Core Insights - The recent surge in interest around "stablecoins" is driven by the Hong Kong Legislative Council's passage of the "Stablecoin Ordinance" on May 19, which establishes a licensing regime for fiat-backed stablecoins, marking Hong Kong as the first jurisdiction to do so [1][14][17] - Major financial institutions, including CITIC Securities and CICC, are actively publishing research reports and conducting roadshows related to stablecoins, highlighting the regulatory benefits and industry opportunities presented by the new law [1][6] - The stablecoin market is projected to grow significantly, with estimates suggesting a market cap exceeding $250 billion by May 2025, driven by increasing adoption in cross-border payments and e-commerce [10][11] Industry Developments - Stablecoins are defined as cryptocurrencies that maintain a stable value by being pegged to fiat currencies, with USDT and USDC being prominent examples [2][4] - The total market capitalization of stablecoins reached nearly $200 billion as of November 2024, with USDT accounting for over $130 billion and USDC for over $39 billion [2] - The introduction of the Stablecoin Ordinance is expected to enhance the development of the digital financial ecosystem in Hong Kong, facilitating the transition of stablecoins from mere transactional mediums to essential financial infrastructure [1][6] Market Reactions - Stablecoin-related stocks have experienced significant volatility, with some Hong Kong-listed companies seeing daily gains exceeding 80% [4] - Investment firms are increasingly conducting research and analysis on stablecoin-related stocks, indicating a growing recognition of the sector's potential [5][6] - The demand for stablecoins in cross-border trade is rising, as companies seek efficient and compliant payment solutions, with many businesses already inquiring about the acceptance of USDT or USDC for transactions [5][8] Regulatory Landscape - Global regulatory bodies are accelerating the legislative process for stablecoins, with frameworks being established in regions such as Europe and the United States, alongside Hong Kong's new regulations [14][16] - The Hong Kong regulatory framework emphasizes the importance of stablecoins as a key component of the digital financial system, aiming to mitigate risks associated with traditional financial markets [16][20] - The licensing requirement for stablecoin issuers in Hong Kong includes a minimum registered capital of HKD 25 million, ensuring a level of financial stability and compliance [17]

券商们也在研报中纷纷表示看好该行业的发展。其中，国信证券、开源证券、长江证券等多家机构从计 算机行业视角出发，强调香港稳定币新规将加速数字货币、数字资产相关产业链发展。这些机构建议关 注技术研发、交易所平台等环节的投资机会，认为政策红利将带来显著的产业机遇。 国盛证券、华创证券则将稳定币与RWA结合分析，认为二者联动将推动金融科技变革，助力实体经济 资产链上化；银河证券研究报告称，香港《稳定币条例》出台，标志全球首个法币稳定币监管架构体系 的落地，一方面稳定币为RWA提供了低成本、高效的计价与结算工具，另一方面增强RWA流动性并催 化更多RWA产品创新与应用场景；中信证券在美股加密货币、银行业等多篇研报中指出，全球稳定币 监管提速可能重构跨境支付格局。 近期，香港《稳定币条例》正式生效，不仅引爆了资本市场，券商们也纷纷展现出前所未有的研究热情 ——三天内，22家券商集中发布30篇研报，超过20场电话会议相继召开，8场路演活动蓄势待发。这些 研究报告主要覆盖计算机、区块链、金融科技、跨境支付等多个维度，券商们普遍认为香港新规将推动 稳定币从交易媒介升级为关键金融基础设施，加速数字金融产业链发展。 "香港《稳定币 ...