本文来自微信公众号：经济观察报 （ID：eeo-com-cn），作者：李佩珊、孔笑微，题图来自：AI生成 2025年8月1日，中国香港《稳定币管理条例》正式生效，标志着香港成为亚洲首个对稳定币市场进行全面监管的国际金融中心。这项政策举措出台的时机 微妙：一方面，京东、蚂蚁集团等内地科技巨头正积极布局香港市场，期望通过稳定币提升跨境支付效率；另一方面，以USDT、USDC为代表的美元稳 定币早已主导全球市场，形成"链上美元"生态。 作为长期研究数字金融与真实世界资产（RWA）的经济学者，武汉大学经济与管理学院原院长、香港大学中国金融研究中心创始主任、香港国际金融学 会会长宋敏教授在接受《经济观察报》专访时指出，稳定币本质上是一种金融工具，更准确地说是"数字金融的基础设施"，其核心价值在于连接链上与链 下经济。 然而，他同时提醒，当前市场的热情背后潜藏着结构性风险，许多平台看似创新，"实质上只是改变了渠道，并未真正创造透明和可信的金融信息"，就像 当年的P2P（个人对个人网络借贷）一样暗藏风险。 宋敏强调，引入真实资产是稳定币未来发展的关键。资产代币化能否真正提高金融稳健性，本质取决于底层资产的质量。稳定币的稳健 ...

Macro Dynamics - The Ministry of Finance announced that starting from August 8, 2025, interest income from newly issued national bonds, local government bonds, and financial bonds will be subject to value-added tax. Existing bonds issued before this date will continue to be exempt from VAT until maturity [2] Financial Institutions - The Financial Regulatory Bureau reported that a coordination mechanism to support financing for small and micro enterprises has achieved positive results. By June 2025, over 90 million small and micro businesses were visited, resulting in new credit of 23.6 trillion yuan and new loans of 17.8 trillion yuan, with 32.8% being credit loans [3] Market Data - On August 1, A-shares saw a collective decline, with the Shanghai Composite Index down 0.37% and the Shenzhen Component Index down 0.17%. The total trading volume was approximately 1.598 trillion yuan, a decrease of about 337.7 billion yuan from the previous trading day [10] - The Hong Kong stock market closed with the Hang Seng Index down 1.07% and the Hang Seng Tech Index down 1.02%. Notably, stablecoin concept stocks led the decline, while smart transportation and charging pile concepts were active [11] Company Dynamics - Three major telecommunications companies have unified their outbound marketing numbers to standardize telemarketing practices. The official outbound marketing numbers are China Telecom 10001, China Mobile 10085, and China Unicom 10016. Users who refuse telemarketing should not be contacted again [12] - Jinghe Integrated announced plans to issue H-shares and list on the Hong Kong Stock Exchange. The company is currently discussing specific details with relevant intermediaries, and this move will not change the controlling shareholder or actual controller [13]

