Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months compared to market benchmarks [6]. Core Insights - The report highlights the recent legislative developments in the U.S. and Hong Kong regarding stablecoins, which are expected to catalyze the application of Real World Assets (RWA) [1][3]. - The stablecoin market has seen significant growth, with a total market capitalization surpassing $250 billion, reflecting a tenfold increase from $20 billion in 2020 [2]. - Circle, the issuer of USDC, has successfully gone public, with its stock price increasing by 168.5% on the first day of trading, indicating strong market interest and confidence in its compliance and operational model [4]. Summary by Sections Industry Research - The U.S. Senate passed the "GENIUS Act," establishing regulatory requirements for payment stablecoins, while Hong Kong has implemented a comprehensive regulatory framework for fiat-backed stablecoins [1]. - The stablecoin market is highly concentrated, with USDT and USDC together accounting for 86.06% of the market share [2]. Stablecoins and RWA - The synergy between stablecoins and RWA is emphasized, as RWA can provide diverse credit sources for stablecoins, enhancing their utility and application scenarios [3]. - Stablecoins are expected to improve the liquidity of RWA transactions and reduce associated costs through automated processes [3]. Company Overview - Circle's IPO was priced at $31 per share, with a significant increase in stock price on the first trading day, reflecting its strong market position and compliance advantages [4]. - The report suggests monitoring Circle (CRCL) and other related companies in the stablecoin ecosystem, such as ZhongAn Online and JD Group, which are involved in stablecoin services [4].

Investment Rating - The report does not explicitly state an investment rating for the stablecoin industry or Circle Core Insights - The global stablecoin market has a market capitalization exceeding $236.6 billion as of June 8, 2025, representing a growth of over 45 times since 2019, with expectations to reach a trillion-dollar scale in the future [3][15] - USDT and USDC dominate the stablecoin market, holding 64% and 25% of the market share respectively, indicating strong network effects and competitive barriers [4][20] - Regulatory frameworks are becoming clearer globally, with significant legislation such as the MiCA regulation in Europe and the GENIUS Act in the US, which are expected to accelerate the adoption of stablecoins [4][41] - Stablecoins are primarily used for cryptocurrency trading and DeFi activities but are increasingly penetrating the payment sector, offering advantages over traditional systems like SWIFT and ACH [4][28][31] Summary by Sections 1. Stablecoin Market Overview - Stablecoins are designed to maintain price stability by pegging their value to other assets, primarily fiat currencies [11] - The market has seen rapid growth, with stablecoins becoming a primary medium for trading on major platforms, accounting for 88% of Binance's trading volume as of June 3, 2025 [15][16] 2. Competitive Landscape - The stablecoin market is highly concentrated, with the top three stablecoins (USDT, USDC, and USDS) accounting for 92% of the market share [20] - Traditional financial institutions and governments are entering the stablecoin space, but the first-mover advantage of USDT and USDC remains significant [23][27] 3. Application Scenarios - Stablecoins are increasingly being adopted in payment systems, with transaction volumes exceeding $10.8 trillion in 2023, showing a 17% year-over-year growth [28][31] - The potential for real-world asset (RWA) tokenization is significant, with estimates suggesting a market size in the hundreds of trillions of dollars [34][35] 4. Regulatory Developments - Major economies are establishing regulatory frameworks for stablecoins, enhancing clarity and compliance, which is expected to drive market growth [41][46] - The US GENIUS Act and the EU MiCA regulation are pivotal in shaping the future of stablecoin issuance and management [41][42] 5. Circle's Position - Circle is a leading compliant dollar stablecoin issuer, with USDC being the second-largest stablecoin by market capitalization at approximately $58.8 billion [5] - The company focuses on building a comprehensive financial infrastructure around USDC, enhancing its adoption through partnerships with major exchanges and financial institutions [5][50]

