Core Viewpoint - The discussion on stablecoins highlights their role in enhancing global monetary policy coordination, innovating cross-border payments, and constructing regulatory frameworks, with a focus on the implications of dollar-pegged stablecoins and the need for careful consideration of their impact on economic sovereignty and financial stability [5][6][7]. Group 1: Introduction and Definition - Stablecoins are a special type of cryptocurrency designed to maintain price stability by pegging to fiat currencies, physical assets, or algorithmic mechanisms, making them suitable for payment mediums and value storage tools [14][15]. - The global stablecoin market has seen significant growth, with a total market value exceeding hundreds of billions, and USDT and USDC accounting for nearly 90% of the market share [19][19]. Group 2: Market Environment and Demand - Traditional cross-border payments face challenges such as long processing times and high fees, while stablecoins can facilitate near-instantaneous and low-cost transactions, enhancing global supply chain efficiency [20]. - The decentralized finance (DeFi) ecosystem relies heavily on stablecoins as core assets for lending, trading, and derivatives, directly affecting the health of the DeFi market [21]. - Traditional financial institutions are exploring stablecoin issuance to improve payment efficiency and expand business boundaries, as seen with JPM Coin [22]. Group 3: Types of Companies Issuing Stablecoins - Financial technology companies, such as SFJC and XD Technology, are well-positioned to issue stablecoins due to their expertise in blockchain and digital currency technologies [23]. - Cross-border payment companies, like HLJH and LKL, have the necessary licenses and technology to support stablecoin circulation in international transactions [24]. - Companies with relevant licenses or compliance qualifications, such as the issuer of USDC, are also capable of issuing stablecoins [25]. Group 4: Positive Impacts of Issuing Stablecoins - Stablecoins can significantly enhance cross-border payment efficiency and reduce costs, as they allow for real-time transactions without relying on traditional banking systems [31]. - They provide a stable trading medium in the volatile cryptocurrency market, allowing investors to mitigate risks associated with price fluctuations [32]. - The issuance of stablecoins can drive financial inclusion by lowering barriers to entry for financial services, particularly in underserved regions [33]. - Stablecoins can attract new participants and capital into the financial market, bridging traditional finance and cryptocurrency [34]. - Companies can generate revenue through interest on reserves, as demonstrated by Circle's USDC, which significantly contributes to its overall revenue [35]. Group 5: Regulatory Environment and Challenges - The regulatory landscape for stablecoins varies significantly across jurisdictions, with the U.S. and Hong Kong implementing specific requirements for issuance, including licensing and reserve management [86][91]. - Companies must navigate complex compliance requirements, including maintaining high liquidity reserves and adhering to anti-money laundering regulations [108][109]. - The potential for regulatory changes poses risks to stablecoin projects, as seen in instances where sudden policy shifts have impacted market confidence [39]. Group 6: Future Trends and Considerations - The future of stablecoins is likely to involve stricter regulations and a focus on compliance, as well as the expansion of application scenarios beyond traditional finance [115]. - Companies must consider market demand and operational capabilities when planning stablecoin issuance, ensuring alignment with existing business models [66][67]. - The competitive landscape will require companies to differentiate their stablecoin offerings and stay informed about regulatory developments to ensure sustainable operations [70][71].

6月23日，A股早盘震荡分化，三大指数涨跌不一，半日成交额6706亿，较上个交易日缩量4.92亿。截至 午间收盘，沪指涨0.15%，深成指跌0.16%，创业板指跌0.33%。 消息面上，地缘局势继续升级，美国轰炸伊核设施，伊朗议会赞成关闭霍尔木兹海峡，原油一度涨近 6%。东方证券认为，整体来看，近期市场明显受到外部地缘政治利空扰动，但下跌幅度有限，显示场 内护盘力量实力不俗，预计短期市场仍将维持类似局面，市场或将转向科技成长风格。 盘面上，市场热点聚焦中东局势相关概念，其中，港口航运股卷土重来，宁波海运、连云港等多股涨 停；军工板块表现亮眼，长城军工斩获4连板；油气股持续走强，带动化工板块大面积补涨，兴化股份 走出7天3板，中毅达等多股涨停；核污染防治概念走高，中电环保涨超10%。其他热点方面，银行板块 探底回升，工行、农行、建行等多股续创历史新高；芯片股强势，大为股份等涨停；跨境支付概念拉 升，吉大正元涨停；此外，有色钴、固态电池等板块均有所表现。下跌方面，大消费、地产、汽车等方 向跌幅居前。 展望后市，国泰海通认为，短期风险释放后，中国股市的核心矛盾仍在内而不在外，对行情的看法仍比 共识更乐观。 热门板块 ...

