香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 有關自願性公告之補充公告 背景及戰略考量 設 立 新 加 坡 國 際 總 部 的 主 要 目 標，是 以 戰 略 性 支持本 集 團 國 際 業 務 拓 展，並 有 效 滿足中小微企業開拓 國 際 市 場 的 與 日 俱 增 需 求。此 國 際 總 部 將 作 為 提 供 綜 合 一 站 式國際供應鏈解決方案的核心樞紐，涵蓋 國 際 訂單匹配與資金周轉撮合服務。 為 配 合 上 述 戰 略 目 標，本 公 司 認 識 到，穩 定 幣 作 為 基 於 區 塊 鏈 技 術 並 與 法 幣 掛 鈎 的 數 字 資產，憑藉其成本效益優勢、即時結算能力及降低外匯風險等特性，已在全 球 供 應 鏈 貿 易 中 迅 速 確 立 ...

Group 1 - The core viewpoint of the article highlights that Mingze Investment has conducted research on a listed company, Yiyaton, focusing on its integrated business model of "supply chain + industrial chain + incubator" [1] - Yiyaton's service network spans over 320 cities in mainland China and extends to more than 10 countries or regions, including Hong Kong, Singapore, and the United States [1] - The company's overseas strategy emphasizes sectors such as new energy, electromechanical equipment, and electronic products, with initial expansion plans targeting Southeast Asia and the United States [1] Group 2 - Yiyaton possesses multiple core advantages in cross-border services, including experience, industrial foundation, brand credibility, and policy support [1] - The company aims to create a collaborative ecosystem for overseas industry by integrating resources, building information platforms, and addressing customer pain points [1] - Yiyaton's subsidiary, Zhuoyou Cloud Intelligence, focuses on computing power construction and operation, promoting the development of the Hongmeng ecosystem [1] Group 3 - Yiyaton plans to explore the application of stablecoins in its overseas supply chain business [1] - In 2024, the company intends to increase efforts in new business development while optimizing internal management and cost control [1]

Core Insights - Stablecoins are emerging as a "killer application" in the cryptocurrency space, particularly in cross-border payments, due to their low volatility, fast settlement, and low costs [1][2][6] - The total global stablecoin transaction volume reached $6.6 trillion in the past 12 months, marking a year-on-year growth of over 60%, with a market capitalization stabilizing above $240 billion [1][2][18] - Major companies like Stripe, PayPal, Visa, and Mastercard are increasingly entering the stablecoin market, indicating strong institutional interest and potential for further growth [2][3][19] Market Update & Overview - The stablecoin market has seen explosive growth, with transaction volumes surpassing $5 trillion in 2024, compared to Visa's total payment volume of $16 trillion [18] - The market cap of stablecoins exceeded $200 billion in December 2024 and reached over $230 billion in February 2025 [18] - The number of stablecoin transactions has also surged, with over 14 billion transactions recorded [1][18] Applications & Use Cases - Stablecoins are particularly advantageous in cross-border payments, significantly reducing transaction times from 2-5 days to within 24 hours and cutting fees by over 50% [3][6] - In emerging markets like Argentina, stablecoins are being used to hedge against local currency devaluation, while businesses in Southeast Asia and Latin America are utilizing them for international supplier payments [3][6] - Companies like Circle and Ripple are developing platforms that facilitate real-time cross-border payments and international settlements [3][6] Ecosystem Development - The stablecoin ecosystem is evolving into a multi-layered service structure, similar to credit card and stock trading systems, with various players providing different services [4][12] - Traditional financial institutions, including JPMorgan and Standard Chartered, are exploring stablecoin-related services, indicating a shift towards integration with traditional finance [4][5] - Companies like BitPay and Transak are enhancing the infrastructure by offering services that bridge fiat and stablecoin transactions [4][5] Regulatory Landscape - Regulatory frameworks for stablecoins are becoming clearer, with the EU approving ten companies for stablecoin issuance under the Markets in Crypto Assets regulation [5][18] - The U.S. Senate is considering bipartisan legislation to address regulatory uncertainties surrounding stablecoins, which could further legitimize their use [5][18] - As regulations solidify, more banks and payment companies are viewing stablecoins as compliant payment tools rather than fringe innovations [5][6] Future Outlook - Stablecoins are expected to evolve from mere payment tools to integral components of financial infrastructure, potentially working alongside Central Bank Digital Currencies (CBDCs) [6][12] - The ongoing technological advancements and ecosystem maturation suggest that stablecoins will play a crucial role in the future of digital finance, enabling automated payments and treasury management for businesses [6][12] - The rise of stablecoins is reshaping perceptions of money and payment systems, driven by their ability to address traditional financial inefficiencies and cryptocurrency volatility [6][12]