Core Viewpoint - The global stablecoin landscape is undergoing significant transformation, with the U.S. Stablecoin Act accelerating the tokenization process dominated by the dollar, while adjustments in Singapore's crypto ecosystem create development opportunities for Hong Kong [2][3]. Group 1: Hong Kong's Regulatory Framework - Hong Kong's Stablecoin Regulation came into effect on August 1, with the Hong Kong Monetary Authority (HKMA) indicating that institutions wishing to apply for licenses must express their intent by the end of August and submit applications by September 30 [2]. - The HKMA plans to issue the first phase of licenses by early 2026, with the initial number expected to be in single digits [2]. - HKMA's President emphasized the positive implications of stablecoins as emerging payment tools but cautioned against excessive market speculation, advocating for a prudent and sustainable approach to implementing the Stablecoin Regulation [2]. Group 2: HashKey Exchange's Position - HashKey Exchange, as Hong Kong's largest licensed virtual asset exchange, aims to avoid excessive speculation on stablecoins, focusing instead on sustainable innovation within a compliant framework [3][4]. - The exchange has established partnerships with traditional financial institutions, simplifying fiat-to-crypto processes and facilitating the tokenization of money market fund ETFs [4]. - HashKey's CEO noted a significant increase in stablecoin usage for cross-border payments, particularly in large trade settlements, highlighting the exchange's plans to collaborate with stablecoin license applicants to list HKD stablecoins [5]. Group 3: Market Dynamics and Opportunities - Stablecoins have emerged as a crucial alternative for cross-border payment settlements, especially in countries with unstable local currencies, where they serve as a financial substitute [5][12]. - The U.S. Treasury estimates that the stablecoin market could grow from approximately $250 billion to $2 trillion, creating a substantial buyer market for U.S. Treasury bonds [13]. - The potential for RMB internationalization could be enhanced through stablecoins, particularly with the introduction of offshore RMB stablecoins, which may improve payment efficiency and coverage [14][15]. Group 4: Competitive Landscape - Hong Kong's rapid advancement in stablecoin regulation positions it favorably against Singapore, which has tightened regulations on non-compliant entities, inadvertently benefiting Hong Kong's digital asset ecosystem [17]. - The Middle East, particularly Dubai, poses a competitive challenge to Hong Kong, with its more flexible regulatory environment and aggressive push for blockchain integration in financial services [18]. - HashKey's diverse ecosystem includes digital asset trading, asset management, and on-chain services, which distinguishes it from other exchanges and enhances its competitive edge [10][21]. Group 5: Compliance and Innovation - HashKey emphasizes compliance as a competitive advantage, implementing stringent KYC and anti-money laundering measures that exceed traditional banking standards [6][20]. - The exchange's commitment to compliance has fostered trust among institutional clients, enabling it to navigate regulatory challenges while pursuing innovative solutions [20]. - The company actively engages with regulators to optimize operational costs and enhance service offerings, ensuring that innovation aligns with compliance requirements [20].

宋敏强调，引入真实资产是稳定币未来发展的关键。资产代币 化能否真正提高金融稳健性，本质取决于底层资产的质量。 作者：李佩珊等 封图：图虫创意 2025年8月1日，中国香港《稳定币管理条例》正式生效，标志着香港成为亚洲首个对稳定币市场进行全面监管的国际金融中心。这项政策举措出台的 时机微妙：一方面，京东、蚂蚁集团等内地科技巨头正积极布局香港市场，期望通过稳定币提升跨境支付效率；另一方面，以USDT、USDC为代表的 美元稳定币早已主导全球市场，形成"链上美元"生态。 作为长期研究数字金融与真实世界资产（RWA）的经济学者，武汉大学经济与管理学院原院长、香港大学中国金融研究中心创始主任、香港国际金融 学会会长宋敏教授在接受《经济观察报》专访时指出， 稳定币本质上是一种金融工具，更准确地说是"数字 金融的 基础设施"，其核心价值在于连接链 上与链下经济。 然而，他同时提醒，当前市场的热情背后潜藏着结构性风险，许多平台看似创新，"实质上只是改变了渠道，并未真正创造透明和可信 的金融信息"，就像当年的P2P（个人对个人网络借贷）一样暗藏风险。 宋敏强调，引入真实资产是稳定币未来发展的关键。资产代币化能否真正提高金融稳健 ...

永续期货此前是海外加密交易的主要品类，此次落地美国耗费了大量技术、监管和政策层面的努力，这 正是公司擅长的——整合技术与政策能力推动业务落地，目前已初见成效：二季度衍生品交易量超 1 万 亿美元，未平仓合约量创 10 亿美元历史新高，进展显著。 Coinbase指出，公司并不与 Visa、万事达卡竞争，反而在实体卡业务上多有合作。但去中心化协议与之 形成竞争，开放标准更高效公平，类似互联网的发展逻辑，能降低成本、推动信息传播民主化，减少守 门人，这是即将到来的巨大变革，Visa 和万事达卡也在积极涉足稳定币和加密货币领域。 智通财经APP获悉，近日，Coinbase(COIN.US)召开了FY25Q2财报电话会。Coinbase提到，公司对衍生 品业务路线图满怀期待。过去两周，公司向美国零售用户推出了境内首款永续合约产品。衍生品交易占 加密货币市场的 75%，其中超 90% 在海外进行。目前该业务处于初期，但交易量已实现周环比翻倍， 势头良好。公司短期聚焦于提升流动性、未平仓合约量和交易量以抢占市场份额，暂不关注盈利，未来 几个季度会进一步说明其对收入的贡献。 公司从两方面发力：一方面服务有消费需求且期待更好 ...