Summary of Stablecoin Industry Conference Call Industry Overview - The stablecoin industry is entering a rapid growth phase, with the U.S. and Hong Kong advancing legislation to regulate stablecoins, which is beneficial for healthy industry development [1][4] - Domestic policies will significantly impact future developments, with the potential for RMB stablecoins to expand into inter-enterprise payments, bank-to-business transactions, and international trade, aiding in the internationalization of the RMB [1][4] Core Insights and Arguments - Stablecoins offer significant advantages in cross-border payments, with settlement times under one hour compared to five business days for traditional bank transfers, and lower transaction costs, making them particularly suitable for countries with volatile commodity values [1][5] - The two largest USD stablecoins are USDT, issued by Tether with a supply of approximately $150 billion, and USDC, issued by Circle with a supply of around $60 billion, with over 80% and 92% of their reserves in U.S. Treasury securities, respectively [1][6] - The business model of stablecoin issuers primarily relies on earning interest from reserve assets, with Circle projected to earn $1.66 billion in interest income in 2024, accounting for 99% of its total revenue [1][8][9] Key Players and Market Dynamics - Key segments in the stablecoin industry include licensed issuers, virtual asset distributors, and cryptocurrency exchanges, with Hong Kong serving as a significant testing ground for stablecoin initiatives [3][10] - Traditional financial institutions are exploring new stablecoin applications, with companies like Walmart, Amazon, and JPMorgan collaborating on stablecoin issuance [3][12] - Notable companies in the secondary market include Yuanbi Technology, which is linked to the USDC project, and JD.com, which has shown market performance [11] Future Directions and Regulatory Landscape - The Hong Kong Monetary Authority is expected to release stablecoin issuance guidelines and open license applications by Q3 2025, with regulations likely to take effect in Q4 2025 [3][13] - Ant Group is actively exploring Real World Assets (RWA) and has partnered with various companies to advance asset digitization, which could revitalize China's computing power industry [14] Risks and Considerations - Potential risks include policy changes, particularly with upcoming regulations expected in Q3 2023, which may lead to volatility in stablecoin-related assets during the transitional period [19] - Technological changes related to distributed ledgers and cryptocurrencies may also pose risks, along with the pace of implementation not meeting expectations [19] Investment Opportunities - Three key areas to focus on for investment include issuers with scarce license advantages, infrastructure service providers, and the cross-border payment ecosystem [18]

Group 1 - The core viewpoint of the news is the significant rise in the cross-border payment sector, with several companies experiencing substantial stock price increases following the launch of the cross-border payment system between mainland China and Hong Kong [1][3]. - The cross-border payment system, known as "cross-border payment通," was officially launched on June 22, allowing real-time cross-border remittances for residents of both regions [3]. - The first batch of participating institutions includes major banks from both mainland China and Hong Kong, indicating a strong foundation for future growth in cross-border payment services [3]. Group 2 - Notable stock price increases include: 优博讯 (+19.98% to 21.14), 吉大正元 (+10.01% to 26.16), 神州信息 (+9.99% to 13.54), and 拉卡拉 (+46.34% to 30.00) [2]. - 中信证券 highlights the potential for business growth and increased revenue for the first batch of participating banks due to the new cross-border payment system [3]. - 中信建投 emphasizes the ongoing development of stablecoin policies and their positive impact on the internationalization of the RMB and cross-border payments, suggesting a focus on related investment opportunities [4].