Core Insights - The recent surge in interest around "stablecoins" is driven by the Hong Kong Legislative Council's passage of the "Stablecoin Ordinance" on May 19, which establishes a licensing regime for fiat-backed stablecoins, marking Hong Kong as the first jurisdiction to do so [1][14][17] - Major financial institutions, including CITIC Securities and CICC, are actively publishing research reports and conducting roadshows related to stablecoins, highlighting the regulatory benefits and industry opportunities presented by the new law [1][6] - The stablecoin market is projected to grow significantly, with estimates suggesting a market cap exceeding $250 billion by May 2025, driven by increasing adoption in cross-border payments and e-commerce [10][11] Industry Developments - Stablecoins are defined as cryptocurrencies that maintain a stable value by being pegged to fiat currencies, with USDT and USDC being prominent examples [2][4] - The total market capitalization of stablecoins reached nearly $200 billion as of November 2024, with USDT accounting for over $130 billion and USDC for over $39 billion [2] - The introduction of the Stablecoin Ordinance is expected to enhance the development of the digital financial ecosystem in Hong Kong, facilitating the transition of stablecoins from mere transactional mediums to essential financial infrastructure [1][6] Market Reactions - Stablecoin-related stocks have experienced significant volatility, with some Hong Kong-listed companies seeing daily gains exceeding 80% [4] - Investment firms are increasingly conducting research and analysis on stablecoin-related stocks, indicating a growing recognition of the sector's potential [5][6] - The demand for stablecoins in cross-border trade is rising, as companies seek efficient and compliant payment solutions, with many businesses already inquiring about the acceptance of USDT or USDC for transactions [5][8] Regulatory Landscape - Global regulatory bodies are accelerating the legislative process for stablecoins, with frameworks being established in regions such as Europe and the United States, alongside Hong Kong's new regulations [14][16] - The Hong Kong regulatory framework emphasizes the importance of stablecoins as a key component of the digital financial system, aiming to mitigate risks associated with traditional financial markets [16][20] - The licensing requirement for stablecoin issuers in Hong Kong includes a minimum registered capital of HKD 25 million, ensuring a level of financial stability and compliance [17]

Group 1: Foreign Exchange and Gold Reserves - As of May 2025, China's foreign exchange reserves reached $32,853 billion, an increase of $36 billion from April, representing a growth rate of 0.11% [1] - By the end of May, China's gold reserves stood at 7,383 million ounces (approximately 2,296.37 tons), with a month-on-month increase of 60,000 ounces (about 1.86 tons), marking the seventh consecutive month of gold accumulation [1] Group 2: A-Share Market Analysis - After the "fill the pit" market phase, A-shares are expected to experience a strong upward trend driven by policies, external events, industry rotation, and market sentiment [2][3] - Historical data shows that after seven instances of rapid declines followed by rebounds since 2015, the average duration of subsequent market fluctuations lasted 86 trading days, with five out of seven instances leading to price increases [2] - Current positive policies and external events, including a recent call between the leaders of China and the U.S., have reduced concerns regarding U.S.-China tensions, contributing to a favorable market outlook [3] Group 3: Economic Indicators - Industrial profits for large-scale enterprises grew by 3% year-on-year in April, with a cumulative growth of 1.4% from January to April, indicating a continued positive trend [5] - The manufacturing PMI for May rose to 49.5%, reflecting an improvement in manufacturing activity, with production indices exceeding the critical threshold [5][6] - The market remains cautious about the impact of U.S. tariffs, but the overall economic indicators suggest a supportive environment for market stability [6] Group 4: Industry Configuration and Investment Recommendations - Short-term investment strategies should focus on technology, new consumption, and undervalued blue-chip stocks, with an emphasis on sectors like computing, communication, and innovative pharmaceuticals [4] - The technology and advanced manufacturing sectors are highlighted as key areas for investment, supported by ongoing policy initiatives and market trends [6] - Companies in the U.S. and Hong Kong, such as Circle and Coinbase, as well as A-share companies like Sifang Jingchuang and Zhongke Jincai, are identified as potential investment targets in the context of stablecoins and RWA [7][9] Group 5: NVIDIA's Robotics Ecosystem - NVIDIA is focused on developing platforms and tools for robotics, emphasizing the creation of a foundational development ecosystem [10] - The company has introduced a comprehensive solution for robotics that integrates training, optimization, and execution through its various computing platforms [11][12] - Investment recommendations include companies involved in automotive robotics, such as Top Group and Bertly, which are expected to benefit from NVIDIA's advancements in the robotics sector [13]

被称为"区块链技术实体运用倡导者"和"世界级区块链技术叙述性写手"，发表近百篇专业论文，多数成 为行业范文。 2017年后，她深入解析区块链技术成长路径，并关注行业乱象治理。 RWA赛道代表将现实世界资产通过区块链技术进行代币化的应用领域，旨在实现资产的数字化、流动 化和去中心化交易。 以下是具体解析： 核心定义 RWA（Real World Assets）即真实世界资产，包括房地产、股票、债券、商品等传统金融资产。通过区 块链技术将这些资产代币化，形成数字资产或智能合约，从而在DeFi平台进行交易、借贷等操作。 技术优势 赵雁英在区块链领域具有专业影响力，近期小编有幸采访了她，她对RWA做了相对专业的解析。希望 能给行业一点启示、她说； 应用场景 涵盖房地产、股票、债券、商品等领域的代币化，例如将房产转化为数字资产，或将企业债券拆分为可 交易的代币。 发展目标 未来主要方向包括稳定收益代币化、资产证券化升级，以及与政府监管的结合，确保合规性与市场稳定 性。 代表币种 市场中较受关注的代表币包括ONDO币，已上线多个交易所，但需注意不同币种风险差异。 总结 ：RWA赛道通过区块链技术革新传统资产交易方式，为投 ...

