香港金管局公布本周五起实施的稳定币发行人监管制度详情，强调首阶段只会发出数个牌照。金管局副 总裁陈维民预期，首阶段牌照将会于明年初发出。金管局介绍，发牌要求有三个范畴，包括合规性、具 体性及可持续性。 在合规性方面，除了满足监管要求，例如储备资产的管理、赎回、风险管理及反洗 黑钱外，特别提到要遵守香港及其他地区的法规，尤其跨境支付场景，需要遵守跨境应用的相关地区法 规。 至于具体性方面，金管局要求发行人有实在的应用场景，需要有切实可行的具体商业方案和落实 计划。 可持续性方面，稳定发行人需要有足够资源及流动资产，证明持续有心投放资源，并长远需要 有盈利能力，说服金管局其盈利模式才可经营。 ...

Group 1 - The Hong Kong Monetary Authority (HKMA) has introduced a regulatory framework for stablecoin issuers, with a focus on the "Licensed Stablecoin Issuer Regulatory Guidelines" and the "Summary of the Stablecoin Issuer Licensing System" [1] - The application timeline indicates that interested applicants should contact regulators by August 31, with mature applicants having a deadline of September 30, and the first batch of licenses expected to be limited to single digits by the end of the year [1] - Companies that may obtain the first batch of scarce licenses and platforms that are determined to participate in stablecoin usage scenarios are recommended for continued attention [1] Group 2 - The Hong Kong stock market is expected to see a significant increase in revenue growth for the Hang Seng Index in the first half of 2025, although profit growth may moderate [2] - Certain sectors, such as new consumption, technology, and pharmaceuticals, are showing enhanced confidence, with upward revisions in earnings expectations prior to financial disclosures [2] - The Hang Seng Technology Index has seen slight downward adjustments in earnings expectations, primarily due to disruptions from delivery subsidies affecting a few internet platforms, but overall earnings expectations in other sub-industries are generally being revised upward, particularly in new energy vehicles, semiconductors, and consumer electronics [2] Group 3 - The introduction of a childcare subsidy plan, with a basic standard of 3,600 yuan per child per year funded by the central government, is expected to boost birth rates and positively impact the mother-baby chain sector [3] - The National Health Commission estimates that the childcare subsidy will benefit over 20 million families with infants and young children annually, which is likely to enhance the willingness to have children [3] - The mother-baby chain sector is anticipated to directly benefit from the recovery in birth rates, with same-store sales data showing continuous improvement and performance elasticity being noteworthy [3]

Group 1 - IMF has significantly raised China's economic growth forecast for this year by 0.8 percentage points [1] - The China Council for the Promotion of International Trade president met with representatives from the US-China Business Council [1] - The National Postal Administration held a symposium with express delivery companies [1] Group 2 - The China Photovoltaic Industry Association stated that some media reports on the photovoltaic industry "anti-involution" are severely inconsistent with actual conditions [1] - The Hong Kong Monetary Authority released a series of documents regarding the regulatory framework for stablecoin issuers, effective from August 1 [1] - Jiangsu Province's Medical Insurance Bureau announced the pricing for medical services related to brain-computer interfaces, with a non-invasive brain-computer interface adaptation fee set at 966 yuan per session [1]

Core Viewpoint - The report from Everbright Securities highlights that while USD stablecoins can enhance the functionality and usage scenarios of the dollar, thereby reinforcing its position in the international monetary system, they do not fundamentally resolve the underlying issues of the U.S. dollar's twin deficits and may exacerbate risks in the long term [1] Group 1: Nature of Stablecoins - Stablecoins are essentially "on-chain" dollars, with issuers earning a "spread" [2] - They are designed to address volatility in the cryptocurrency market and improve payment efficiency, but their reliance on fiat and crypto assets for collateral reflects a centralized characteristic [2] - The market is highly concentrated, with USDT and USDC accounting for approximately 90% of stablecoin trading volume and about 80% of market capitalization [2] Group 2: Regulatory Framework - The regulatory frameworks for stablecoins in the U.S., EU, and Hong Kong share a common structure but differ in specifics [3] - The U.S. GENIUS Act focuses on payment-type stablecoins, requiring 100% cash or short-term U.S. Treasury bonds as reserves [3] - The EU's MiCA Act aims for broader regulation of crypto assets, emphasizing risk prevention and financial market stability [3] - Hong Kong's stablecoin regulations are characterized by strict approval processes and high reserve coverage, balancing financial innovation with stability [3] Group 3: Macro Impact - Stablecoins enhance liquidity similar to fiat currencies, increasing the speed of money circulation but posing new challenges for central banks in liquidity management [4] - Potential effects include the creation of additional liquidity through lower reserve ratios and the emergence of a "shadow" banking system led by stablecoins [4]