长期以来，中国人民银行深圳市分行积极推动深港跨境金融合作，1998年起便开展相关先行先试，推出多项跨境支付业务。2024年深港跨境收支 达617.8万笔、9536.7亿美元，资金可实时清算，支票可流通使用。近年来，深圳持续深化跨境支付创新，打造全域支付示范区，推出跨境代理见 证开户等创新支付方式，便利香港居民来深消费。截至2025年5月，香港居民在深圳开立银行账户超321万户，跨境代理见证开户超41万户、累计 交易近351亿元。 在跨境支付通的具体使用方面，有着明确的汇款限额规定。据了解，香港居民使用跨境支付通北向汇款每人每日上限1万港元，每年上限20万港 元，有关限额独立于现行每日8万元人民币同名汇款限额，且每日24小时服务。香港汇款人可以选择以港元或人民币北向汇款，收款人则以人民币 收款。南向汇款方面，内地居民汇款上限为现行个人年度购汇便利化额度5万美元，服务时间每日上午7时至晚上11时。香港收款人可选择以港元 或人民币收款。首批参与跨境支付通的机构中有六家来自香港，即中银香港、东亚银行、建银亚洲、恒生银行、汇丰银行、工银亚洲。这些限额 和参与机构的规定，为跨境支付通的稳定运行提供了保障。 此外，香港金融 ...

6月20日，中国人民银行、香港金融管理局联合发布公告指出，为深化内地与香港金融合作，满足两地 居民安全、高效、便捷的跨境汇款需求，中国人民银行、香港金融管理局共同推动并支持由中国人民银 行清算总中心和香港银行同业结算有限公司开展内地与香港快速支付系统互联互通合作（以下简称"跨 境支付通"）。跨境支付通已于6月22日上线运行。 公告指出，中国人民银行与香港金融管理局在《关于开展内地—香港跨境支付互联互通的谅解备忘录》 框架下，建立跨境支付通有效协作机制，确保相关服务运作有序，符合两地法律规定和监管要求。中国 人民银行清算总中心和香港银行同业结算有限公司将按照稳妥有序、风险可控的原则，协调参与机构为 两地居民提供安全、高效的跨境支付服务，确保系统平稳运行、业务顺畅办理，并积极协调解决有关问 题。此外，跨境支付通参与机构须严格遵守反洗钱、反恐怖融资、防扩散融资及跨境资金结算相关法律 法规规定。 跨境支付通是指通过内地网上支付跨行清算系统与香港快速支付系统"转数快"连接，在遵守两地相关法 律法规的前提下，为两地居民提供实时跨境支付服务。跨境支付通支持两地快速支付系统参与机构为两 地居民提供经常项下人民币、港币便利化汇 ...

Core Viewpoint - Lakala is facing significant operational challenges and is exploring a secondary listing in Hong Kong while accelerating the application of digital currency in cross-border scenarios to enhance its international competitiveness [1][8]. Group 1: Company Background - Founded in 2005 by Sun Taoran, Lakala was a pioneer in the domestic third-party payment sector, starting with card terminals in convenience stores and expanding to a global cross-border payment network covering over 100 countries [1]. - At its peak, Lakala achieved an annual net profit exceeding 1 billion yuan [1]. Group 2: Business Challenges - Lakala is currently experiencing a decline in both revenue and net profit, with a further drop in Q1 2024 [1][6]. - The company has faced increased competition and regulatory scrutiny, particularly from major players like Alipay and WeChat Pay, which have adopted a "card-binding" model for cashless payments [5]. Group 3: Strategic Initiatives - In response to operational pressures, Lakala is pursuing a strategy that integrates "payment + SaaS + AI" and is expanding its cross-border payment services [7]. - The company reported a year-on-year increase of 76% in the number of cross-border merchants and an 85% rise in cross-border payment transaction volume [7]. Group 4: Financial Performance - In Q1 2025, Lakala's revenue decreased by 13.02% to 1.3 billion yuan, while net profit fell by 51.71% to 101 million yuan, with a non-recurring net profit decline of 62.97% [6].