Market Overview - The Hong Kong stock market experienced a rebound, with the Hang Seng Index rising by 1.07% to close at 23,906.97 points, and a total trading volume of HKD 222.03 billion [1] - The Hang Seng China Enterprises Index increased by 1.26%, while the Hang Seng Tech Index saw a rise of 1.93% [1] Blue-Chip Stocks Performance - Kuaishou-W (01024) saw a significant increase of 5.01%, closing at HKD 54.5, contributing 12.91 points to the Hang Seng Index [2] - Other notable blue-chip stocks included Sunny Optical Technology (02382) up 5.56%, Henderson Land Development (00012) up 4.52%, while Orient Overseas International (00316) and CSPC Pharmaceutical Group (01093) faced declines of 5.94% and 2.36% respectively [2] Sector Highlights - Major technology stocks performed well, with Kuaishou rising over 5%, Alibaba up over 3%, and Meituan increasing by over 2% [3] - The mobile phone supply chain saw significant gains, with companies like Highpower International (01415) up 7.87% and AAC Technologies (02018) up 5.49% [3] - The chip and computing sectors also experienced upward movement, with Longi Green Energy Technology (06869) rising 7.65% and Huahong Semiconductor (01347) up 4.23% [4] Financial Sector Activity - The financial sector remained active, with CITIC Securities (06030) increasing by 2.68% and New China Life Insurance (01336) rising by 4.35% [5] - The upcoming 2025 Lujiazui Forum is expected to bring significant financial policy announcements, which may enhance market activity [6] Stablecoin Sector Developments - Stablecoin-related stocks saw notable increases, with YK Technology (09923) rising 15.73% following the introduction of stablecoin regulations in Hong Kong [7] - The passing of the stablecoin regulatory framework is anticipated to enhance liquidity and innovation in the RWA market [7] Notable Stock Movements - Jinli Permanent Magnet (06680) continued to rise, increasing by 12.13% due to the impact of China's rare earth export controls [8] - Conversely, China Silver Technology (00515) experienced a dramatic decline of 82.17% after reporting a significant drop in revenue [9] - Dongfeng Motor Group (00489) saw a drop of 14.45% following news of potential changes in its controlling shareholder [10] - Longpan Technology (02465) faced pressure, declining by 5.01% amid a planned share placement [11]

Market News - The three major US stock indices closed mixed, with the Dow Jones down 0.22%, the Nasdaq up 0.32%, and the S&P 500 up 0.01% [1] - Popular tech stocks showed varied performance, with Meta rising over 3%, Broadcom and AMD up over 1%, while Tesla fell over 3% [1] - The Nasdaq Golden Dragon China Index rose by 2.04%, with most popular Chinese concept stocks increasing, including NIO up over 6% and Alibaba, Xpeng, and Kingsoft up over 3% [1] - COMEX gold futures rose by 0.6% to $3397.4 per ounce, while WTI crude oil futures fell by 0.88% to $62.85 per barrel [1] - Major European stock indices closed higher, with Germany's DAX up 0.7%, France's CAC40 up 0.58%, and the UK's FTSE 100 up 0.16% [1] Industry Insights - The Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors, aiming to enhance risk management and optimize tax incentives for virtual assets [2] - This initiative may lead to more virtual asset ETFs and structured products, promoting the integration of traditional finance with virtual asset technology [2] - The National Energy Administration has announced pilot projects for new power systems, focusing on virtual power plants to enhance flexibility and renewable energy consumption [3] - By 2027 and 2030, the goal is to achieve 20 million kW and 50 million kW of regulation capacity for virtual power plants, respectively [3] - The development of exoskeleton robots is advancing towards consumer markets, with applications expanding from medical rehabilitation to home care and outdoor activities, indicating a market potential exceeding hundreds of billions [5]