访并文/李佩珊 孔笑微 2025年8月1日，中国香港《稳定币管理条例》正式生效，标志着香港成为亚洲首个对稳定币市场进行全面监管的国际金融中心。这项政策举措出台的时机微 妙：一方面，京东、蚂蚁集团等内地科技巨头正积极布局香港市场，期望通过稳定币提升跨境支付效率；另一方面，以USDT、USDC为代表的美元稳定币 早已主导全球市场，形成"链上美元"生态。 作为长期研究数字金融与真实世界资产（RWA）的经济学者，武汉大学经济与管理学院原院长、香港大学中国金融研究中心创始主任、香港国际金融学会 会长宋敏教授在接受《经济观察报》专访时指出，稳定币本质上是一种金融工具，更准确地说是"数字金融的基础设施"，其核心价值在于连接链上与链下经 济。然而，他同时提醒，当前市场的热情背后潜藏着结构性风险，许多平台看似创新，"实质上只是改变了渠道，并未真正创造透明和可信的金融信息"，就 像当年的P2P（个人对个人网络借贷）一样暗藏风险。 宋敏强调，引入真实资产是稳定币未来发展的关键。资产代币化能否真正提高金融稳健性，本质取决于底层资产的质量。稳定币的稳健性核心取决于锚定的 底层资产质量。技术的透明和不可篡改是优势，但绝非万灵药——资产本 ...

Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong has led to a significant decline in stablecoin-related stocks, reflecting market concerns over the regulatory environment and the licensing process [1][2]. Group 1: Market Reaction - Stablecoin concept stocks in Hong Kong experienced a collective drop, with notable declines: Yao Cai Securities fell nearly 20%, Yunfeng Financial dropped over 16%, and Lianlian Digital decreased over 13% [2]. - A-share digital currency concept stocks also showed weakness, with Sifang Jingchuang down over 5%, Xiongdi Technology and Tianyang Technology down over 4%, and Hengbao shares down over 3% [2]. Group 2: Regulatory Developments - The "Stablecoin Regulation" officially came into effect on August 1, covering the issuance of "fiat stablecoins" and "Hong Kong dollar stablecoins" in Hong Kong [2]. - Under the new regulation, any entity issuing fiat stablecoins in Hong Kong must apply for a license from the Financial Management Commissioner, which aims to provide better protection for the public and investors [2][3]. - The Hong Kong Monetary Authority (HKMA) has indicated that the licensing timeline is later than expected, with no licenses issued as of July 29, and institutions are advised to submit applications by September 30, 2025 [2][3]. Group 3: Transitional Arrangements - The HKMA has established a six-month transitional period for institutions that issued stablecoins before August 1, 2025, allowing them to continue operations while applying for licenses [3]. - After the transitional period, institutions that do not obtain a license must cease operations in Hong Kong [3]. Group 4: Licensing and Compliance Requirements - The HKMA has stated that only a limited number of stablecoin licenses will be granted initially, with several institutions expressing interest in applying [3]. - The "Guidelines for Licensed Stablecoin Issuers" require licensees to implement effective customer onboarding policies and procedures, ensuring due diligence before providing issuance or redemption services [3].

稳定币在香港的立法意味着越来越多部门开始接纳这一新事物。 作者 | 市值风云基金研究部 编辑 | 小白 香港财库局（FSTB）及金管局（HKMA）在7月31日凌晨0:30突然发布《稳定币条例（Stablecoin Regulations 2025）》细则终稿，宣布自8月1日起正式接受牌照申请。 8月1日，该《条例》正式生效，这是在香港设立法币稳定币发行人的发牌制度，完善对虚拟资产活动 在香港的监管框架，以保持金融稳定，同时推动金融创新。 香港发行稳定币牌照制度的意义 稳定币之"稳定"在于其作为一种加密货币，通过与其他资产（通常为法定货币）挂钩来稳定其价格， 区别于比特币等价格波动较高的原生加密货币。 如今，伴随着香港立法落地，稳定币终于有了"合法身份"，这也让更多的机构可以涌入这个赛道： 《条例》实施后，任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称锚定港元 价值的法币稳定币，必须向金融管理专员申领牌照。 发牌制度将为公众及投资者提供更好保障。其中，条例只容许指定的持牌机构在香港销售法币稳定 币，而只有由持牌发行人所发行的法币稳定币方可销售予零售投资者。 网络公开数据显示，已有超40家企业参 ...

