Core Viewpoint - The legitimacy of stablecoins does not equate to their universal acceptance in payment scenarios, as they serve merely as intermediaries for currency payments and are not legal tender [2][3]. Regulatory Environment - Stablecoins have been circulating in markets prior to the enactment of related regulations in the US, Hong Kong, and the EU, and their legal status may change post-regulation [3]. - The introduction of regulations aims to address the risks associated with stablecoins while recognizing their beneficial roles in the economy [3]. Application Scenarios - Stablecoins are not universally applicable; their use is limited to specific scenarios where legal tender is inconvenient or unavailable [9][11]. - Current primary use cases for stablecoins include virtual world payments, cross-border transactions to evade sanctions, and as a hedge against local currency instability [9][10]. Market Dynamics - The market for stablecoins is expected to shift significantly post-legalization, with a focus on mainstream payment scenarios such as retail, domestic, and cross-border trade [11]. - Retail payment scenarios may include large merchants issuing their own stablecoins, but widespread acceptance across different merchants is unlikely [12][13]. Technological Integration - The integration of blockchain technology in financial transactions is essential, but stablecoins may not be the optimal solution for all payment needs [19][20]. - The potential for tokenized financial instruments, such as bills of exchange, may offer more advantages than stablecoins in certain contexts [20]. Future Trends - Central Bank Digital Currencies (CBDCs) are expected to outperform stablecoins in similar regulatory environments due to their status as legal tender [21]. - The future of stablecoins will depend on the evolution of transaction models, regulatory approaches, and technological advancements [21].

近日，国泰海通集团下属公司国泰君安国际控股有限公司（下称"国泰君安国际"）成功推出首批结 构化产品通证，包括固定收益可赎回通证产品和挂钩美股ETF保本型通证产品。 首批产品中，固定收益可赎回通证产品采用T+0交割机制，按日累计利息，而美股ETF保本型通证 产品的收益与美股ETF表现挂钩，兼具美股资产参与性与本金保障特性。 从技术架构层面来看，这批通证产品采用蚂蚁数科的区块链技术和RWA（实物资产通证化）解决 方案，创新实现了结构化产品通证从蚂蚁链到以太坊的跨链安全流转，所有交易数据公开透明、不可篡 改，投资者可随时自主验证。 与此同时，结构化产品通证依托链上基础设施，显著降低了传统发行中间环节带来的成本，并大幅 提升清算与交割效率。值得关注的是，该通证化架构具备高度可扩展性，不仅能灵活适配未来的技术迭 代与产品创新，也为业务的持续演进提供坚实基础。 国泰君安国际行政总裁兼执行董事祁海英表示："国泰君安国际将积极响应香港特区政府对数字资 产发展的号召，持续拓展通证产品种类；深度融合前沿数字金融技术，不断夯实底层安全架构；服务传 统与创新资产形态的各类参与者，为客户提供更加多元的投资选择，共同构建更丰富的投资生态 ...