Group 1 - The Hong Kong Stablecoin Regulation will take effect on August 1, marking a critical phase for compliance and investment by relevant institutions [1] - Ant Group's Ant Financial has initiated the application for a Hong Kong stablecoin license and has engaged in multiple rounds of communication with regulators [1][2] - Ant Financial aims to build digital trading scenarios based on stablecoins, enhancing market potential through compliance and technological innovation [2] Group 2 - Ant Financial has established Hong Kong as its global headquarters and has completed a regulatory sandbox trial in the region [2] - The company issued its first cross-border Real World Assets (RWA) tokenization in Hong Kong last August and has announced a new company, "Ant Xineng," in collaboration with its RWA project partner [2] - Ant International, a subsidiary of Ant Group, is also applying for a Hong Kong stablecoin license and plans to accelerate investments in global treasury management [2]

Core Insights - Community engagement and user retention are crucial for the development of blockchain ecosystems, with many projects facing user growth bottlenecks due to traditional social platforms lacking direct token integration [2] - The collaboration with TELTLK has initiated a significant flow revolution through the "CFX token red envelope" mechanism, enhancing user interaction and community growth [2] Group 1: TELTLK's Features and Impact - TELTLK is a Web3 social application that integrates AI translation, decentralized payment, and supports supergroups of up to 100,000 users, addressing key industry pain points [2] - The application allows for real-time translation covering over 180 countries, enabling Conflux to reach a global audience and overcome geographical barriers [2] - On the first day of group creation on TELTLK, the Southeast Asia community for Conflux saw a 300% increase in new users, with the token red envelope feature reducing the cold start period by 70% [2] Group 2: Token Red Envelope Mechanism - The core of the collaboration is the on-chain social distribution of CFX tokens through red envelopes, leading to three significant outcomes: user acquisition, accelerated token circulation, and behavioral data accumulation [3][4] - The red envelope mechanism allows users to receive CFX directly in their TELTLK wallets, facilitating instant transfers and effectively activating dormant assets [3] - The user engagement data generated from red envelope interactions provides insights into user demographics and activity levels, with 67% of users being from Asia and an average of 18.2 messages sent daily by users who claimed red envelopes [3] Group 3: Advantages Over Traditional Airdrops - The token red envelope strategy is more effective than traditional airdrops due to its active participation requirement, immediate asset perception, and viral spread potential [4] - This gamified asset distribution transforms the passive nature of airdrops into an engaging social interaction, enhancing brand penetration for Conflux [4] Group 4: Future Prospects and Strategic Collaborations - TELTLK is reshaping the flow logic in the cryptocurrency space, offering functionalities beyond messaging, such as group voting, fundraising, and community governance [5] - The red envelope distribution naturally guides users to engage with Conflux's DApps, creating a closed loop from receiving tokens to becoming loyal users [5] - TELTLK's collaboration with Conflux is expected to expand further, with discussions on CFX token staking and support for CFX payments in cross-border e-commerce [5][6]

Group 1 - The Nexus 2140 Global Expo will take place on June 21-22, 2025, in Goyang, South Korea, supported by the Korea Tourism Organization and local governments [1][3] - The event aims to gather leading tech companies, innovative brands, investment institutions, and industry leaders to explore the future of the digital economy and new business paradigms [1][4] - FORTUNE EARNING COUPON (FEC) is the crown sponsor of the expo, leveraging its extensive network of over 2.7 million merchants across 193 countries to empower global enterprises in AI, Web3, and cross-border e-commerce [1][6] Group 2 - The expo is expected to attract between 30,000 to 50,000 professional attendees, featuring over 400 leading companies, more than 150 investment institutions, and over 3,000 industry opinion leaders [4] - The event will include high-level forums, keynote speeches, and roundtable discussions focused on breakthroughs in AI technology, innovations in Web3.0, and trends in global cross-border e-commerce [4][8] - FEC's innovative approach combines blockchain and smart contract technology to transform traditional promotional costs into sustainable digital assets, creating a beneficial cycle of consumption, rewards, and repurchase [7] Group 3 - The Nexus 2140 Global Expo is positioned as a strategic hub for global policy, capital, and innovation resources, fostering collaboration among various governments and organizations [3][4] - The expo will also feature over 200 high-quality global projects for investment and entrepreneurship, providing an efficient platform for investors and startups [4][8] - FEC aims to share its experience in creating efficient closed-loop systems and support the global expansion of Web3 business trust infrastructure during the expo [7]

