Core Viewpoint - The emergence of a regulatory year for stablecoins is driven by the geopolitical dynamics of national power, currency status, and financial sovereignty rather than mere technological innovation [3]. Regulatory Developments - The U.S. has introduced the "GENIUS Act," integrating dollar stablecoins into a digital dollar framework, while the EU has established compliance thresholds through the MiCA regulation, and Hong Kong has enacted a comprehensive regulatory framework for fiat-backed stablecoins [2][9]. - The U.S. Senate passed the "GENIUS Act" with a vote of 66 to 32, mandating that non-U.S. issuers demonstrate regulatory comparability to access the U.S. market, potentially reshaping global financial order [7][8]. Market Dynamics - In 2024, the total transaction volume of stablecoins reached $27.6 trillion, surpassing the annual transaction volumes of Visa and Mastercard, indicating a significant shift in financial transactions [10]. - The combined market capitalization of USDT and USDC exceeds $210 billion, representing 86% of the global stablecoin market [10]. Financial Implications - Stablecoins are evolving into a form of "shadow Federal Reserve," influencing U.S. Treasury yields through high-frequency circulation and liquidity [11][12]. - Research indicates that a 2% fluctuation in daily trading of USDT/USDC can lead to a 2.5 basis point change in three-month Treasury yields, suggesting a micro-quantitative easing effect [19]. Hong Kong's Role - Hong Kong is positioned as a financial hub for offshore RMB, rapidly establishing a legal framework for stablecoins, which may accelerate the internationalization of the RMB [15][20]. - The Hong Kong Monetary Authority has initiated the "Project Ensemble" to explore cross-border tokenized settlement mechanisms, enhancing efficiency and transparency in cross-border transactions [16]. Historical Context - The successful pilot of personal RMB accounts in Hong Kong in 2003 laid the groundwork for the cross-border trade settlement of RMB in 2009, providing a model for the current stablecoin initiatives [21][23]. - The upcoming stablecoin regulations in Hong Kong may serve as a "laboratory" for the future internationalization of the digital RMB, reflecting a new version of the "Hong Kong experience" [24].

Core Viewpoint - The cross-border payment sector has recently experienced a pullback after a significant rise, leading to market speculation about its future strength [3] Company Summaries - Qingdao Kingking's main products include "new material candles and aromatherapy products" and "cosmetics," with 75.45% of its revenue, amounting to 1.353 billion yuan, coming from overseas sales in 2024 [4] - Hai Lian Jin Hui holds various payment licenses, including "cross-border RMB payment" and "Hong Kong money service operator license," providing comprehensive payment services and cross-border settlement [5] - New Morning Technology has developed multiple core products and solutions, including a blockchain BaaS platform, and emphasizes the application of artificial intelligence in enhancing operational efficiency for banks [5] - Lakala offers a comprehensive payment solution for merchants, including cross-border payment services, and has served over 90,000 merchants in its cross-border payment business [6] Industry Insights - Recent government initiatives signal a push for the internationalization of the digital yuan and the enhancement of the cross-border payment system, laying a foundation for its practical application [8] - The global trade landscape is being reshaped by U.S. tariff policies, prompting companies to reconsider their supply chain strategies, which may benefit domestic supply chain enterprises and the cross-border payment sector [8] - Future development paths for global cross-border payment models include creating payment systems based on local currencies, expanding coverage through national payment systems, and leveraging blockchain technology [9]

多地已有落地案例 4月21日，中国人民银行、金融监管总局、国家外汇局、上海市人民政府联合印发《上海国际金融中心 进一步提升跨境金融服务便利化行动方案》（以下简称《行动方案》），支持在沪数字人民币运营试点 银行积极参与多边央行数字货币桥项目。 中国银行研究院研究员杜阳对《证券日报》记者表示："这是我国推动数字人民币国际化、深化跨境支 付体系合作的重要信号。《行动方案》的出台，意味着上海将在多边央行数字货币桥发展中扮演先行先 试的'试验田'角色，不仅提升中国金融基础设施在全球金融体系中的话语权，也为数字人民币在跨境支 付中拓展实际应用场景奠定了基础。" 提升跨境结算效率 《行动方案》从提高跨境结算效率、优化汇率避险服务、强化融资服务、加强保险保障、完善综合金融 服务等五方面提出18条重点举措。 《行动方案》提出，"支持在沪数字人民币运营试点银行积极参与多边央行数字货币桥项目，探索创新 特色场景。支持外汇交易中心为多边央行数字货币桥提供外汇流动性管理及兑换服务"。 "这有助于解决多币种转换的技术瓶颈，提升跨境结算效率。"苏商银行特约研究员薛洪言对《证券日 报》记者表示。 所谓多边央行数字货币桥（mBridge）是由 ...