Market Performance - A-shares experienced a collective adjustment on June 20, 2025, with the Shanghai Composite Index closing at 3359.90 points, down 0.07%, the Shenzhen Component Index at 10005.03 points, down 0.47%, and the ChiNext Index at 2009.89 points, down 0.84% [2] - Hong Kong's three major indices closed in the green, with the Hang Seng Index and the Hang Seng China Enterprises Index performing well [2] - U.S. stock indices showed mixed results, with the S&P 500 Index up 1.59% to 5954.5 points, the Nasdaq Composite Index up 1.63% to 18847.28 points, and the Dow Jones Industrial Average up 1.39% to 43840.91 points [2] Regulatory Developments - The National Financial Regulatory Administration issued the revised "Market Risk Management Measures for Commercial Banks," focusing on risks from adverse changes in interest rates, exchange rates, stock prices, and commodity prices, excluding bank book interest rate risk [3] - The revised measures consist of five chapters and forty-three articles, emphasizing the need for a robust market risk governance structure and detailed management requirements [3] Quality Supervision - The State Administration for Market Regulation announced a nationwide quality supervision and sampling inspection for 164 products in 2025, with a total of over 16,000 batches to be sampled [4] - The inspection will focus on children's products, with increased sampling for power banks, electric bicycles, and gas appliances, as well as emerging industries like power batteries and drones [4] Cross-Border Payment - The launch of the Cross-Border Payment System marks the successful interconnection of financial infrastructures between mainland China and Hong Kong, facilitating real-time cross-border remittances [4] - This development is expected to enhance the efficiency and service level of cross-border payments, benefiting trade and personnel exchanges between the two regions [4]

公司方面，据民生证券表示包括： 1）跨境支付产业链：新大陆、新国都、拉卡拉、四方精创、高伟达等。 2）稳定币产业链：中科金财、金证股份、朗新科技、众安在线、连连数字、中国光大控股、宇信科 技、天阳科技、京北方。 *免责声明：文章内容仅供参考，不构成投资建议 6月20日上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付系统互联互通启动仪式。 6月22日，跨境支付通正式上线，全国首笔跨境支付通内地居民南向、港人北向汇款业务落地深圳，标 志着内地与香港快速支付系统已实现互联互通，两地居民可实时办理跨境汇款。跨境支付通的推出，有 利于提升两地跨境支付效率和服务水平，便利两地经贸活动和人员往来，巩固和提升香港国际金融中心 地位。 此外，美股稳定币龙头Circle再度大涨20%。 稳定币相对传统跨境支付体系具有高效、低成本、透明等优势。时效性上，现有的银行跨境汇款通常需 要长达5个工作日才能结算，其中基于跨境银行间通信系统的数字支付，大约30%的汇款需要一天以上 的时间才能完成；基于区块链的跨境支付，100%的交易都会在不到1小时内完成。 开源证券表示，内地与香港跨境支付通正式上线，有利于提升两地跨境支付效率和 ...

目前，南向便利化汇款业务支持持有中国境内居民身份证、军人身份证件和武装警察身份证件的境内居 民个人从内地参与银行账户汇出至香港参与机构账户，北向便利化汇款业务支持持有香港身份证的香港 居民个人从香港参与机构账户汇入至内地参与银行账户。 首批参与跨境支付通的内地机构包括工商银行、农业银行、中国银行、建设银行、交通银行、招商银 行；香港机构包括中银香港、东亚银行、建银亚洲、恒生银行、汇丰银行、工银亚洲，后续将逐步扩大 参与范围。两地居民只需在手机银行"跨境支付通"功能模块，输入手机号码或组合输入户名和收款账号 便可进行跨境汇款，同时还可根据需要灵活选择到账币种为人民币或港币。 （文章来源：人民日报） 6月22日，在中国人民银行和香港金融管理局共同推动下，跨境支付通正式上线，标志着内地与香港快 速支付系统已实现互联互通，今后两地居民可实时办理跨境汇款。当日，全国首笔跨境支付通内地居民 南向、港人北向汇款业务落地深圳。 "以前我给在香港读书的女儿汇钱，需要先将人民币兑换成港币，汇出后至少要等半天才能到账。现在 使用跨境支付通，不仅可以直接使用人民币汇款，还能实现资金实时到账，操作起来十分便捷。"深圳 市民房女士说。当 ...