【导读】香港特区政府及监管部门稳步推进稳定币相关准备工作 中国基金报记者 郭玟君 香港《稳定币条例》8月1日将生效，为此，香港特区政府部门及相关监管机构正紧锣密鼓地 推进相关准备工作，以确保建立可持续且具有竞争力的数字资产生态系统。 近期，以稳定币为代表的数字货币受到市场广泛关注，有不法分子利用社会公众对稳定币等 了解不足的特点，实施违法犯罪行为。针对此现象，深圳市于7月7日发布风险提示，提醒市 民警惕以稳定币等名义实施非法集资。 香港证监会 召开第二次数字资产咨询小组会议 7月7日，香港证券及期货事务监察委员会（以下简称香港证监会）召开第二次数字资产咨询 小组会议。 据香港证监会介绍，本次与持牌虚拟资产交易平台的会议涵盖了香港数字资产领域中有关市 场及监管发展的广泛议题，尤其是香港证监会ASPIRe路线图中的支柱A（Access连接）及支 柱P（Products产品）的相关举措，包括建议引入虚拟资产交易服务和托管服务提供商的监管 制度，以及市场参与和产品供应的措施。 证监会就虚拟资产制定的 "A-S-P-I-Re"路线图 连接(ACCESS) 提供清晰监管以促进市场参与 建立适用于场外交易和 吸引全球平台、 ...

Core Viewpoint - The Hong Kong government plans to issue stablecoin licenses within this year, aiming to enhance the regulatory framework for virtual assets and facilitate cross-border payments [1][4]. Group 1: Stablecoin Licensing - The Hong Kong Monetary Authority (HKMA) is consulting the market on the guidelines for the stablecoin regulation, which will include anti-money laundering and other related requirements [4]. - The number of stablecoin licenses issued is expected to be in single digits, with at least nine institutions expressing interest in applying for licenses, including three that are part of the HKMA's stablecoin issuance sandbox [5]. Group 2: Market Reaction - Following the announcement, stocks related to cross-border payments and stablecoins surged in both A-share and Hong Kong markets, with several stocks hitting their daily limit [2][7]. - In the A-share market, companies like Zhongyi Technology and Huafeng Superfiber saw significant gains, while in the Hong Kong market, firms such as Cathay Financial and Hong Kong Securities experienced substantial increases in stock prices [7][9]. Group 3: Cross-Border Payment Context - The stablecoin is expected to address challenges in cross-border payments, particularly in regions with high local currency risk or underdeveloped financial systems [4][5]. - The HKMA aims to promote stablecoins as effective payment tools to reduce transaction costs and facilitate cross-border transactions [4]. Group 4: Regulatory Developments - The Stablecoin Regulation is set to take effect on August 1, 2023, with the HKMA beginning to accept license applications [5]. - The recent approval of the Stablecoin Regulation by the Legislative Council marks a significant step in establishing a licensing system for stablecoin issuers in Hong Kong [5].