Group 1 - On July 8, Jin Yong Investment surged over 650%, rising from 1.99 HKD to 15 HKD, following the announcement of a strategic partnership with AnchorX to explore stablecoin applications [1] - On July 3, Multi-Point Intelligence saw a nearly 90% increase, climbing from 9.01 HKD to 17.10 HKD, as media reported the company is preparing to apply for a stablecoin license in Hong Kong [1] - On June 26, Victory Securities experienced a rise of over 160%, increasing from 3.72 HKD to 9.7 HKD, after multiple local Hong Kong brokerages completed the upgrade of their first license [1] - On June 25, Guotai Junan International surged nearly 200%, from 1.24 HKD to 3.7 HKD, as the company was officially approved to provide cryptocurrency and other virtual asset trading services [1]

Group 1 - The stock of Goldmount Investment surged in the afternoon, with an increase of 500% and a trading volume exceeding 66 million HKD [1] - The company has entered into a strategic partnership with AnchorX to explore applications for stablecoins [1] - Investors can buy Hong Kong stocks through A-share accounts without the need for Hong Kong Stock Connect, allowing for T+0 trading [1]

Group 1 - Minna Bank is collaborating with Fireblocks, Solana Japan, and TIS to assess the feasibility of stablecoins in daily financial services [1] - The bank is also testing the issuance of stablecoins through Solana and evaluating the support capabilities of Web3 wallets for user-friendly financial experiences [2] - Fireblocks' Chief Strategy Officer highlighted that Japan's banking sector is increasingly focusing on corporate financing and international trade, viewing stablecoins as a potential means to simplify traditional banking payment processes [2] Group 2 - The popularity of stablecoins is rising globally as governments and financial institutions explore their applications in payments, settlements, and trade [2] - In Europe, over 75% of crypto transactions on the Oobit platform involve stablecoins, with retail and travel spending leading in countries like Poland, Lithuania, and Germany [2] - South Korean banks are launching stablecoin projects through compliant channels, while U.S. lawmakers are working on a federal regulatory framework for dollar-backed stablecoins [2] Group 3 - Sumitomo Mitsui Financial Group (SMFG) is partnering with Avalanche developer Ava Labs, Fireblocks, and TIS to prepare for a stablecoin pilot project [3] - The pilot is expected to launch by the end of 2025 or early 2026, with plans for a full rollout later that year [3]

Core Viewpoint - Tianyang Technology currently has no business cooperation with Guotai Junan International, but is exploring stablecoin applications in cross-border payments and virtual credit cards with multiple licensed financial institutions [1] Group 1 - Tianyang Technology confirmed on July 3 that there is no ongoing business collaboration with Guotai Junan International [1] - The company is actively working with several licensed foreign financial institutions to explore stablecoin applications [1] - The focus areas include practical scenarios for stablecoins in cross-border payments and virtual credit cards [1]