Core Insights - ChainOpera AI has achieved a milestone by integrating its AI Agent Network platform with stablecoin trading, allowing seamless transactions for both Web2 and Web3 users using USDC and USDT [1] - The platform recorded over 600,000 transactions on its first day and reached a total user count of 2 million, setting a new record for user growth in the AI public chain sector [1] Group 1: Stablecoin Trading and AI Service Integration - ChainOpera AI has addressed traditional trading system challenges such as low cross-border efficiency and high fees by merging stablecoins with AI services [2] - Users can utilize XBIT's smart contract system to directly exchange stablecoins for core services like computing power and data models, lowering participation barriers and ensuring transaction transparency through blockchain technology [2] Group 2: XBIT Decentralized Exchange Platform - XBIT's platform showcases several technical advantages, including multi-chain asset compatibility, institutional-grade security architecture, and an AI algorithm-driven smart routing system to minimize slippage [5] - The platform operates without KYC, restrictions, or audits, allowing users to maintain control over their private keys [5] Group 3: Stablecoin Market Growth and Economic Impact - The Hong Kong Monetary Authority's recent stablecoin regulations provide policy support for this collaboration [6] - The global stablecoin market is projected to exceed $250 billion by 2025, with cross-border transactions accounting for 58% of this market [6] - Key benefits of stablecoins in the real economy include reduced cross-border transaction confirmation times from 3-5 days to 3 minutes, transaction fees as low as 0.1%, and risk management through smart contracts ensuring 100% reserve coverage [7] Group 4: Technological Innovations and Security - The collaboration has led to significant technological breakthroughs, including a hybrid trading protocol for automated fiat-to-crypto transactions and the integration of Chainlink technology for real-time off-chain transaction status updates [7] - XBIT's cold wallet storage solution reduces private key management risks by 90%, and its smart risk control system has successfully intercepted phishing attacks worth $2 million, validating the security of its non-custodial architecture [7] Group 5: Future Outlook - The global stablecoin market is expected to surpass $1.5 trillion by 2026, with bank-backed stablecoins potentially increasing their market share to 35% [10] - The collaboration between AI public chains and decentralized exchanges is reshaping global financial infrastructure, enhancing the liquidity of fiat currencies rather than replacing them [10]

Core Viewpoint - Tokenized money market funds (TMFs) represent a digital form of traditional money market funds, leveraging blockchain technology for enhanced traceability, transparency, and potential efficiency improvements. The market for TMFs in Hong Kong is expected to accelerate with the anticipated opening of secondary market trading [3][5][26]. Group 1: Understanding Tokenized Money Market Funds - TMFs are digital representations of traditional money market funds, where each token represents a share in the fund, maintaining similar underlying assets such as bonds and short-term deposits [7][8]. - The current TMFs in Hong Kong are primarily non-listed and only allow subscription and redemption in the primary market, with secondary market trading expected to be permitted within the year [8][10]. - The issuance of TMFs provides a dual distribution model, allowing participation through traditional brokers and digital asset platforms [7][8]. Group 2: Mechanism and Market Landscape - The operational mechanism of TMFs involves key participants such as tokenization service providers, custodians, and qualified distributors, ensuring compliance and security in managing tokenized assets [11][12]. - The TMF market in Hong Kong is rapidly developing, with various funds launched, including those by Bosera and Huaxia, covering multiple currencies [17][18][19]. Group 3: Comparison with Traditional Money Market Funds - The primary differences between TMFs and traditional money market funds include ownership recording methods, transparency levels, management fees, and transaction efficiency [20][21]. - TMFs utilize decentralized record-keeping via blockchain, enhancing transparency and reducing fraud risks compared to centralized systems of traditional funds [22]. - While TMFs currently have similar initial investment thresholds as traditional funds, future secondary market trading may lower these barriers [24][25]. Group 4: Future Prospects and Market Potential - The future of TMFs appears promising, driven by market demand, technological innovation, and regulatory clarity, with significant growth potential anticipated [26][27]. - The successful issuance of TMFs is expected to facilitate the connection between crypto assets and traditional financial assets, serving as a foundation for further tokenization in asset management [26][27]. - The market for TMFs is projected to grow significantly, with estimates suggesting that tokenized products could reach $400 billion by 2030, with TMFs being a key driver [28][32].