Core Viewpoint - The article analyzes the differences between the European Union's "Markets in Crypto-Assets Regulation" (MiCA) and the United States' "Guidance and Establishment of a National Innovation Act for Stablecoins" (GENIUS), highlighting significant directional disparities in their approaches to stablecoin policies, particularly regarding the use of foreign and domestic stablecoins, reserve asset allocation, and illegal financial activity prevention [2][3]. Group 1: Overall Framework - Both the GENIUS Act and MiCA Regulation share a similar overall framework, which includes defining stablecoin functions, issuer admission, operational regulation, reserve asset investment, customer redemption oversight, and anti-money laundering measures [5]. Group 2: Functional Definition - Both acts define stablecoins as payment tools and prohibit issuers from paying interest to holders. The GENIUS Act classifies "payment stablecoins" as digital assets for payment or settlement, while MiCA distinguishes between Electronic Money Tokens (EMT) and Asset-Referenced Tokens (ART), both requiring issuers to ensure holders can redeem at face value without interest [6]. Group 3: Issuer Admission - Both regulations require issuers to be registered entities in their respective jurisdictions. The GENIUS Act mandates that payment stablecoin issuers must be U.S. registered entities meeting specific regulatory standards, while MiCA requires ART issuers to establish a legal entity in the EU and obtain authorization from their home regulatory authority [7]. Group 4: Operational Management - Both acts impose capital and risk management requirements on stablecoin issuers, referencing regulations applicable to payment institutions and banks. The GENIUS Act requires compliance with U.S. federal and state capital, liquidity, and risk management rules, while MiCA specifies information disclosure, governance, and risk management procedures for issuers [8]. Group 5: Usage of Stablecoins - The U.S. has no explicit restrictions on the types and usage of stablecoins, reflecting the dominant position of the U.S. dollar in global reserves and payments. In contrast, the EU imposes limitations on the types and scope of stablecoins, influenced by different considerations regarding currency sovereignty [10][11].

Investment Rating - Industry Rating: Recommended [4] Core Insights - The expectation for stablecoin policy is likely to strengthen, with the Shanghai State-owned Assets Supervision and Administration Commission holding a special study meeting on the development trends and response strategies for cryptocurrencies and stablecoins [11][18] - The Hong Kong Stablecoin Regulation has been officially released and is expected to be implemented on August 1, 2025, establishing a licensing system for fiat-backed stablecoin issuers and enhancing the regulatory framework for virtual asset activities [2][19] - The tokenization ecosystem is extending, with application scenarios continuously enriching, as real asset tokenization is accelerating from regional pilots to global collaboration [3][12] Summary by Sections Stablecoin Policy Expectations - The Shanghai State-owned Assets Supervision and Administration Commission's meeting indicates a potential strengthening of domestic stablecoin policies following the implementation of overseas and Hong Kong regulations [11][18] - The Hong Kong Stablecoin Regulation aims to maintain financial stability while promoting financial innovation, with a licensing system for stablecoin issuers [2][19] Tokenization Ecosystem - The tokenization of real assets is gaining momentum, with companies like Ant Group collaborating with Circle Internet Group to adopt stablecoins on their blockchain platform [3][12] - The recent launch of GFToken by Guangfa Securities (Hong Kong) marks a significant step in deploying multi-currency interest rate mechanisms on-chain [3][12] Investment Recommendations - Beneficiary stocks include: - RWA: Xiexin Energy Technology, Langxin Group, Hongbo Co., Hainan Huatie, Youfang Technology, Yingfeng Environment, etc. - Stablecoins: Sifang Jingchuang, Yuxin Technology, Lakala, New Guodu, Jingbeifang, Tianyang Technology, Hengbao Co., Xiongdi Technology, Yuyin Co., Chutianlong, Dazhihui, Yonyou Network, Xinan Century, etc. - Hong Kong stocks: Zhong'an Online, Lianyi Technology, Lianlian Digital, China Everbright Holdings, Yika, etc. - Licensed: China Post Capital, Nanhua Futures, Hongye Futures, Ruida Futures, Guotai Junan International, Yaocai Securities Finance, etc. [6][34] Market Performance - The computer industry saw a weekly increase of 3.22%, outperforming the CSI 300 index, which rose by 0.82% [35][36] - Among 321 stocks in the computer sector, 256 stocks rose, indicating a strong market performance [42] Core Recommended Stocks - The top-performing recommended stock was Yuxin Technology, with a weekly increase of 7.59%, while Langxin Group experienced a decline of 3.42% [48] Valuation Overview - The SW computer industry PE (TTM) has risen from a low of 37.60 times in 2018 to 84.59 times, exceeding the historical average of 58.17 times from 2010 to 2025 [51]

Market Overview - The Asia-Pacific stock markets showed mixed performance last week, influenced by the impending deadline for the US "reciprocal tariffs" [1] - Southeast Asian markets mostly rose, with Thailand's SET index leading with a weekly increase of 3.47% [1] - The Ho Chi Minh index in Vietnam rose by 1.14%, while the Jakarta Composite Index in Indonesia fell by 0.47% [1] Economic Factors - The upcoming deadline for US tariffs is affecting market sentiment, with trade negotiations impacting stock performance [1][4] - The weakening US dollar and lower demand for US Treasury bonds are expected to attract some capital to Asian markets [2] - The recent trade agreement between the US and Vietnam has boosted market confidence, contributing to the rise in the Ho Chi Minh index [3] Country-Specific Insights - Singapore's Straits Times Index saw a 1.2% increase, benefiting from its status as an international financial center amid trade uncertainties [3] - Thailand's stock market is recovering due to reduced domestic political risks, leading to a notable upward trend [3] - The economic growth rates of Southeast Asia's major economies are slowing, with Indonesia's GDP growth at 4.87%, Malaysia at 4.4%, and Singapore at 3.9% [5][6] Future Outlook - Experts predict that the Asia-Pacific stock market will likely maintain a volatile upward trend, influenced by trade negotiations and US monetary policy adjustments [4] - The World Bank forecasts a slowdown in economic growth for the East Asia and Pacific region, with Southeast Asian countries facing significant pressure due to external trade uncertainties [6][7] Sector Performance - The Korean stock market has performed well, with the composite index up nearly 30% this year, driven by expectations around stablecoin policies and pro-shareholder government initiatives [8] - The Nikkei 225 index in Japan fell by 0.85%, ending a three-week upward trend, amid concerns over US-Japan trade negotiations [8]