每经记者｜黄婉银 每经编辑｜董兴生 截至今日，金管局尚未发出任何牌照。 7月29日，香港金融管理局（以下简称"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 多个指引文件。 金管局鼓励有意申请牌照的机构于8月31日或之前联系金管局，让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获得考虑，应于9月30日或 之前向金管局提交申请。 金管局提醒市场参与者，在进行公众沟通时应谨慎行事，避免发表可能被误解或造成不切实际期望的言 论。其中，根据《稳定币条例》，虚假声称自己为持牌人或申请人均属违法。 ...

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 ...

《天才法案》来了，稳定币火了。 美国总统特朗普7月18日签署名为《指导与建立美国稳定币国家创新法案》的稳定币监管法案，因其英 文首字母缩写刚好是GENIUS(天才)一词，也被称为《天才法案》。 这是美国在联邦层面的首个稳定币监管立法，将为支付型稳定币的发行、支持资产储备和监管执法等提 供监管框架。 稳定币是有锚定物或抵押品的加密资产，美元稳定币锚定美元，1稳定币相当于1美元。稳定币币值波动 相对稳定，且交易无需经过银行或第三方平台，能够提升交易效率，深受市场特别是跨境交易的青睐。 美国推出这一法案，绝非简单的市场规范行为，其背后的战略算计，水很深。 《天才法案》明确要求，稳定币必须以美元或美国短期国债等流动资产作为支撑。 这一规定看似是为了保障稳定币的价值稳定，实则暗藏经济逻辑玄机。美国财政部长贝森特直言，以美 国国债为支撑的稳定币生态系统，将推动私人部门对美国国债的需求，而这种需求的增加，有望降低政 府借贷成本，并帮助控制国家债务规模。 按照特朗普政府设想，由于稳定币背后有真实资产作抵押，用户会产生等值兑换的稳定预期，从而愿意 购买和使用；稳定币发行商则可以将用户投入的资金用于购买美债；而对美国政府来说，稳 ...

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights the acceleration of stablecoin regulation and a reduction in insurance product interest rates as significant developments impacting the non-bank financial sector [1]. - The capital market is experiencing structural changes driven by policy support and internal demand, with expectations for continued improvement in brokerage valuations and performance due to mid-year earnings catalysts and long-term capital inflows [4][11]. - The upcoming implementation of the stablecoin licensing regime in Hong Kong is expected to create new growth opportunities for brokerages, particularly in the virtual asset ecosystem [13]. Summary by Sections Securities Business Overview and Weekly Review - The China Securities Regulatory Commission (CSRC) is focused on stabilizing the market and enhancing regulatory effectiveness, with key tasks including risk prevention and promoting market vitality [11]. - The merger of Guotai Junan Asset Management and Haitong Asset Management is expected to enhance operational efficiency and profitability, with projected net profits for the first half of 2025 expected to increase by 205%-218% year-on-year [12]. - The securities sector indices outperformed major indices, with the non-bank financial index up by 3.37% and the securities index up by 5.35% [16]. Insurance Business Overview and Weekly Review - The maximum preset interest rates for various insurance products have been reduced, with ordinary life insurance rates dropping from 2.5% to 2.0%, reflecting regulatory adjustments to align with market conditions [31]. - The Ministry of Human Resources and Social Security is promoting the expansion of entrusted basic pension fund investments, which is expected to inject significant long-term capital into the market [32]. - The report notes a surge in insurance capital's equity market participation, with 21 instances of capital increases recorded this year, indicating a strong interest in equity investments by insurance institutions [33]. Market Liquidity Tracking - The central bank's net injection of liquidity amounted to 55.487 billion yuan during the week, with significant reverse repo operations contributing to market liquidity [43]. - The average daily trading volume in A-shares increased by 14.20% compared to the previous week, indicating heightened market activity [21].

