Core Viewpoint - Stablecoins are emerging as a key force in the digital finance sector due to their ability to anchor value, contrasting with the high volatility of cryptocurrencies like Bitcoin and Ethereum [1] Group 1: Nature and Types of Stablecoins - The essence of stablecoins is to resist market volatility by being pegged to specific assets, differing fundamentally from the volatility logic of Bitcoin [3] - Fiat-collateralized stablecoins, represented by Tether (USDT) and USD Coin (USDC), utilize a "1:1 fiat reserve" mechanism, ensuring price stability but relying on centralized institutions [3][4] - Algorithmic stablecoins adjust supply purely through algorithms without asset collateral, but their models have shown vulnerabilities, as evidenced by the collapse of TerraUSD (UST) [4] Group 2: Practical Applications by Guotai Junan - In the cross-border medical field, Guotai Junan has launched a "stablecoin + cross-border medical" solution, allowing patients to pay hospitals directly with stablecoins, significantly reducing transaction time and fees [4][5] - In the green supply chain sector, Guotai Junan established a "stablecoin green supply chain fund" to provide loans for low-carbon projects, offering lower interest rates compared to traditional loans [5] - In the digital collectibles trading space, Guotai Junan partnered with compliant platforms to integrate stablecoin payment functions, enhancing transaction efficiency and reducing fees [5] Group 3: Regulatory Environment and Future Prospects - The passing of Hong Kong's "Stablecoin Regulation Draft" establishes a compliance framework for the industry, with Guotai Junan's practices serving as a replicable model for stablecoin applications [6] - Future applications of stablecoins are anticipated in areas such as cross-border elderly care services, carbon futures settlement, and virtual digital human transactions, further integrating digital finance with the real economy [6]