Core Viewpoint - The establishment of the "Stablecoin Regulation" in Hong Kong marks a significant step in solidifying its position as an international financial center and a hub for virtual assets, with a comprehensive regulatory framework for fiat-backed stablecoins set to take effect on August 1 [2][11]. Group 1: Market Dynamics - The stablecoin market is experiencing a surge in interest, with the total issuance exceeding $250 billion as of June 4, 2025, dominated by USDT at over $150 billion and USDC at over $60 billion [3]. - The first stablecoin, Tether (USDT), was launched in 2014, pegging 1 USDT to 1 USD, and has since become a foundational tool in cryptocurrency trading and cross-border payments [3]. - The recent IPO of Circle, the issuer of USDC, saw its stock price rise nearly 170% on its first day, reflecting growing market enthusiasm for stablecoins [4]. Group 2: Regulatory Framework - Hong Kong is the first global financial center to establish a dedicated regulatory framework for fiat-backed stablecoins, with the "Stablecoin Regulation" passed by the Legislative Council on May 21, 2023 [7][11]. - The regulation includes a licensing system for stablecoin issuers, which will be implemented on August 1, 2023, requiring compliance with core responsibilities such as reserve management and risk management [8][9]. - The Hong Kong Monetary Authority (HKMA) has initiated a "stablecoin issuer sandbox" to allow institutions to test their business models and technology under controlled conditions [9]. Group 3: Strategic Implications - The rapid implementation of the "Stablecoin Regulation" demonstrates Hong Kong's competitive awareness in the digital currency regulatory space, setting a new standard for global fiat-backed stablecoin development [2][11]. - The Hong Kong government aims to enhance market efficiency and liquidity through the "Hong Kong Digital Asset Development Policy Declaration 2.0," reinforcing its ambition to become a global digital asset center [11]. - The integration of stablecoins into the financial ecosystem is seen as a pivotal step towards the tokenization of financial assets, with potential implications for the international monetary system [12].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses trends in the virtual asset industry following the introduction of stablecoin legislation in the United States and Hong Kong, highlighting the impact of geopolitical risks on decentralized finance adoption [1][2]. Core Insights and Arguments - **Geopolitical Influence**: The expulsion of Russia from the SWIFT system has accelerated the adoption of decentralized finance, with developing countries increasingly using crypto finance for value storage and transaction payments [2]. - **Correlation with Monetary Supply**: Bitcoin prices are highly correlated with global M2 money supply, suggesting that a loose monetary policy in the U.S. could drive up Bitcoin and other risk assets [1][3]. - **Stablecoin Legislation**: The U.S. aims to extend dollar hegemony into blockchain, while Hong Kong seeks to create a digital financial experimental zone to facilitate the internationalization of the Renminbi [1][5]. - **Market Growth Projections**: The stablecoin market is expected to grow rapidly, with Citigroup predicting it could reach $1.6 trillion by 2030, and U.S. Treasury Secretary suggesting it could hit $2 trillion within three years [1][8]. Additional Important Content - **Impact on Traditional Financial Institutions**: Stablecoin trading volumes have surpassed the combined market capitalization of Visa and Mastercard, indicating potential disruption to traditional financial revenue streams [3][9]. - **Stablecoin Market Dynamics**: The market is characterized by a concentration of major players, with Tether (USDT) holding over 60% market share and Circle (USDC) around 25%. Key competitive factors include customer acquisition, security, and liquidity [12]. - **Regulatory Landscape**: Both U.S. and Hong Kong stablecoin regulations emphasize compliance and risk prevention, with the U.S. prohibiting interest payments to users [7]. - **Real World Assets (RWA)**: RWA refers to the tokenization of physical assets on the blockchain, enhancing liquidity and efficiency in financial transactions. Examples include Blackrock's tokenized U.S. Treasury bonds [16][17]. Future Trends and Risks - **Institutional Participation**: Major financial institutions like Bank of America and JPMorgan Chase are beginning to apply for stablecoin licenses, indicating a shift towards institutional involvement in the stablecoin market [11]. - **Challenges for Circle**: Circle faces risks related to its revenue dependence on interest income from U.S. Treasury rates and its reliance on B2B channels without direct consumer engagement [15]. - **Market Competition**: The stablecoin market is expected to see increased competition as compliance and institutionalization progress, potentially squeezing out non-compliant players [8][12]. Conclusion - The virtual asset industry is undergoing significant transformation driven by regulatory changes, geopolitical factors, and evolving market dynamics. The growth of stablecoins and RWAs presents both opportunities and challenges for traditional financial institutions and new entrants alike.

