Group 1: Global Payment System Transformation - The global payment system is diversifying, moving towards a model where stablecoins and central bank digital currencies (CBDCs) play significant roles in domestic and cross-border payments[1] - Domestic retail payments will be dominated by stablecoins or a combination of stablecoins and CBDCs, while wholesale payments will be led by CBDCs[1] - Cross-border retail payments will be primarily driven by stablecoins, with wholesale payments existing alongside traditional systems and multiple CBDC collaborations[1] Group 2: Growth Potential of Stablecoins - The potential market growth for stablecoins in cross-border retail payments could reach $280 billion[2] - Asset tokenization (RWA) could see a potential development scale of $300 billion, driven by the growth of stablecoin market capitalization[2] - Stablecoins are expected to provide two levels of benefits for businesses: investment income from reserve assets and reduced transaction costs due to streamlined value chains[2] Group 3: Applications and Efficiency Gains - Non-stablecoin enterprises can leverage stablecoins to enhance operational efficiency, particularly in supply chain finance and cross-border payroll[3] - Using stablecoins for payroll can simplify cross-border remittance processes and reduce fees, especially when using a stablecoin pegged to the renminbi[3] - Companies can issue tokenized assets linked to stablecoins, improving liquidity and transparency while providing new financing avenues[3] Group 4: Regulatory Landscape and Risks - Stablecoins have been increasingly integrated into financial regulatory frameworks, marking a significant development point for their growth[1][2] - Risks include potential threats to blockchain's encryption foundation from advancements in quantitative computing and delays in stablecoin development due to incidents like the collapse of Silicon Valley Bank[5]

Core Viewpoint - The recent surge in stock prices of several Hong Kong-listed companies is attributed to their involvement in the "stablecoin concept," indicating a growing interest and investment in digital assets and blockchain technology [1][2]. Group 1: Company Developments - Puxing Energy's stock price soared over 280% after announcing its subscription to Series A preferred shares issued by HashKey Holdings, a firm focused on blockchain technology and digital asset management [1][2]. - Derlin Holdings also experienced a significant price increase, with a rise of over 70% after announcing plans to tokenize assets valued at up to HKD 500 million [1][2][3]. - Puxing Energy now holds up to 5% equity in HashKey Holdings, which is recognized as a leading digital asset financial services group in Asia [2][3]. - Derlin Holdings is in discussions with blockchain service provider Asseto to advance a project that aims to tokenize real-world assets, potentially becoming Hong Kong's first commercial property tokenization project by a licensed broker [3]. Group 2: Market Trends and Projections - The stablecoin market has surpassed USD 250 billion in issuance, with over 250 types of stablecoins, and is projected to reach a transaction volume of USD 27.6 trillion by 2024, exceeding the combined transaction volume of Visa and Mastercard [4][5]. - The regulatory landscape for stablecoins is evolving, with significant legislative progress in the EU and Asia, indicating that compliance will be crucial for market participation [5]. - The future scale of stablecoins is anticipated to reach USD 3.5 trillion, driven by various use cases including crypto assets, cross-border payments, daily consumer payments, and traditional capital market tokenization [5][6].