稳定币兴起正成为市场不容忽视的一大趋势， 美国以及亚洲多个国家和地区纷纷推进稳定币立法，而香港特区率先通过立法，抢占背后的"数字币铸币权"。 5月21日，香港特区立法会三读通过《稳定币条例草案》，标志着 将稳定币这一虚拟资产正式纳入法治监管体系，预计今年底前机构可向金管局申请成为合规 稳定币发行商。 近期稳定币的重要性日益增长， 美国政府也加紧推动稳定币立法， 由于美元地位正受到前所未有的调整，特朗普政府更将其视为巩固美元地位的重要工具。 花旗表示，美国格外看重稳定币对美国国债需求的提振以及对美元霸权的巩固作用。 其实，无论是美国、香港还是欧盟，各主要金融中心都在建立自己的数字货币体系，确保货币在数字金融时代拥有更大货币控制权。 这场"数字铸币权争夺 战"可能才刚刚开始，香港先发制人可能为其赢得竞争优势。 稳定币重要性日益增长，亟待立法打开发展空间 稳定币是一种与法定货币或大宗商品等其他传统资产挂钩的数字货币，可广泛应用于跨境支付、汇款和去中心化金融等领域。根据德银的介绍 ，稳定币主要有 四种类型：法定货币挂钩、资产支持挂钩、加密货币挂钩的和算法型。 稳定币通常被视为传统金融与加密货币之间的桥梁， 它有潜力促 ...

Group 1: Core Insights - The rise of stablecoins is becoming a significant trend in the market, with various countries, including the US and regions in Asia, advancing stablecoin legislation, and Hong Kong leading the way by passing the Stablecoin Ordinance [1][2] - The importance of stablecoins is increasing, as they are seen as a bridge between traditional finance and cryptocurrencies, with potential applications in cross-border payments and decentralized finance [2][3] - The global stablecoin market is expected to grow significantly, with estimates suggesting it could reach between $1.6 trillion and $3.7 trillion by 2030 [2] Group 2: Hong Kong's Stablecoin Legislation - Hong Kong's Legislative Council has passed the Stablecoin Ordinance, which officially incorporates stablecoins into the legal regulatory framework, allowing institutions to apply for compliance as stablecoin issuers by the end of the year [1][5] - The ordinance requires any entity issuing fiat-backed stablecoins in Hong Kong to apply for a license, emphasizing the importance of regulatory clarity in the stablecoin market [3][5] - The legislation outlines specific conditions for license applicants, including minimum capital requirements of at least HKD 25 million and strict asset reserve requirements to ensure stability [6][7] Group 3: Regulatory Environment and Challenges - The stablecoin market faces challenges such as insufficient asset backing, lack of transparency, and potential systemic risks, highlighting the need for regulatory oversight [3][10] - The Hong Kong Monetary Authority (HKMA) has introduced a "sandbox" arrangement to allow institutions to test their stablecoin operations in a controlled environment, facilitating regulatory feedback and refinement of the final regulations [8] - The US is also accelerating its stablecoin regulatory efforts, with proposed legislation requiring stablecoin issuers to hold short-term US Treasury securities, which could create new demand for US debt [10]