Core Viewpoint - The new stablecoin regulatory framework effective from August 1 in Hong Kong provides a clear landscape for investors in the virtual asset sector, indicating that issuers, licensed exchanges, and related financial and technological service providers will be direct beneficiaries of this compliance-driven market [1][2]. Market Overview - The global stablecoin market has surpassed $230 billion, with major players like Tether and Circle dominating the space, holding nearly 87% of the market share through their USD-pegged stablecoins USDT and USDC, which are valued at over $150 billion and $60 billion respectively [3][4]. - The stablecoin market is categorized into four types: fiat-backed, crypto-backed, commodity-backed, and algorithmic stablecoins, with fiat-backed stablecoins being the most prevalent and the focus of Hong Kong's regulatory efforts [4][8]. Profitability and Business Models - The profitability of stablecoin issuers is primarily derived from reserve asset returns, with companies like Circle investing over 80% of their reserves in short-term U.S. Treasury funds, generating significant interest income [11][14]. - The business model of stablecoin issuers relies on utilizing large user reserves for low-risk investments, with profitability closely tied to the scale of reserves and short-term interest rates [14][15]. Competitive Landscape - The competition in Hong Kong's stablecoin market will center around the most robust and regulatory-favored fiat-backed stablecoins, as the issuance licenses become a critical factor for success [8][16]. - Key players in the ecosystem include issuers, licensed exchanges, traditional brokers, and infrastructure providers, each with distinct roles and revenue models [16][22]. Key Participants - Notable candidates for stablecoin issuance licenses include Standard Chartered, Ant Group, and JD.com, with various projects focusing on different aspects of the market such as cross-border payments and DeFi [17][18]. - Licensed exchanges like OSL are crucial for the circulation and trading of stablecoins, with a significant portion of their revenue coming from digital asset trading and SaaS services [19][22]. Conclusion - The regulatory framework in Hong Kong is set to create a structured environment for stablecoin operations, and companies that can secure licenses and leverage technology and customer bases will be well-positioned to capitalize on the emerging digital finance landscape [22].

Core Insights - The new stablecoin regulatory framework effective from August 1 in Hong Kong provides a clear landscape for investors in the virtual asset sector, indicating that issuers, licensed exchanges, and related service providers will benefit directly from this compliance [1][10]. Market Overview - The global stablecoin market has surpassed $230 billion, with major players like Tether and Circle dominating the space, holding nearly 87% of the market share [4][10]. - The stablecoin market is categorized into four types: fiat-backed, crypto-backed, commodity-backed, and algorithmic stablecoins, with fiat-backed being the most prevalent and the focus of Hong Kong's regulations [4][5]. Profitability Models - Stablecoin issuers have a clear and attractive business model, primarily generating revenue from reserve asset returns, with Circle's income largely derived from investing reserves in low-risk assets like U.S. Treasury funds [6][9]. - The revenue structure for exchanges like OSL shows a significant portion coming from digital asset trading fees, highlighting the monetization pathways available in the ecosystem [11]. Competitive Landscape - The competition for stablecoin licenses in Hong Kong is intensifying, with several companies vying for the first batch of licenses, including Circle, JD Group, and others [10][12]. - Licensed exchanges are crucial for the circulation and trading of stablecoins, with the Hong Kong Securities and Futures Commission having issued multiple licenses to date [10][11]. Key Participants - Key players in the ecosystem include issuers, licensed exchanges, traditional brokers, and infrastructure providers, each with distinct roles and revenue models [10][15]. - Companies with a strong retail customer base and advanced technology platforms, like Futu, are positioned favorably in the competitive landscape [15][17]. Conclusion - The regulatory developments in Hong Kong's stablecoin market present significant opportunities for companies that can secure licenses and leverage their technological and customer advantages to capitalize on the growing digital finance landscape [17].

