让用户能像在"隔壁银行"一样方便地获取和使用。 从"概念验证"向"规模应用"迈进 近年来，数字货币的应用场景迅速扩展。 以央行数字货币（CBDC）为例，陆磊透露，中国人民银行和香港金融管理局等全球多个货币当局共同 探索，形成了以多边央行数字货币桥为范本的多边合作模式。基于央行合约、平等治理和区块链架构， 连接各经济体支付系统和法定数字货币系统，实现多币种的秒级直通式跨境支付。同时，人民银行提供 以数字人民币跨境支付平台为依托的双边合作模式，灵活支持与各货币当局系统跨境互联互通，享受智 能化跨境消费贸易和投融资的数字体验。目前已实现数字人民币跨境支付平台与香港"转数快"系统的联 通。 在商业化应用领域，数字货币也已从概念验证走向规模应用。香港科技大学金融研究院主管唐博表示， 近两三年来，数字货币在实体经济中的应用明显加速。无论是在跨境贸易与支付，还是在本地支付等领 域，都出现了显著增长。特别是在货币不稳定的新兴市场，数字货币正成为保值避险工具。 圆币科技集团行政总裁刘宇将这一阶段称为数字货币的"iPhone时刻"（指革命性技术变革的关键节 点）。技术变化也将带来应用场景更新。她以跨境支付为例说明，从香港向巴西汇 ...

Core Insights - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" to explore development opportunities amidst changing circumstances [1] Group 1: Digital Asset Regulation in Hong Kong - The Hong Kong digital asset industry has been under regulatory development since 2018, with 3 licensed virtual asset exchanges currently operating and 8 more awaiting licenses [3] - The three key focuses for the Hong Kong market by 2025 are expected to be stablecoins, Real World Asset (RWA) tokenization, and the implementation of OTC (over-the-counter) virtual asset trading and custody licenses [3] - Hong Kong's approach to digital assets is characterized as "Web 3.0," emphasizing "de-intermediation" rather than the commonly referenced "Web3," which focuses on decentralization [3] Group 2: Stablecoin Regulations - The recently introduced Stablecoin Regulation in Hong Kong was legislated within a year after consultation, highlighting the rapid regulatory pace [4] - Key requirements of the regulation include that issuers must hold 100% or more of high-quality, liquid assets as reserves, which must be pegged to the same fiat currency as the stablecoin [4] - Independent audits are mandated for issuers, and users must be able to redeem their stablecoins within one day, ensuring stability and reliability as a payment tool rather than as an investment tool [4] Group 3: Financial Sovereignty Implications - The development of stablecoins is expected to impact core aspects of financial sovereignty, including currency sovereignty, payment sovereignty, digital sovereignty, and regulatory sovereignty [5]

Group 1 - The recent surge in the Hong Kong cryptocurrency ETF market, particularly for Ethereum ETFs, has drawn significant attention, with multiple ETFs recording substantial gains [1] - On August 13, four Ethereum ETFs saw notable increases, with the Jiashi Ethereum ETF (03179.HK) leading at an 8.32% rise, followed by Huaxia Ethereum ETF (03046.HK) at 7.8%, and others also performing well [1] - Ethereum's price surpassed $4600 for the first time since December 2021, driven by institutional support and favorable regulatory expectations [1][5] Group 2 - The development of stablecoins and Real World Asset (RWA) tokenization is providing support to the Ethereum ecosystem, with about half of the stablecoin supply and trading volume concentrated within it [5] - Major players like Coinbase and Robinhood are building layer-2 networks on Ethereum, enhancing its transaction processing capabilities [5] - Recent institutional buying, including large transactions of several hundred million dollars, has significantly increased demand in the spot market, contributing to the passive increase in ETF shares and net inflows [5] Group 3 - The marginal improvement in U.S. regulatory attitudes and the potential for future ETF staking yield have bolstered market bullish sentiment [6] - The current market dynamics show Ethereum leading the charge, with Bitcoin and other major cryptocurrencies following suit, indicating a reassessment of the long-term value of crypto assets [8] - The signing of an executive order by U.S. President Trump allowing alternative assets, including cryptocurrencies, into 401(k) retirement plans has structurally enhanced demand for virtual currencies [8] Group 4 - Ethereum is currently in a "strong trend + high volatility" upward phase, with expectations for cautious accumulation after potential pullbacks [8] - Short-term price movements for Ethereum may depend on the continuation of institutional buying and ETF inflows, alongside stable regulatory policies [9] - The future trajectory of cryptocurrencies will be influenced by macro policies, market sentiment, and the ongoing integration of virtual currencies into the traditional financial system [9]