Group 1 - The Hong Kong Stablecoin Regulation, effective from August 1, marks the world's first comprehensive regulatory framework for fiat-backed stablecoins [1] - Under the regulation, any entity issuing fiat-backed stablecoins or stablecoins pegged to the Hong Kong dollar must obtain a license from the Hong Kong Monetary Authority, and only licensed institutions can sell stablecoins to retail investors [1] - The regulation aims to establish an offshore RMB cross-border payment system, with Real World Assets (RWA) as a key tool to enhance liquidity and reduce transaction costs in traditional finance [1] - The settlement cycle for tokenized government bonds in Hong Kong has been reduced from T+2 to seconds, improving efficiency by 90% [1] - Boston Consulting Group predicts that the global RWA market will reach $16 trillion by 2030, with an extreme optimistic scenario of up to $68 trillion [1] - As the regulatory framework matures, quantum communication is expected to become an essential technological support for the stablecoin ecosystem [1] - Major traditional banks like HSBC and Citibank are positioning themselves through subsidiaries or joint ventures following the implementation of the stablecoin regulation, while leading fintech companies like Ant International are expected to accelerate their entry into the market [1] Group 2 - Tianyang Technology has launched a "Unified Payment Center" solution that integrates stablecoin channels [2] - GCL-Poly Energy has collaborated with Ant Group to complete the first domestic RWA transaction for photovoltaic physical assets [3]

Market News - US stock indices collectively declined, with the Dow Jones down 0.46%, Nasdaq down 0.38%, and S&P 500 down 0.3%. Major tech stocks mostly fell, including Meta down over 2%, Intel, Apple, and Tesla down over 1%, while AMD rose over 2% [1] - International precious metal futures generally rose, with COMEX gold futures up 0.46% at $3325.30 per ounce and COMEX silver futures up 0.43% at $38.39 per ounce. International oil prices surged, with WTI crude oil up 3.81% at $69.25 per barrel and Brent crude oil up 3.53% at $71.77 per barrel [1] - Major European stock indices closed higher, with Germany's DAX index up 1.03% to 24217.37 points, France's CAC40 index up 0.72% to 7857.36 points, and the UK's FTSE 100 index up 0.60% to 9136.32 points [1] Industry Insights - The Hong Kong Monetary Authority will hold a technical briefing on the regulatory framework for stablecoin issuers on July 29, with the regulation set to take effect on August 1. The first batch of stablecoin licenses will be strictly limited to single digits, expected to be issued within the year [2] - Stablecoins are seen as a bridge between centralized and decentralized financial systems, playing a crucial role in global payment systems. The industry is expected to enter a phase of compliant development as global regulatory policies are implemented [2] - The Beijing Future Science City is soliciting opinions on the "Artificial Intelligence + Pharmaceutical Health" industry development plan, focusing on brain-computer interface innovation and product development [3] - Brain-computer interface technology is anticipated to transform human-machine interaction, with applications initially in medical rehabilitation and later expanding to education, entertainment, and industrial sectors [3] - Huawei's Cangjie programming language will be open-sourced, aimed at full-scene intelligent application development, and is a key component of the HarmonyOS ecosystem [4] Stock Movements - A shareholder of Aosaikang plans to reduce its stake by up to 1.5% through centralized bidding and block trading [5] - A shareholder of Jiahe Meikang intends to reduce its stake by up to 3% due to funding needs [5] - Shareholders of Aotewei plan to reduce their holdings by up to 1.37% through similar methods [5] - Shareholders of Tongding Interconnection plan to reduce their stake by up to 2.08% [5] - Shareholders of Shanghai Auto Parts plan to reduce their holdings by up to 1.75% [6] - The National Integrated Circuit Fund plans to reduce its stake in Saiwei Electronics from 8.87% to 7.82% [6] - Shareholders of Suzhou Planning intend to reduce their stakes by up to 2.5% and 2% respectively [6] - Lenovo Holdings reduced its stake in Lakala, bringing its ownership down to 25.86% [7] - Shareholders of Ruishun Technology plan to reduce their holdings by up to 2.0013% due to funding needs [7]