Core Viewpoint - The Hong Kong government aims to establish the region as a global innovation center for digital assets through the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0," which emphasizes a comprehensive regulatory framework and the expansion of tokenized products [1][13]. Group 1: Regulatory Framework - The new policy declaration introduces a "LEAP" framework focusing on legal and regulatory streamlining, expanding tokenized product categories, advancing use cases and cross-sector collaboration, and talent and partnership development [1]. - The Hong Kong Securities and Futures Commission (SFC) will oversee the licensing of digital asset trading and custody services, with a comprehensive review of existing laws to facilitate the tokenization of real-world assets [2][5]. - The regulatory framework aims to enhance market credibility, support effective risk management, and provide liquidity, thereby fostering a balanced ecosystem for market innovation and investor protection [6][12]. Group 2: Tokenization and Product Expansion - The government has issued tokenized green bonds totaling approximately HKD 6.8 billion, showcasing the benefits of tokenization, and plans to regularize the issuance of tokenized government bonds [10]. - Tax exemptions for tokenized ETFs will be clarified, encouraging market participants to explore the advantages of tokenizing ETFs, including money market ETFs [10]. - The government will promote broader asset and financial instrument tokenization across various sectors, including precious metals and renewable energy [10]. Group 3: Application Scenarios and Talent Development - A licensing mechanism for stablecoin issuers will be implemented on August 1, aimed at fostering practical application scenarios [11]. - The government will enhance collaboration among regulatory bodies, law enforcement, and technology providers to develop digital asset infrastructure [11]. - Initiatives will be taken to cultivate talent in the digital asset sector through partnerships with industry and academia, positioning Hong Kong as a center for knowledge sharing and international cooperation [11].

Core Viewpoint - The Hong Kong government aims to establish the region as a global innovation hub for digital assets through the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" which introduces the "LEAP" framework focusing on legal and regulatory optimization, expanding tokenized product varieties, advancing use cases and cross-sector collaboration, and talent and partnership development [1][10] Group 1: Legal and Regulatory Optimization - The policy declaration outlines a comprehensive regulatory framework for digital asset service providers, including trading platforms, stablecoin issuers, and custodians, with the Hong Kong Securities and Futures Commission (SFC) as the main regulatory body [3][5] - The government will conduct a thorough review of existing laws to facilitate the tokenization of real-world assets and financial instruments, including the issuance and trading of tokenized bonds [3][11] - Hong Kong will continue to implement international standards related to digital assets, aligning with recommendations from various global financial regulatory bodies [3][4] Group 2: Expansion of Tokenized Products - The government has issued tokenized green bonds totaling approximately HKD 6.8 billion, showcasing the benefits of tokenization and plans to regularize the issuance of tokenized government bonds [8] - Tax exemptions for tokenized ETFs will be clarified to encourage market development, with proposals for tax relief expected to take effect in the 2025/2026 tax year [8] - The government aims to promote broader tokenization of assets and financial instruments across various sectors, including precious metals and renewable energy [8] Group 3: Advancing Use Cases and Cross-Sector Collaboration - A licensing mechanism for stablecoin issuers will be implemented on August 1, aimed at fostering practical applications of digital assets [9] - The government will enhance collaboration among regulatory bodies, law enforcement, and technology providers to develop digital asset infrastructure [9] - Initiatives such as the Digital Port's blockchain and digital asset pilot funding program will support projects with significant market impact [9] Group 4: Talent and Partnership Development - The government is committed to collaborating with industry and academia to foster talent development in the digital asset space [9] - Hong Kong aims to position itself as a center for knowledge sharing in digital assets and promote international cooperation through joint research initiatives [9][12]