Group 1: Company Insights - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan. China Power Construction, as a leading enterprise in water conservancy and hydropower, holds over 65% market share in domestic hydropower. The project is expected to generate an annual engineering volume of approximately 21.8 to 29.1 billion yuan for the company, accounting for about 1.7% to 2.3% of the company's new contract amount over 24 years [5]. - Mifeng Times (2556.HK) is expected to achieve significant revenue growth driven by its full-chain product matrix and high customer stickiness. The commercialization of AI Agent is anticipated to open a second growth avenue, with projected revenues of 2.36 billion, 3.17 billion, and 4.13 billion yuan for 2025-2027, corresponding to PS ratios of 5.6, 4.2, and 3.2 times [8]. - Lin Qingxuan (H02170.HK) has positioned itself as a high-end skincare brand based on natural camellia oil ingredients. Since its launch in 2014, it has ranked first in total retail sales among all facial oil products in China for 11 consecutive years. According to Frost & Sullivan, Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales in 2024 [14]. - Reading Group (0772.HK) maintains stable online reading business performance, with revised revenue forecasts for 2025-2027 at 7.39 billion, 7.95 billion, and 8.14 billion yuan. The company is expected to see profit improvements due to the performance of new businesses like short dramas and IP derivatives [32]. - Zhou Hei Ya (1458.HK) is projected to achieve revenue of 1.2 to 1.24 billion yuan in H1 2025, a year-on-year decline of 1.5% to 4.7%. However, profit is expected to increase by 55.2% to 94.8%, indicating operational improvements driven by flexible management mechanisms [38]. Group 2: Industry Trends - The "anti-involution" trend may lead the automotive industry to shift from price-cutting strategies to technology upgrades and cost reduction models. Recommended stocks include XPeng Motors for strong technological capabilities in the price range below 200,000 yuan, and Geely for its solid fundamentals and undervalued status [18]. - The petrochemical industry is undergoing a transformation with the elimination of outdated capacity, which is expected to enhance industry competitiveness. The Ministry of Industry and Information Technology is set to introduce a growth stabilization plan for the petrochemical sector [24]. - The urea industry is likely to benefit from the exit of outdated production facilities, with supply-side reforms expected to improve industry conditions. Key players to watch include Hualu Hengsheng, Hubei Yihua, Luxi Chemical, and Yangmei Chemical [28]. - The emergence of stablecoins, which are pegged to fiat currencies or assets, is aimed at addressing the volatility of cryptocurrencies and enhancing payment efficiency. Regulatory frameworks for stablecoins have been introduced in the US, Europe, and Hong Kong, which may strengthen the dollar's position in the international monetary system [44].

每经记者｜黄婉银 特约记者丨李旭馗 每经编辑｜张海妮 7月23日，香港金融管理局总裁余伟文发文再谈稳定币监管，强调需为当前稳定币市场的过度炒作降 温，并阐述了监管机构在稳妥、可持续原则下推动《稳定币条例》落地的下一步举措。他透露，香港金 融管理局将于下周公布"稳定币发行人发牌制度"的摘要说明，详细说明牌照申请的具体安排。 文章发布于香港金融管理局官网的专栏《汇思》中，该栏目由高层人员撰写，阐述香港金融管理局一些 重要的新政策及工作或公众关心的其他事宜。《每日经济新闻》记者梳理发现，这是自2022年年初以 来，余伟文第四次在《汇思》栏目中探讨稳定币相关话题。 余伟文指出，稳定币作为新兴支付工具进入传统金融体系有其积极意义，但必须警惕市场和舆论的过度 炒作。他列举了两个值得关注的现象： 一是过度概念化。余伟文表示，围绕稳定币的讨论容易集中于其对传统金融特别是支付体系的颠覆作 用，但是一旦要由虚入实，从概念和理论层面转到应用场景和具体安排，就出现明显落差。 据悉，目前已有数十家机构接触香港金融管理局，有的明确表示有意申请稳定币牌照，有的属于初步探 路性质。但大多仅停留在提升跨境支付效率、支持Web3.0发展、提升外 ...

