 万 事 达 （Mastercard）信用卡轻轻一刷，购买了0.25枚以太坊。他既没有登录加密货币交易平台Binance 或Coinbase，也无需复制粘贴复杂的钱包地址，只是在一个名叫Swapper Finance（兑换者金融） 的小程 ...

Core Insights - Mastercard is transforming the payment landscape by enabling users to purchase cryptocurrencies directly using their credit cards through a new service called Swapper Finance, in partnership with Chainlink [1][2][3] - This collaboration signifies a shift where traditional payment networks are integrating decentralized finance (DeFi) without dismantling existing compliance structures [1][5] Group 1: Strategic Partnerships - Mastercard has partnered with major cryptocurrency platforms like MetaMask, Crypto.com, and Kraken, allowing users to spend stablecoins at 150 million merchants globally [2][3] - The partnership with Chainlink aims to provide a secure bridge between off-chain data and on-chain smart contracts, facilitating seamless transactions [3][4] Group 2: User Experience and Accessibility - Users can now purchase cryptocurrencies like Bitcoin and stablecoins directly from decentralized exchanges (DEX) using their Mastercard, simplifying the process that previously required multiple steps [3][6] - The new system allows for a straightforward transaction process: input card number, select amount, and confirm payment, making it accessible to a broader audience [7][8] Group 3: Regulatory and Compliance Framework - The collaboration emphasizes compliance, consumer protection, and transparency, ensuring that on-chain activities are visible and off-chain identities are compliant [6][9] - The integration of stablecoins into mainstream payment channels represents a significant step towards bridging traditional finance and decentralized finance [5][10] Group 4: Future Implications - The partnership may signal a new era in digital currency competition, focusing on ecosystem connectivity rather than just payment efficiency [9] - The evolving landscape suggests a potential hybrid financial ecosystem where traditional financial services leverage blockchain technology for enhanced functionality [10]