Core Insights - Tether continues its acquisition strategy by purchasing a 31.9% stake in Elemental Altus Royalties, a publicly listed gold royalty company in Canada, for approximately $89.4 million [2][4] - This investment is part of Tether's strategy to integrate stable assets like gold and Bitcoin into its ecosystem, aiming to enhance the transparency and stability of digital financial products [2][4] - Tether's CEO emphasizes the importance of gold as a time-tested store of value and its role in building resilient financial infrastructure for the future [4] Acquisition Details - Tether acquired 78,421,780 shares of Elemental at a price of 1.55 CAD (approximately 1.14 USD) per share, completing the transaction on Tuesday [2] - The acquisition allows Tether to gain diversified exposure to global gold production without the operational risks associated with mining [2] Impact on Tether Gold - The acquisition strengthens Tether's ecosystem and supports its gold-backed stablecoin, Tether Gold (XAUt), which has become the largest gold-backed cryptocurrency since its launch in 2020 [4][5] - Tether plans to leverage its new exposure to launch more commodity-backed digital assets in the future [4] Market Context - The price of gold has seen a significant increase, rising approximately 30% within the year, with spot gold reaching a peak of $3,500 in April before slightly retreating to $3,388 [6] - Tether's XAUt stablecoin market cap reached $854 million in April, reflecting its growth alongside rising gold prices [5][6] Recent Investment Activities - Tether's acquisition of Elemental follows a record profit of $13 billion last year and a series of strategic investments, including a $458.7 million Bitcoin purchase and a $3.9 billion transfer to Twenty One Capital [7] - The company has also invested in various sectors, including media and sports, indicating a broadening of its investment portfolio [7]

Group 1 - A-shares related to Ant Group experienced an initial surge, with Zhengyuan Wisdom hitting the daily limit, and companies like GCL-Poly, Jida Zhengyuan, Newcapec, Hefei Urban Construction, and Junzheng Group also seeing gains [1] - Ant Group's financial technology division announced the initiation of an application for a stablecoin license in Hong Kong [1]

Core Viewpoint - The strategic cooperation between Mashang Consumer and the China Electronic Technology Standardization Institute aims to promote the standardization and high-quality development of the fintech industry through a comprehensive collaboration framework [1][3]. Group 1: Strategic Cooperation - The partnership will focus on standard formulation, ecological construction, and talent cultivation in the fintech sector [1]. - Both parties will leverage their strengths to engage in comprehensive and multi-level cooperation, including the development of international, national, and industry standards [3]. - The collaboration will also involve testing, certification, and research projects in areas such as artificial intelligence, data, cloud computing, and the metaverse [3]. Group 2: Achievements and Recognition - Over the past ten years, Mashang Consumer has served over 200 million users and has received 12 significant honors, including being recognized as a national high-tech enterprise [3]. - The company has led the formulation of over 120 information technology standards and has recently initiated two international standards related to financial large language models and machine learning [2]. Group 3: Future Plans - Mashang Consumer plans to deepen its collaboration with the China Electronic Technology Standardization Institute and other ecological partners to create an open and secure ecosystem [4]. - The goal is to provide replicable and promotable "Chongqing experience" for the innovation and development of the national digital finance industry [4].

隔夜美股"稳定币第一股"Circle上市首日大涨超168%后，次日又大涨近30%，当前股价报107.7美元，市 值超过200亿美元。 众安在线(06060)：为香港稳定币概念核心标的，公司联营公司ZA Bank是首家为香港稳定币发行人提供 储备银行服务的本地数字银行，与香港金管局稳定币沙盒计划参与者圆币科技合作。 华兴资本控股(01911)：6月6日早间宣布，其管理的华兴新经济基金所投企业Circle Internet Group成功登 陆纽交所上市，成为全球稳定币领域第一个IPO的标志性事件。 OSL集团(00863)：香港合规交易所，香港版"Coinbase"，和Ethena合作推出稳定币生息产品。 6月6日，香港特区政府于宪报刊登《稳定币条例(生效日期)公告》，明确2025年8月1日为《稳定币条 例》(第656章)实施日期。 香港财经事务及库务局局长许正宇在一个电台节目表示，稳定币的底层是法定货币，日后可以电子资产 形式，通过区块链等科技，用作支付功能。 中信建投（601066）研报认为，稳定币立法落地有利于加快RWA的大规模应用，2030年RWA市场规模 有望飙升至16万亿美元。截至2025年6月2日 ...

