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].

Group 1 - Cathay Securities International successfully launched its first batch of structured product tokens, including fixed income redeemable tokens and principal-protected tokens linked to US stock ETFs [1] - The fixed income redeemable tokens utilize a T+0 settlement mechanism with daily interest accumulation, while the US stock ETF principal-protected tokens offer participation in US assets with principal protection [1] - The structured product tokens leverage Ant Group's blockchain technology and RWA (Real World Asset tokenization) solutions, enabling secure cross-chain transfer from Ant Chain to Ethereum, with transparent and immutable transaction data [1] Group 2 - The structured product tokens significantly reduce costs associated with traditional issuance intermediaries and greatly enhance settlement and clearing efficiency [1] - The tokenization architecture is highly scalable, allowing for flexible adaptation to future technological iterations and product innovations, providing a solid foundation for ongoing business evolution [1] - The CEO of Cathay Securities International emphasized the company's commitment to expanding token product varieties and integrating cutting-edge digital financial technologies to enhance the underlying security framework [2]