文/ 香港金融管理局 总裁 余伟文 一个月前，我在这个栏目谈到如何推动稳定币在香港稳妥、可持续发展， 并提出应为稳定币热潮降降温。观乎一个月来市场和社会上对稳定币的讨 论热度，降温力度仍需加强。今天我想从监管角度再谈谈我们的看法，以 及下一步如何按照稳妥、可持续的原则落实《稳定币条例》。 避免过度炒作 稳定币也是近期各国央行和金融监管当局讨论较多的课题，讨论的焦点集中在稳定币的内在和外溢风 险，包括对传统金融市场和银行的影响，但更大的关注点在于如何避免稳定币被不法分子利用作洗钱工 具，特别是在跨境使用的场景。俗称「央行的央行」的国际清算银行在最新的年度经济报告中，就用了 不少篇幅强调防范稳定币洗钱风险的重要性。 香港是国际金融中心，监管水平一向以稳健见称，在国际上也有良好的声誉。《稳定币条例》通过以 后，我们马上就落实条例的监管和反洗钱两份指引征求市场意见，目前正根据反馈意见适当调整指引的 要求，争取在7月底公布。我们预期最终的定稿与咨询草稿不会有太大的调整，而鉴于国际监管的共同 关注，在反洗钱方面会订立更严谨的要求，尽量减低稳定币成为洗钱工具的风险，务求让香港稳定币市 场有序健康发展。 张弛有度是一种监管艺 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights the rapid growth and adoption of stablecoins, with their transaction volumes surpassing those of traditional financial systems like Visa and PayPal [7]. - It emphasizes the regulatory advancements in Hong Kong, particularly the introduction of the "Stablecoin Regulation Draft," which is expected to enhance compliance and foster innovation in the virtual asset market [23]. - The report anticipates an influx of institutional players into the virtual asset trading services, driven by regulatory clarity and the expansion of service offerings by Chinese brokerage firms [60]. Summary by Sections Section 1: Industry Chain, Application Scenarios, and Profit Models - Stablecoins have emerged as a more efficient medium for on-chain transactions compared to fiat currencies, significantly simplifying the process of trading cryptocurrencies [4]. - As of May 2025, the total market size of stablecoins is approximately $247.2 billion, with an average rolling transaction volume of $2.29 trillion, which is 1.7 times that of Visa [7]. - The most popular stablecoins are fiat-backed, such as USDT and USDC, which account for 64% and 25% of the market share, respectively [13]. - The report outlines the different types of stablecoins, including fiat-collateralized, crypto-collateralized, algorithmic, and commodity-backed stablecoins, each with its own advantages and disadvantages [10][12]. - The profitability of stablecoin issuers primarily comes from interest income generated from reserve assets, with Tether's interest income reaching $4 billion in 2023 [16]. Section 2: Institutions Expected to Accelerate Entry into Virtual Asset Trading Services - Chinese brokerage firms are rapidly expanding into virtual currency services, with Guotai Junan International being the first to obtain a Virtual Asset Service Provider (VASP) license [60]. - The report notes that as of July 2025, 43 brokerages and one bank have upgraded their licenses to provide virtual asset trading services, indicating a growing trend in the market [64]. - The report identifies 11 licensed Virtual Asset Trading Platforms (VATPs) in Hong Kong, which are crucial for retail investors to access virtual asset investments [66]. Section 3: Investment Recommendations - The report maintains a positive outlook on the development of the virtual asset trading market in Hong Kong, driven by government policies and the anticipated expansion of market participants [83]. - It suggests that the ongoing regulatory framework will facilitate the tokenization of real-world assets, providing new avenues for revenue generation for brokerages [83].