Group 1 - The core viewpoint of the article is that Hong Kong has become the first jurisdiction globally to establish a comprehensive regulatory framework for fiat-backed stablecoins, with the implementation of the Stablecoin Ordinance on August 1 [1][10][11]. Group 2 - Stablecoins are defined as a type of digital currency that maintains a stable value by being pegged to real-world assets, such as the US dollar, to avoid the volatility seen in cryptocurrencies like Bitcoin [5][6]. - There are three main types of stablecoins: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, each with different mechanisms and risks [7]. - The adoption of stablecoins is reshaping everyday life by making cross-border payments cheaper and faster, significantly reducing transaction costs compared to traditional banking methods [8][12]. Group 3 - Hong Kong's proactive regulatory approach, including licensing requirements and regular audits for stablecoin issuers, aims to attract institutional investment while mitigating risks associated with stablecoin failures [10][13]. - The need for stablecoins is driven by Hong Kong's role as a global trade hub, where they can facilitate low-cost remittances for unbanked populations and streamline cross-border transactions [12]. - Institutions view the establishment of a regulatory framework for stablecoins as a critical step towards integrating them into the financial market, enhancing liquidity, and fostering innovation in tokenized assets [13][14].

Core Viewpoint - The stability of stablecoins relies heavily on real-world financial order, legal structures, and monetary policies rather than solely on blockchain technology. Their stability will ultimately be tested by market pricing, regulatory frameworks, and user trust [1][29]. Group 1: Circle's IPO and Market Position - Circle went public on June 5, 2025, on the NYSE, becoming the first publicly traded stablecoin company, with an initial stock price of $83.23, a 168.48% increase from its offering price, and a total market capitalization of $18.4 billion [2][7]. - The IPO signifies a shift towards regulatory compliance, as Circle has obtained licenses in key jurisdictions, including Singapore and the EU, and will now adhere to higher standards of information disclosure and governance [8]. - Circle's primary revenue model involves earning interest from user deposits by investing in money market funds and government bonds, similar to traditional banks, which raises questions about its sustainability in a changing interest rate environment [8][15]. Group 2: Competitive Landscape and Regulatory Environment - The stablecoin market is dominated by USDT and USDC, which together account for over 86% of the market, highlighting the competitive pressures and regulatory uncertainties that Circle faces [3][4]. - The recent passage of the GENIUS Act in the U.S. Senate and the Stablecoin Ordinance in Hong Kong indicates a global acceleration in stablecoin regulation, which could impact Circle's operations and market positioning [32][33]. Group 3: Financial Performance and Risks - Circle reported a net profit of approximately $157 million for 2024, primarily from interest income, but its profitability is highly dependent on the prevailing interest rates set by the Federal Reserve [8][17]. - The company faces systemic risks, including its strong reliance on interest rates, market concentration with USDT, and regulatory gray areas due to its non-bank financial institution status [17][18]. - The governance structure of Circle raises concerns about decision-making centralization and potential conflicts of interest, as key executives hold significant voting power and have ties to other crypto entities [14][29]. Group 4: Market Dynamics and User Trust - The stability of USDC is demonstrated by its trading range, which remained close to $1, indicating strong price anchoring, while USDT exhibited more volatility [23][24]. - The true stability of stablecoins is influenced by liquidity limits, jurisdictional risks, and governance transparency, emphasizing the importance of real-world financial systems in maintaining their value [27][28][29].