Core Insights - Circle's business model shows significant profit potential, and the role of stablecoins in daily financial activities is indispensable [1] - Circle's stock price surged dramatically after its NASDAQ listing, reflecting strong market confidence in stablecoins and regulatory support [2][3] Group 1: Stock Performance and Market Position - Circle's stock price increased from an initial listing price of $31 to a peak of $290, resulting in a market capitalization nearly eight times Ripple's previous valuation of $50 billion [1][2] - The surge in Circle's stock is attributed to a broad consensus among lawmakers and the market regarding the future application and adoption of stablecoins, reinforced by bipartisan support for the GENIUS Act [2] Group 2: Competitive Landscape - Circle's profitability is significantly lower than that of its competitor Tether, with Circle earning $156 million compared to Tether's $13.1 billion in profits last year [2][3] - Circle's focus on institutional clients and its transparent corporate structure have made it more appealing to U.S. cryptocurrency traders compared to Tether, which operates in less regulated environments [3][4] Group 3: Operational Strategies - Circle has opted to manage its reserves through BlackRock and pays Coinbase to maintain USDC reserves, sacrificing potential profits from reserve management [4] - The operational model of Circle, which emphasizes transparency and regulatory compliance, contrasts with Tether's offshore operations, which have faced governance challenges [4] Group 4: Future Applications of Stablecoins - Stablecoins have the potential to replace traditional payment systems, commercial banking needs, brokerage services, remittance services, and trade financing, offering lower costs and increased efficiency [7][8][9][10][11] - The introduction of stablecoins could fundamentally reshape the financial system, providing innovative solutions and enhancing user experience in various financial transactions [11] Group 5: Limitations of Stablecoins - Stablecoins are not suitable for consumer loans due to the need for credit risk assessment and the complexity of traditional lending processes [12] - In certain economies with established payment systems, such as China and India, stablecoins may struggle to gain traction despite their advantages in cross-border transactions [13] Group 6: Valuation and Market Potential - Circle's valuation is not solely based on its current performance but also on its potential to disrupt traditional payment and consumer finance sectors, with a market opportunity in the trillion-dollar range [14] - While Circle may not surpass Tether's market share, it stands out as the only stablecoin company attracting investor interest in the U.S. stock market [14]

Summary of Cross-Border Payment Industry and Stablecoin Application Industry Overview - The cross-border payment industry has evolved from B2C to B2B, addressing the needs of small and medium-sized enterprises (SMEs) for compliant fund transfer channels, which traditional banks struggle to cover [1][2][3] - The pilot project initiated by the central bank and foreign exchange administration has granted licenses to institutions like Kuaiqian, Lianlian, Alipay, and Tonglian [1][2] Key Players and Market Dynamics - Major players in the cross-border payment sector include PingPong, Lianlian, and Worldpay, each with unique strengths and market shares [1][7] - PingPong was one of the first to obtain domestic payment licenses, while Lianlian holds numerous overseas licenses and Ant International ranks among the top three due to its large transaction volume [1][7] - Ant International acquired WorldFirst to enhance brand recognition and market presence, leveraging WorldFirst's established reputation in China and abroad [1][8] Business Models and Revenue Streams - Traditional cross-border payment models rely on transaction fees, currency conversion fees, and account management fees, with profits primarily derived from currency exchange [2][12] - The stablecoin model is still being explored, with potential for zero-fee structures or innovative pricing strategies, focusing on exchange rate differences and bank deposit agreements [2][12] Regulatory and Compliance Considerations - The industry faces compliance risks, particularly regarding KYC (Know Your Customer) regulations, which are critical for obtaining and maintaining licenses [2][14] - Regulatory bodies emphasize the importance of effective KYC measures during the licensing process to ensure institutions understand their clients and business activities [2][14] Stablecoin Advantages and Future Outlook - Stablecoins offer significant advantages in cross-border transactions, including reduced transaction costs, faster settlement speeds, and minimized exchange rate risks [4][10] - Major financial technology companies are beginning to explore stablecoin applications in international trade, with potential for real-time settlements via blockchain technology [4][10] - The long-term outlook for stablecoins is promising, but they face uncertainties, particularly in regulatory frameworks, especially in mainland China [10][11] Competitive Landscape - The competitive landscape is characterized by a diverse range of players, with no single entity dominating the market [7] - Institutions like XTransfer focus specifically on B2B services, while others like Lianlian maintain a strong domestic presence while expanding internationally [7][9] Challenges and Strategic Considerations - Companies with strong backgrounds and reputations are more likely to achieve scale in the cross-border payment sector, as trust and recognition play crucial roles in client acquisition [15] - The impact of stablecoins on traditional financial institutions is still uncertain, with governments likely to intervene to maintain financial stability if necessary [16] Conclusion - The cross-border payment industry is rapidly evolving, with stablecoins poised to play a significant role in future transactions. However, regulatory challenges and market dynamics will shape the trajectory of this sector in the coming years [10][11][16]