Group 1 - The global virtual asset market is expected to exceed $3 trillion by 2024, with stablecoins serving as a bridge between traditional finance and the crypto world [1] - Hong Kong's Legislative Council has passed the "Stablecoin Bill," marking a significant step in virtual asset regulation and enhancing Hong Kong's attractiveness in the global Web3.0 and virtual asset competition [1] - Stablecoins play a dual role in the virtual asset market, acting as both a value stabilizer and an ecosystem connector, facilitating DeFi lending and cross-border payments [1] Group 2 - As of April 2025, Hong Kong has 10 licensed virtual asset trading platforms, with HashKey being the largest, managing assets worth HKD 10 billion and facilitating over HKD 600 billion in trading volume [2] - The Hong Kong Monetary Authority is actively promoting fintech platform development through sandbox initiatives, with the Ensemble project focusing on wholesale wCBDC based on blockchain technology [2] Group 3 - The first three issuers in the stablecoin sandbox include JD Coin Chain Technology, Yuan Coin Innovation Technology, and a joint application from Standard Chartered Bank, ANZ Group, and Hong Kong Telecom, all planning to launch HKD-pegged stablecoins [3] - JD stablecoin (JD-HKD) is in the second phase of sandbox testing, targeting retail and institutional applications for cross-border payments and investment transactions [3] Group 4 - Hong Kong's regulatory framework for stablecoins allows for multi-currency pegging, aligning with its status as an international financial center and facilitating the internationalization of the Renminbi [4] - Compared to the EU's MiCA, Hong Kong's principle-based regulatory approach is more flexible, focusing on risk characteristics and allowing for greater technological innovation [5] Group 5 - The credibility and safety of stablecoins are essential for market acceptance, with credit rating agencies potentially playing a role in assessing licensed stablecoin issuers [5] - Establishing globally recognized stablecoin rating standards can enhance market transparency and investor confidence [5]

Group 1: Stablecoin Regulation in Hong Kong - The Hong Kong Stablecoin Regulation will take effect on August 1, 2025, marking a significant step in the virtual asset regulatory framework [3] - The regulation sets high entry barriers, requiring issuers to meet regulatory standards similar to banks and e-wallets, including asset reserves and anti-money laundering measures [3] - Investors should focus on local licensed virtual asset platforms and fintech companies with strong regulatory compliance experience, such as OSL and HashKey, which may be among the first to receive approval [3] - The Hong Kong Monetary Authority emphasizes that stablecoin issuers without clear application scenarios will struggle to gain market traction and approval, indicating a shift towards stablecoins as practical financial tools rather than mere investment vehicles [3] - Companies with existing operations in B2B cross-border payments, corporate settlements, and digital trade, like Airwallex and PingPong, are likely to have higher chances of integrating stablecoins into real-world applications [3] Group 2: Coinbase and USDC Market Dynamics - Coinbase's trading commission rate has decreased from 2.5% to 1.4%, primarily due to competition from decentralized exchanges and low-cost channels [2] - Despite short-term volatility recovery, the trading business has lost its "compliance moat" advantage, making future profitability highly dependent on lower fees, higher trading volumes, or innovative products [2] - USDC's market share remains significantly lower than USDT, with approximately 75% market share for USDT, and the compliance benefits of USDC are weakened by partnerships with Tether [4] - USDC is a cash cow but not a growth driver, and Coinbase is not a direct substitute for Circle, indicating that USDC's popularity does not directly translate into Coinbase's valuation logic [4] Group 3: Global Regulatory Trends and Implications for China - Multiple securities firms, including CICC and CITIC, have released reports focusing on the impact of stablecoins on the international monetary system, financial regulation, and cross-border payment ecosystems [5] - Hong Kong is expected to become a testing ground for the RMB stablecoin, with a recommendation to focus on licensed virtual asset platforms and cross-border e-commerce/payment service providers [5] - As regulations become clearer, stablecoins are anticipated to transition from trading tools to mainstream payment methods, facilitating the mapping of Real World Assets (RWA) and B2B settlement scenarios [5] Group 4: Oil Market Dynamics and Investment Opportunities - The Middle East situation has escalated, with increased military tensions between the US and Iran, raising concerns about oil supply risks and providing dual support for oil prices [6] - It is recommended to consider gold investments after adjustments, focusing on leading companies with strong cost control like Zhongjin Gold and Shandong Gold, while also looking at upstream oil and gas resources like CNOOC [6] - The rare earth sector is benefiting from stricter export policies and high demand in the new energy industry, suggesting opportunities in companies with resource control like Northern Rare Earth [6] - The US active drilling rig count has declined for three consecutive weeks, indicating a cautious sentiment in the oil market as companies reduce capital expenditures amid price volatility [6] - Despite the overall high US crude oil production, the decline in completion crews suggests a slowdown in short-term new capacity release, which may provide price support [6]