Core Viewpoint - Circle Internet Group's IPO marks a significant milestone as it becomes the first publicly traded company focused on stablecoins, with its stock debuting at $83.23, a 168.48% increase from the offering price, resulting in a market capitalization of $18.4 billion [2]. Group 1: IPO Significance - The IPO represents a pivotal moment for the stablecoin sector, being the first public offering for a core issuer of "digital dollars" [4]. - It signals a transformation towards regulatory compliance, as Circle has obtained necessary licenses in key markets like Singapore and the EU [4]. - The business model of Circle, which involves earning interest from user deposits, mirrors traditional banking practices, indicating a blend of fintech and conventional finance [4]. Group 2: Financial Performance and Risks - Circle reported a net profit of approximately $157 million for 2024, primarily from interest income generated by investing USDC reserves in short-term U.S. Treasury bonds [5]. - The company's profitability is highly dependent on interest rates; a shift to a lower rate environment could significantly compress profit margins [12]. - The concentration of the stablecoin market, dominated by USDT and USDC, poses systemic risks, as issues with either could destabilize the entire market [13]. Group 3: Governance and Market Dynamics - Circle's governance structure features a dual-class share system, allowing founders to maintain significant control post-IPO, which raises concerns about decision-making centralization [9]. - The involvement of major asset management firms like BlackRock and Ark Invest in the IPO indicates strong institutional interest in the stablecoin market [9]. - The stablecoin's operational model is akin to a "shadow banking" system, lacking traditional banking protections, which could lead to liquidity risks during market stress [15]. Group 4: Regulatory Landscape - The IPO coincides with a global push for stablecoin regulation, highlighted by the U.S. Senate's passage of the GENIUS Act, which establishes a regulatory framework for payment stablecoins [18]. - Asian financial hubs are exploring regulatory frameworks to enhance cross-border payment efficiency, indicating a growing acceptance of stablecoins in traditional finance [19].

Core Viewpoints - Stablecoins originated in the "wild" world of Web3.0, initially serving as a fiat currency pricing tool for trading cryptocurrencies. As the cryptocurrency market has grown, stablecoins have become essential tools for exchanges, DeFi, and RWA ecosystems. A key to the success of stablecoins is their ability to gain market trust, which involves their credit transmission mechanism [1] - The integration of RWA (Real World Asset tokenization) and stablecoins is seen as the next major narrative in Web3, with RWA being one of the fastest-growing sectors in the cryptocurrency market. The RWA market has surpassed $22 billion, while the stablecoin market exceeds $247 billion, positioning both as dual engines driving the cryptocurrency market [4][5] RWA and Stablecoins as Catalysts - The rapid development of RWA and stablecoins is prompting regulatory advancements. Recent legislative actions in the U.S. and Hong Kong indicate a growing regulatory framework for stablecoins, driven by the swift growth of the stablecoin and RWA markets [6] - The focus on stablecoin payments and international payments is significant, as RWA and stablecoins have established a substantial commercial ecosystem. Payment giant Stripe's acquisition of stablecoin trading company Bridge for $1.1 billion and its subsequent global payment capabilities highlight the potential for stablecoins in the payment sector [7] Investment Analysis - Continuous catalysts are present in the financial technology transformation, with upcoming events such as Circle's IPO and Hong Kong's licensing process being key points of interest [8]

Core Viewpoint - The surge in the stock price of Lianlian Digital is attributed to the favorable policies surrounding "stablecoins" and its strategic positioning in the cross-border payment market, despite ongoing profitability challenges [2][7]. Group 1: Company Overview - Lianlian Digital, established in 2009, is a digital payment solution provider and one of the first companies to enter the cross-border e-commerce payment market [2]. - The company's core business, digital payment services, accounts for over 87% of its revenue, generating income through transaction fees from various payment services [2][3]. Group 2: Financial Performance - In 2024, Lianlian Digital reported total revenue of 1.315 billion yuan, a year-on-year increase of 27.9%, with total payment volume reaching 3.3 trillion yuan, up 64.7% year-on-year [3][9]. - Despite the revenue growth, the company recorded a net loss of 167 million yuan in 2024, although this was a significant reduction compared to previous years [9][10]. Group 3: Market Position and Strategy - The competitive domestic payment market has prompted Lianlian Digital to adopt a forward-looking approach in global and technological sectors, leveraging the emerging "stablecoin" market [4][10]. - The introduction of the "stablecoin sandbox" by the Hong Kong Monetary Authority in 2024 allows companies to test stablecoin issuance in a controlled environment, which Lianlian Digital is actively participating in [5][6]. Group 4: Future Growth Potential - The integration of stablecoins into cross-border transactions is expected to enhance efficiency and reduce costs, potentially improving the profitability of payment companies like Lianlian Digital [13]. - Lianlian Digital has obtained a VATP virtual asset trading platform license, marking a significant step in expanding its services in the virtual asset sector [14].

证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...

证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...