Global Research ab 27 June 2025 China Banks Expert call takeaways: Implications of rising stablecoins Stablecoins gain traction, leading to increasing legislative efforts Recently, stablecoins have garnered great attention, as several jurisdictions (incl. Hong Kong, US, UK, EU etc.) actively work to implement stablecoin regulations. We spoke with an expert, a former senior banker with 25+ years of SOE bank experience, to discuss drivers behind stablecoins' proliferation, regulatory changes, as well as the i ...

Core Viewpoint - Coinbase has been recognized as a leading player in the cryptocurrency sector, with analysts upgrading its price target significantly, reflecting strong growth potential and market position [2][3]. Group 1: Analyst Insights - Bernstein analysts upgraded Coinbase's price target to $510 from $310, maintaining an "Outperform" rating, and described it as the "most misunderstood company" in the crypto space [2]. - Analysts highlighted Coinbase's unique position as the only cryptocurrency company in the S&P 500, its dominance in U.S. crypto trading, and its leadership in the stablecoin exchange market [3]. - Coinbase has diversified its offerings beyond trading, including institutional custody, Base blockchain infrastructure, and a Prime lending desk [3]. Group 2: Price Targets and Broker Ratings - The average price target for Coinbase, based on 26 analysts, is $275.40, indicating a potential decline of 20.13% from its closing price of $344.82 on June 24 [4]. - Coinbase has an average brokerage recommendation (ABR) of 2.14, indicating a shift from an ABR of 2.27 a month ago, with 13 Strong Buy and one Buy recommendations [5][6]. Group 3: Earnings Estimates - The Zacks Consensus earnings estimate for Coinbase's current quarter is $0.91, up from $0.83 a month ago, with the full-year estimate now at $2.96 per share, an increase from $2.41 [7]. Group 4: Market Trends - Coinbase's stock has surged approximately 40% this year, partly due to the Senate's passage of the GENIUS Act, which aims to create a federal framework for stablecoins [8]. - The positive market sentiment is also reflected in the strong gains of other crypto-related companies, indicating increasing institutional adoption of bitcoin and optimism around stablecoin regulation [8]. Group 5: Valuation Concerns - Despite the positive outlook, Coinbase shares are considered to lack value, with a trailing 12-month price-to-earnings (PE) ratio of 49.12X compared to 15.16X for the Financial - Miscellaneous Services industry [9]. Group 6: Investment Options - Investors looking to mitigate risks while capitalizing on Coinbase's momentum may consider COIN-heavy ETFs, which include several funds with at least 10% exposure to Coinbase [10][11].

对于未来如何构建稳定币发行人发牌制度，余伟文表示，考虑到稳定币是相对新兴的产物、发行业务所涉及的风 险、对用户的保障，以及市场的承载力和长远发展，发牌设有相当高的门槛，预期在初始阶段充其量只会批出数 余伟文坦言，虽然乐见公众对稳定币产生兴趣，但也想为稳定币降降温，让大家能较客观冷静地看待稳定币 文｜《财经》记者康恺 编辑｜张威 6月23日，香港金融管理局（下称"香港金管局"）总裁余伟文表示，香港《稳定币条例》（下称"条例"）将于8月1 日生效，届时香港金管局将开始接受牌照申请。 余伟文称，条例进一步完善香港数字资产活动监管框架，以保障货币和金融稳定，并巩固提升香港国际金融中心 地位。 余伟文坦言，虽然乐见公众对稳定币产生兴趣，但也想为稳定币降降温，让大家能较客观冷静地看待稳定币。 首先是稳定币的属性。稳定币并不是投资或投机的工具，而是运用区块链技术的支付工具之一，本身并没有升值 空间。以跨境支付这类应用场景为例，除了稳定币，其他新型支付工具还包括部分央行合作建立的CBDC（即央 行数字货币）网络、某些国际银行计划发行的代币化存款、快速支付系统跨境连线等等。这些支付工具各有特 点，成熟程度不一，未来的发展前景很 ...

June 22, 2025 08:14 PM GMT Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Jenny Zheng, CFA Economist Jenny.L.Zheng@morganstanley.com +852 3963-4015 Investor Presentation | Asia Pacific M Foundation Stablecoins and RMB Internationalization? A Long Game Related Reports: Stablecoins and RMB Internationalization? A Long Game (19 June 2025) Pan's Plan for RMB in A Multipolar Monetary World (18 June 2025) For important disclosures, refer to the Disclosure ...

Key Takeaways BAC, USB and FITB express interest in stablecoins amid shifting U.S. regulatory sentiment. GENIUS and STABLE acts aim to set reserve rules, ban algorithmic coins and clarify oversight. Executives cite transaction speed, deposit retention, and payment efficiency as key benefits.At an industry conference in New York last week, senior executives of Bank of America (BAC) , Fifth Third Bancorp (FITB) and U.S. Bancorp (USB) stated that they are open to adopting stablecoins as they anticipate favor ...

深圳商报·读创客户端首席记者 谢惠茜 稳定币近期政策利好不断，再次引爆全球资本市场。6月16日，A股稳定币相关概念股持续爆发。截至 收盘，四方精创（300468）20%涨停并创下历史新高，天阳科技（300872）20%涨停，拉卡拉 （300773）涨超15%，雄帝科技（300546）涨近14%，海联金汇（002537）、中科金财（002657）、恒 生电子（600570）等个股也纷纷涨停。此外，有"稳定币第一股"之称的Circle自上市后，短短十来天， 截至记者发稿时，该股已较发行价涨逾3倍。 消息面上，有关稳定币的法案密集落地。其中，香港《稳定币条例》已获立法会通过，将在8月1日生 效，成为近期市场高度关注的焦点之一。香港特区政府财政司司长陈茂波近日撰文表示，在《稳定币条 例》生效后，香港金管局将尽快处理收到的牌照申请，以便合资格的申请人开展其业务。 6月15日，陈茂波又透露，因应最新的发展和形势变化，特区政府即将就数字资产的发展发表第二份政 策宣言。内容主要围绕金融服务与创新结合、拓展数字资产应用场景等。将披露下一步的政策愿景和方 向以及一系列具体的措施，包括如何让传统金融服务的优势与数字资产领域的技术创 ...