Core Viewpoint - Hong Kong is adapting to changes in the global landscape of digital finance and the internationalization of the Renminbi (RMB) through the implementation of the Stablecoin Regulation, aiming to provide a Chinese solution to the digital finance challenge [1][9]. Summary by Sections Introduction of Stablecoin Regulation - The Stablecoin Regulation in Hong Kong officially took effect on May 30, following the U.S. passing the GENIUS Act on May 20, indicating a strategic response to the reshaping of digital currency regulations amid international competition [2]. Potential of CNH Stablecoin - Although the CNH stablecoin has not yet launched, the enactment of the Stablecoin Regulation opens up possibilities for its implementation, potentially establishing a new digital path for RMB internationalization and becoming a key component in the reconstruction of cross-border payment systems [3][5]. Historical Context and Regulatory Framework - The successful pilot of personal RMB business in 2003 laid the groundwork for RMB cross-border trade settlement in 2009. The current regulatory framework, characterized by a "regulatory closed loop + market-driven transmission" mechanism, may serve as a reference for the stablecoin experiment [5][6]. Policy Signals and Challenges - Recent statements from the People's Bank of China emphasize the orderly promotion of RMB international use, addressing challenges such as cross-border payment inefficiencies and fragmented offshore market liquidity, with stablecoins potentially offering solutions [6]. Implementation Phases for CNH Stablecoin - The implementation of the CNH stablecoin can be divided into three phases: sandbox testing (2025-2026), regional expansion (2026-2027), and global promotion (from 2028), with the aim of establishing it as a pricing tool for regional commodities [7][8]. Strategic Importance of CNH Stablecoin - If successful, the CNH stablecoin could not only serve as a new channel for RMB internationalization but also represent a digital model of China's institutional openness, positioning China advantageously in the restructuring of global monetary order [9].

Group 1 - The core opportunity in the stablecoin sector lies in companies that hold stablecoin licenses, as regulatory frameworks in places like Hong Kong and the U.S. mandate that only licensed entities can issue stablecoins [1][3] - Historical examples show that companies obtaining scarce licenses have seen significant stock price increases, such as Zhongmian's stock rising from tens to over 400 yuan after acquiring a duty-free license [3][6] - Stablecoins are viewed as essential assets in the digital finance era and are seen as a means to challenge the dominance of the U.S. dollar in global finance [3][4] Group 2 - In the A-share market, key companies with or involved in stablecoin licenses include JD.com, which is evolving from an e-commerce platform to a "digital bank" by integrating payment, logistics, and credit services [6] - Another notable company is Zhangqu Technology, which holds an 11.11% stake in Anpi Group, one of the five stablecoin issuers approved by the Hong Kong Monetary Authority [7] - A standout company in this space possesses multiple licenses from the Hong Kong Securities and Futures Commission, making it the only A-share company with both securities and virtual currency issuance qualifications [8]