Group 1 - Circle, a major player in the stablecoin market, plans to go public on June 5 at the New York Stock Exchange, marking the first IPO in the stablecoin sector [1][2] - The recent legislative developments in the US and Hong Kong regarding stablecoins have sparked increased interest and activity in the stock markets, including A-shares [1][5] - Circle's stablecoin, USD Coin (USDC), has a market capitalization of approximately $60.9 billion, making it the second-largest dollar-pegged stablecoin globally [2][3] Group 2 - Circle's IPO is expected to raise $600 million by issuing 24 million shares, with a price range of $24 to $26 per share, leading to a fully diluted market valuation of $6.2 billion [3] - The stablecoin market is projected to exceed $250 billion globally by May 2025, with USDT and USDC accounting for over 85% of this market [4] - The recent legislative frameworks in the US and Hong Kong are anticipated to enhance the acceptance of stablecoins among traditional financial institutions and improve market liquidity for Real-World Assets (RWA) [6] Group 3 - The digital currency sector has seen a resurgence in activity, with the digital currency concept stocks in the A-share market rising by 0.45% recently, and notable individual stocks experiencing significant gains [7] - China Everbright Holdings, a strategic investor in Circle, has also seen its stock price rise significantly, reflecting the market's positive sentiment towards the upcoming IPO [7]

Group 1: Regulatory Framework - The Hong Kong Stablecoin Regulation is the first formal regulation in the market, recognizing the investment value and payment tool status of stablecoins, requiring 1:1 reserve backing and transparent regulation [3] - Stablecoins account for approximately 5% of the total trading volume in the cryptocurrency market, which has over 16,000 types of cryptocurrencies [4] Group 2: Application and Market Integration - The success of stablecoins hinges on their application scenarios, which must integrate into economic life, requiring regulatory clarity and operational mechanisms [5] - Stablecoins can enhance Hong Kong's international status by expanding offshore RMB scale and attracting global capital flows [7] Group 3: Cost and Efficiency Advantages - Stablecoins offer significant advantages in cross-border payments, with higher efficiency and lower costs compared to traditional systems like SWIFT [8] Group 4: Company Strategy and Positioning - Yuxin Technology is actively involved in stablecoin integration and application services, leveraging its full-stack technology capabilities and experience in digital RMB promotion [9] - The company aims to innovate in stablecoin issuance and application scenarios, supported by collaborations with overseas financial institutions and universities [9] - Yuxin has accumulated over 10 years of experience in payment and clearing systems, positioning itself as a leader in the financial technology sector [11]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market average by more than 10% [2][50]. Core Insights - The total market capitalization of stablecoins has surged to approximately $246.38 billion, reflecting a staggering growth of about 4927.64% from approximately $5 billion in 2019 [12]. - Stablecoins are positioned as a bridge asset in multi-chain ecosystems, enhancing payment capabilities, liquidity, and user engagement across various blockchain networks [12]. - The recent implementation of the "Stablecoin Ordinance" in Hong Kong aims to establish a regulatory framework that enhances transparency and reduces redemption risks, thereby fostering innovation in digital finance [13]. Summary by Sections Stablecoin Types and Regulatory Framework - Stablecoins are categorized based on their backing mechanisms, including fiat-backed (e.g., USDC, USDT), cryptocurrency-backed, commodity-backed, and algorithmic types [6]. - The Hong Kong regulatory framework mandates a minimum capital requirement of HKD 25 million and emphasizes the need for regular audits to ensure asset backing [6][13]. Market Growth and Trends - The stablecoin market has seen explosive growth, with stablecoins now accounting for 7.04% of the total cryptocurrency market capitalization [12]. - The report highlights the dominance of centralized stablecoins like USDT and USDC, which serve as benchmarks for regulatory compliance in Hong Kong [6][12]. Hong Kong's Stablecoin Ordinance - The ordinance introduces a unified licensing system and capital reserve regulations, aiming to address long-standing issues of transparency and redemption risks in the stablecoin sector [13]. - It allows for the circulation of non-HKD stablecoins, facilitating cross-border payments and enhancing the region's role in the global stablecoin ecosystem [13]. Cross-Border Payment Efficiency - Stablecoins significantly improve transaction speed and reduce costs compared to traditional cross-border payment systems, with transfers often completed in seconds and fees as low as $1 [25][26]. - The report notes that stablecoins can bypass the inefficiencies of the SWIFT system, which typically takes 1-3 days for transactions [25]. RWA Market Integration - The report discusses the rapid development of the Real World Asset (RWA) market in China, with stablecoins playing a crucial role in enhancing liquidity and compliance for RWA projects [33]. - Examples of successful RWA projects include collaborations with companies like GCL-Poly and the integration of charging stations as RWA assets [33]. Financial Performance of Key Players - Circle, the issuer of USDC, is preparing for an IPO, with a current circulation of $60.1 billion and a projected revenue of $1.67 billion in 2024 [46]. - Tether, the issuer of USDT, reported a market cap exceeding $150 billion, showcasing its significant profitability compared to USDC [46]. Related Companies and Opportunities - The report identifies several companies involved in the stablecoin ecosystem, including payment service providers and technology firms that are exploring stablecoin applications in cross-border payments [47].