Core Viewpoint - The signing of the GENIUS Act by President Trump establishes a regulatory framework for stablecoins at the federal level in the U.S., aiming to facilitate the development of the crypto finance industry by removing regulatory barriers [1][4]. Group 1: Regulatory Framework - The GENIUS Act mandates that stablecoin issuers must hold at least a 1:1 ratio of reserve assets, including cash, bank deposits, U.S. Treasury securities, and other high-liquidity government assets [3]. - Bank issuers will be regulated by the Federal Reserve, while non-bank issuers will be overseen by the Office of the Comptroller of the Currency (OCC) [3]. Group 2: Market Impact - The act allows foreign stablecoins that meet technical and compliance standards to be used in the U.S., enhancing flexibility for cross-border payments [4]. - The signing of the act is expected to boost market trust and drive industry growth, with major U.S. tech and retail companies exploring stablecoin applications to reduce credit card fees, potentially saving billions annually [4]. Group 3: Future Projections - Current reports indicate approximately $250 billion in dollar-pegged stablecoins are in circulation, with over 80% of reserve assets in U.S. Treasury securities, creating an additional demand of about $200 billion for the Treasury market [5]. - Standard Chartered predicts that the stablecoin market could reach $2 trillion by 2028, with corresponding Treasury demand between $1.2 trillion and $1.6 trillion, positioning stablecoin issuers as the second-largest buyers of U.S. Treasuries after the Federal Reserve [5]. Group 4: Banking Sector Response - Despite the potential for stablecoins to enhance payment efficiency, some banks remain cautious, with JPMorgan questioning the necessity of stablecoins and Citigroup highlighting high exchange costs between stablecoins and fiat currencies [6]. - Some banks are considering forming industry alliances to launch compliant and interoperable stablecoins [6]. Group 5: Overall Implications - The passage of the GENIUS Act marks a significant step in U.S. stablecoin regulation, providing a clear legal framework for the crypto industry and laying the groundwork for payment innovation and financial modernization [6]. - As tech companies and traditional financial institutions accelerate their stablecoin strategies, the U.S. may gain a competitive edge in the future digital finance landscape, although challenges in practical application and regulatory refinement remain [6].

Core Insights - The global financial landscape in 2025 is characterized by intense competition over stablecoins, driven by regulatory developments and the involvement of major financial and tech players [3][8][21] - Stablecoins, once seen as a niche product, are now central to discussions about monetary power and financial market restructuring, with significant profit potential for issuers [4][6][22] Regulatory Developments - The U.S. Senate passed the "GENIUS Act" on June 17, 2025, establishing strict regulations for stablecoins, including a 100% reserve requirement and mandatory transparency [10][11] - The EU's MiCA regulation, effective December 30, 2024, imposes stringent requirements on stablecoins, including a 1:1 liquidity reserve and banning algorithmic stablecoins [12] - Hong Kong's "Stablecoin Ordinance" came into effect on May 30, 2025, marking the beginning of licensed operations for stablecoin issuers [13] Market Dynamics - Major financial institutions like JPMorgan and BlackRock are actively entering the stablecoin market, with JPMorgan's blockchain platform processing over $20 billion daily and BlackRock's BUIDL fund capturing 40% of the tokenized U.S. Treasury market [15] - Tech giants such as JD.com and Ant Group are also positioning themselves in the stablecoin space, aiming to reduce cross-border payment costs significantly [16] - The involvement of political figures, such as the Trump family launching a stablecoin, adds a new dimension to the competitive landscape [17] Financial Implications - The stablecoin market is projected to generate substantial profits, with Tether's market cap at $155.7 billion and a net profit of $13 billion in 2024, indicating its significant role in the U.S. Treasury market [6] - The total transaction volume of stablecoins surpassed $27.6 trillion in 2024, exceeding that of Visa and Mastercard combined, highlighting their growing importance in global payments [19][20] Future Outlook - The evolution of stablecoins is seen as a potential revolution in payment systems and asset tokenization, with implications for various asset classes [21] - The competitive landscape is expected to intensify as demand for stablecoins grows, driven by their utility in facilitating transactions and their role as a bridge between fiat and cryptocurrencies [23]