Industry Environment - The globalization of e-commerce has entered a new phase, with digital marketing becoming a key weapon for companies going abroad. From 2012 to 2021, China's cross-border e-commerce market grew 5.7 times to 14.2 trillion yuan, becoming a crucial support for stable foreign trade. The core capability for companies going abroad has shifted to digital marketing, with a projected growth rate of 19% in digital marketing [2] - Mobile phone manufacturers are experiencing a new wave of overseas expansion, focusing on the mid-to-high-end market. Brands like Honor, OPPO, and Xiaomi are achieving success in Europe and Southeast Asia through localized operations and ecosystem building. However, they face challenges such as policies, patent issues, and supply chain complexities [3] - Chinese tea brands are accelerating their expansion into the U.S. market, with companies like Luckin Coffee and Nayuki opening new stores and focusing on health-oriented product innovation [6] New Opportunities in Europe - The synchronous lifting of restrictions between China and Europe presents new opportunities for expansion. The European market is witnessing trends of consumption upgrading and green transformation, with 80% of consumers willing to pay a premium for sustainable products. Chinese companies are advised to enhance product quality and adapt to cultural differences [7] Trade Relations and Globalization - A pause in the tariff war has led to a new consensus on globalization. The U.S. has canceled 91% of additional tariffs on China, with a reciprocal response from China. This reduction is expected to alleviate foreign trade pressures in the short term, but the long-term strategy will shift towards regional and global layouts [8] Brand Building and Global Competition - Chinese brands are transitioning from "brand recognition" to "brand building," with a focus on global competition. Companies like Anker and Xiaomi are leveraging platforms like Amazon for efficient market penetration, while AI technology is enhancing advertising returns [9] Autonomous Driving and Technology Export - In the global tech race, China and the U.S. are leading in autonomous driving. Companies like Waymo and RoboTaxi are expanding globally, with RoboTaxi leveraging its experience in complex Chinese road conditions to enhance competitiveness [11] Home Appliance Industry Trends - The Chinese home appliance market is shifting towards high-end products, with major players like Haier and TCL focusing on brand strategies to enhance overseas performance. The industry faces challenges from homogenization, but smart, high-end, and branded products are seen as key drivers for future globalization [12] Smart Cleaning Robots Market - The global market for smart cleaning robots is expected to reach $21.01 billion by 2030, growing at an annual rate of 23.7%. Chinese manufacturers are strong in cost control but need to improve in multi-modal sensing and cloud AI technologies [13] Tea Beverage Market Expansion - Chinese tea brands are rapidly expanding overseas, with the global ready-to-drink beverage market projected to exceed $1.1 trillion by 2028. Companies like Mixue Ice Cream and Nayuki are adopting different strategies to capture market share [14] Automotive Industry Developments - Changan Automobile aims to accelerate its overseas expansion, with a target of 3 million vehicle sales by 2025, including 1 million in new energy vehicles [16] Internationalization of Chinese Baijiu - Moutai is transitioning from product export to brand and cultural internationalization, with overseas revenue expected to reach 5.189 billion yuan in 2024, reflecting a growth of 19.27% [21] E-commerce Trends in Europe - TikTok Shop is rapidly expanding into the European market, with a projected e-commerce market size of $3.96 trillion by 2024. However, sellers must navigate challenges related to product quality and tax compliance [22] AI Industry Growth - Kunlun Wanwei has emerged as a leader in AI exports, achieving a revenue of 1.76 billion yuan in Q1 2025, with 94% of its income coming from overseas. The company is focusing on building an ecosystem around AI applications [25]

Core Viewpoint - Shenzhen is implementing a comprehensive plan to promote high-quality development in service trade and digital trade, aiming to enhance its international competitiveness and establish itself as a global economic center by 2030 and 2035 [1]. Group 1: Promotion of Efficient Flow of Trade Resources - The plan focuses on four key areas: facilitating cross-border data flow, accelerating technology transfer, providing financial support for trade development, and enabling talent mobility [2]. - A pilot "negative list" system for cross-border data flow will be established in specific regions, allowing approved research institutions and enterprises to share scientific data securely [2]. - The initiative includes expanding the use of the Renminbi in cross-border transactions and improving the efficiency of its use in various financial activities [2]. Group 2: Innovation in Digital Trade - The plan aims to attract foreign investment in telecommunications and internet services, enhancing the overall scale and competitiveness of the software and information services industry [3]. - Support will be provided for the development of original digital products with independent intellectual property rights, focusing on improving technology content and user experience [3]. - The initiative encourages the use of advanced digital technologies to upgrade service industries, promoting innovation in digital services such as digital finance and online education [3]. Group 3: Enhancement of Service Trade - The plan includes measures to improve international transportation services and expand shipping routes to various regions, including Europe and Africa [6]. - It aims to attract high-level international medical resources and professional service institutions to establish a presence in Shenzhen [6]. - The initiative also seeks to develop cross-border financial and insurance services, enhancing the efficiency of cross-border fund settlement for e-commerce enterprises [6]. Group 4: Support for Digital and Smart City Services - The plan encourages the export of digital and smart city services to markets in ASEAN, the Middle East, Latin America, and Southern Europe [7]. - It aims to facilitate cross-border travel services and support foreign-invested travel agencies in conducting outbound tourism business [7]. - The initiative promotes the development of high-value-added bonded maintenance services and the establishment of a global trading center for electronic components [7].