Core Viewpoint - Visa executives express support for the "Genius Act," viewing it as a significant milestone in the path toward clearer regulation of stablecoins [1] Group 1 - Visa's leadership believes that the "Genius Act" will enhance regulatory clarity for stablecoins [1]

7月29日，香港金融管理局（以下简称"香港金管局"）就稳定币发行人监管制度举行技术简报会。在会上，香港金管局 副总裁陈维民介绍，在首阶段发放的稳定币发行人牌照的数量还不确定，需视申请机构提交的申请材料质量来定，预计 首个稳定币发行人牌照将于明年年初发出。他强调道："通过的门槛是很高的。" 每经记者｜黄婉银 特约记者 李旭馗 每经编辑｜文多 香港金管局鼓励有意申请牌照的机构于8月31日或之前联系香港金管局，让香港金管局可传达监管期望并适当提供反 馈。发牌将是一个持续进行的过程，如个别机构认为已准备充分并希望尽早被考虑，应于9月30日或之前向香港金管局 提交申请。 陈维民在回答《每日经济新闻》等媒体的记者提问时表示，香港金管局在法币币种方面持开放态度，稳定币发行人可以 申请与某个法币挂钩的稳定币的牌照，也可以申请与一揽子法币挂钩的稳定币的牌照，重点是需在申请时表明法币的币 种。 陈维民透露，目前与香港金管局接触的机构，谈论的大多是可自由流通的法币，如美元、港元等。由于人民币目前还不 是一个可以完全自由兑换的币种，如果有机构想申请锚定人民币的稳定币，香港金管局需考虑使用场景、储备要求等一 系列情况后再作决定。 在被 ...

至今尚未发出任何牌照。 7月29日，香港金融管理局（简称"金管局"）就2025年8月1日起实施的稳定币发行人监管制度发布相关文件。 文件包括《持牌稳定币发行人监管指引》《打击洗钱及恐怖分子资金筹集指引（持牌稳定币发行人适用）》， 以及与发牌制度及申请程序相关的《稳定币发行人发牌制度摘要说明》和《原有稳定币发行人过渡条文摘要说 明》。 其中，《持牌稳定币发行人监管指引》汇总了28份行业反馈及香港金管局的回应，确立了持牌稳定币发行人的 全面监管框架，涵盖储备资产全额支持要求、发行与赎回机制、风险管理、财务资源等核心内容。金管局将采 用原则导向监管，允许多司法管辖区发行等灵活安排，但强调投资者保护与系统稳定性，并将持续与市场沟通 以推动实施。 《打击洗钱及恐怖分子资金筹集指引（持牌稳定币发行人适用）》则是基于此前咨询收到的38份反馈而修订。 该指引的核心内容包括：对客户钱包（含托管与非托管钱包）的风险管理要求、对客户及二级市场流通稳定币 的持续监控、遵守《反洗钱及反恐怖融资条例》（AMLO）下的 "旅行规则"（Travel Rule）以确保转账透明 度，以及对非托管钱包交易的额外风险控制。金管局将采用风险为本但谨慎 ...

多国央行：警惕稳定币风险 欧洲央行行长克里斯蒂娜·拉加德近期于议会听证会中指出，私人发行的竞争性稳定币存在价值锚定失 效风险，可能引发银行存款迁移效应，并强调此类资产"将对货币政策传导机制及金融体系稳定性构成 系统性威胁"。她同时呼吁加速数字欧元建设进程，将其定位为维护欧洲货币主权自主性的战略关键 。 英国央行行长安德鲁·贝利在多次公开声明中持续表达对稳定币的审慎立场。其主张商业银行应优先发 展代币化存款（即法定货币的数字化形态），而非涉足稳定币发行领域。核心论据在于稳定币可能引发 存款迁移效应，导致银行体系可贷资金规模收缩。 韩国央行行长李昌镛明确警示稳定币对跨境资本流动管理的潜在冲击。直言，在新兴市场及小型开放经 济体中，稳定币的规模化流通可能触发资本外逃压力与货币政策传导阻滞，构成系统性风险引爆点。 文/ 《 清华金融评论 》 杨曦 2 0 25年6月起，全球金融体系持续经历稳定币监管浪潮。香港《稳定币条 例》正式实施与美国《GENIUS法案》完成总统签署，标志着主流经济体 监管框架初步确立，引发市场对行业爆发性增长的普遍预期。然而在市场 情绪高涨之际，多国监管机构与金融机构对稳定币发展前景公开表明审慎 ...