Core Viewpoint - The digital economy is emerging as a key driver of global economic growth, characterized by digital industrialization, industrial digitization, and digital trade, reshaping industrial structures and enhancing economic efficiency [1] Group 1: Digital Economy Foundation in Hainan - Hainan has favorable conditions for digital economy development, including policy incentives like data cross-border flow trials and low tax rates [2] - The establishment of digital economy industrial clusters, such as the Haikou Revitalization Internet Information Industry Park, has begun to form competitive industry chains in areas like blockchain and smart tourism [2] - Hainan is actively engaging in international cooperation to enhance data flow, technology collaboration, and trade innovation, positioning itself as a significant player in the global digital economy [2] Group 2: Strategies for Digital Economy Development - Promoting the marketization of data elements is essential, including establishing an international data trading center and developing data asset trading mechanisms [3] - Enhancing digital infrastructure, such as 5G and cloud computing, is crucial for Hainan to become an international data hub [4] - Encouraging digital financial innovation through the application of blockchain technology and exploring digital currency in international trade can foster integration with the real economy [5] Group 3: Digital Transformation of Traditional Industries - Hainan aims to digitize traditional industries like tourism and agriculture, utilizing technologies such as AI and IoT to improve operational efficiency and market competitiveness [6] - The development of smart tourism and agricultural practices, including blockchain for product traceability, is a focus area for enhancing industry competitiveness [6] Group 4: Institutional Framework and Business Environment - Establishing a comprehensive digital economy regulatory framework is necessary to optimize the business environment, including data governance and intellectual property protection [7] - Strengthening international cooperation and aligning with global standards can enhance Hainan's influence in the global digital economy governance system [7]

Summary of Key Points from Conference Call Industry and Company Involved - The conference call discusses the developments in the **stablecoin** and **Real World Assets (RWA)** sectors in **Hong Kong**. - **China JinDian Group** is highlighted for its active involvement in stablecoin and RWA business. Core Insights and Arguments - The **Hong Kong government** has invested **HKD 50 million** to promote blockchain and digital finance, approved ETF issuance, and passed the stablecoin bill, expected to be released by the end of the year, aiming to address liquidity issues and facilitate capital flow across markets [1][2][3]. - RWA is focused on tokenizing traditional assets to enhance financing avenues, primarily in the primary market, contrasting with the more standardized and dynamic secondary market in the U.S. [1][3]. - The **charging pile revenue rights** face challenges such as variable income and the need for IoT systems for real-time data monitoring, which are essential for investors to assess expected returns [1][6]. - Suitable RWA assets should be highly digitalized, supported by real-time data, and possess intrinsic value, with infrastructure assets like solar power and charging piles being prime examples [1][7]. - The RWA market suffers from a lack of transparency and standardization, necessitating collaboration among major institutions to enhance legal, asset management, custody, and evaluation processes [1][8]. Additional Important Content - The **differences between RWA in China and the U.S.** are notable, with the U.S. having a more developed secondary market and higher standardization, while China focuses on infrastructure assets like solar and charging piles, which are not yet ready for secondary market trading [3][4]. - The **"everything can be RWA"** perspective is debated, with suitable assets needing high standardization and low risk, while agricultural products are deemed unsuitable due to their inherent risks [7]. - The **current RWA application scenarios** are primarily in real estate, financial products, and renewable energy, with potential for expansion into cross-border transactions [10]. - **Stablecoins** are viewed as critical assets in the crypto ecosystem, facilitating global payments and mitigating price volatility risks, with a projected market size of **USD 2 trillion** [11][33]. - The **Hong Kong market** has three main players in stablecoins: JD.com, Standard Chartered Bank, and Yuanbao, with a focus on both B2B and B2C applications [13]. - Future innovations in Hong Kong may include the use of stablecoins for large remittances and the establishment of a comprehensive regulatory framework for OTC trading [16][35]. - **China JinDian Group** plans to apply for a stablecoin license in Hong Kong and is exploring asset securitization of high-quality assets like futures contracts and local government bonds [31][32]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future potential of stablecoins and RWA in Hong Kong and beyond.