Core Viewpoint - Hong Kong is positioned as a strategic testing ground for stablecoins, driven by regulatory policies and the readiness for cryptocurrency trading, which will benefit issuers, brokers, and fintech companies first [2][5]. Regulatory Framework - The new stablecoin regulations in Hong Kong will take effect on August 1, 2025, marking a significant step in the global stablecoin regulatory race [5]. - Key highlights of the regulations include a requirement for issuers to maintain a 1:1 high liquidity reserve, a minimum capital requirement of 25 million HKD, and mandatory transparency regarding reserve asset composition [6][7]. Industry Opportunities - Companies with mature blockchain technology, such as Futu Holdings and ZhongAn Online, are expected to be early beneficiaries of the stablecoin market due to their existing connections with cryptocurrency platforms [3][8]. - Traditional financial institutions may experience a slower transformation, as stablecoins do not generate interest and cannot be used for lending, limiting their competitive impact [8]. Challenges for RMB Stablecoin - The development of RMB stablecoins (CNH) may lag behind USD and HKD stablecoins due to factors such as limited offshore RMB liquidity (approximately 1 trillion RMB) and competition with existing RMB cross-border settlement tools [4][9]. - Despite these challenges, there is potential for RMB stablecoins to gain traction if they can integrate with the RMB cross-border payment system (CIPS) and expand offshore RMB bond issuance [9]. Future Outlook - Hong Kong's stablecoin initiative is a strategic move for China to respond to global digital finance competition and solidify its status as an international financial center [11][12]. - The stablecoin framework may reshape cross-border investment processes, enabling seamless transactions across different currencies [11].

Core Viewpoint - The passage of the GENIUS Act marks a significant regulatory shift for stablecoins in the U.S., establishing a unified framework that enhances transparency and integrates stablecoins into the global dollar clearing network [1][4]. Group 1: Regulatory Developments - The GENIUS Act requires stablecoin issuers to allocate at least 90% of their reserve assets in U.S. dollar cash and short-term U.S. Treasury securities, with monthly audit reports mandated [1]. - Circle announced it will adjust its USDC reserve model to comply with the GENIUS standards, while platforms like Coinbase and Robinhood are removing unregistered stablecoins from their offerings [2]. - The Federal Reserve Chairman emphasized that regulated stablecoins would extend the U.S. dollar settlement system rather than pose a threat, welcoming innovation under controlled risks [2]. Group 2: Market Impact - The global stablecoin payment transaction volume is projected to approach $3 trillion in the first half of 2025, with cross-border business growth exceeding 40% [3]. - Major U.S. brokerages have adopted zero-commission trading policies and streamlined account opening processes, lowering barriers for cross-border capital investment in U.S. assets [3]. - The stablecoin's role is evolving beyond the crypto market, contributing to upgrades in global financial infrastructure for cross-border clearing and asset pricing [2][3]. Group 3: Industry Adaptation - Major Wall Street banks, including Morgan Stanley and Citibank, are developing stablecoin product plans in anticipation of the regulatory framework [4]. - The XBIT decentralized exchange platform is designed to support multi-chain assets and ensure user privacy through on-chain identity protocols, adapting to compliance changes effectively [4]. - The number of global stablecoin-related regulatory updates has surged by 170% year-on-year, indicating a rapid acceleration in the market's compliance practices [5].

Investment Rating - The report does not explicitly provide an investment rating for the stablecoin industry Core Insights - Stablecoins are viewed as a new type of financial infrastructure with the potential to simplify payment processes and enhance the efficiency of financial markets [2][26] - The development of offshore RMB stablecoins is suggested as a priority for China to participate in the stablecoin evolution, while emphasizing that stablecoins are merely a tool for advancing RMB internationalization [1][5] Summary by Sections What are Stablecoins? - Stablecoins are defined as a bridge between the crypto world and the traditional financial system, characterized by a balance of centralization in operation and decentralization in technology [8][9] - They are not considered currency but rather tokens that derive their value from fiat currency reserves [11][12] Recent Attention on Stablecoins - Recent legislative advancements in the US and Hong Kong have heightened interest in stablecoins, alongside significant market events such as Circle's IPO [16][17] - The total market size of stablecoins has surpassed $260 billion, with transaction volumes projected to exceed $15.6 trillion in 2024, surpassing traditional payment platforms like Visa [17][21] Applications and Potential Impact in Financial Markets - Stablecoins enhance payment efficiency, particularly in cross-border transactions, by reducing costs and transaction times compared to traditional systems like SWIFT [40][45] - They also promote financial inclusion, especially in high-inflation economies, by providing a stable asset for savings and transactions [44][46] Impact on the International Monetary System - Stablecoins can increase the penetration of the US dollar while also posing challenges to capital controls in various countries due to their inherent anonymity [4][30] - The rise of stablecoins may lead to increased competition from non-USD stablecoins and central bank digital currencies (CBDCs) [4][5] China's Participation in Stablecoin Development - The report suggests that China should focus on developing offshore RMB stablecoins and creating real-world applications to build a robust ecosystem [5][6] - It emphasizes that the success of RMB as a trusted international currency depends on its legal and functional anchors, rather than solely on stablecoin technology [5][6] Mechanisms and Incentives in the Stablecoin Industry - The stablecoin ecosystem operates on a trust mechanism where the backing of fiat reserves is crucial for maintaining stability and transparency [30][31] - Participants in the stablecoin market, including users, issuers, and custodians, have aligned incentives that drive the ecosystem's growth [31][35] The "Impossible Triangle" of Stablecoins - Stablecoins face a trade-off between price stability, decentralization, and capital efficiency, with most successful stablecoins prioritizing price stability [37][39] - The report highlights that current leading stablecoins are primarily centralized, relying on institutional trust to maintain their value [37][39] Conclusion on Stablecoins as Financial Infrastructure - Stablecoins are positioned as a critical component of the next generation of cross-border digital finance, with the potential to reshape traditional financial systems [26][27] - The report concludes that while stablecoins offer significant advantages, they also introduce new risks and challenges that need to be managed [48][49]

最近，私信中"稳定币"成为热议焦点。2025年，稳定币立法浪潮席卷全球： 5月20日，美国参议院通过《天才法案》（GENIUS Act）关键投票； 次日，香港通过《稳定币条例草案》；欧盟、英国、新加坡、韩国等接连推出监管草案； 6月，中国人民银行行长潘功胜首次公开讨论稳定币。 7月19日，美国总统特朗普在白宫正式签署《指导与建立美国稳定币国家创新法案》，即《天才法案》，这意味着历史上首次关于加密货币监管的联邦立 法正式生效。 市场端，Circle上市仅一月股价暴涨750%，市值突破200亿美元；特朗普家族公司发行稳定币USD1，规模激增至22亿美元；PayPal、Stripe、摩根大通、花 旗、高盛、京东、蚂蚁、小米等巨头纷纷入局。 什么是稳定币？ 稳定币是一种基于区块链的加密货币，与比特币、以太坊不同，其价值与美元等资产1:1挂钩，旨在减少波动。目前，私人公司主导发行，市值最大的是 Tether的USDT（占60%市场份额），其次是Circle的USDC（24%）。 以USDT为例，用户支付1美元，Tether在区块链上发行1个USDT，承诺可随时1:1赎回。其机制类似美联储早期金本位：2025年一季度，T ...

然而，无论发生什么样的新变化，出现什么样的新资产，直到现在，加密货币市场仍然几乎还是比特币的独角戏。直到2017年3月，比特币仍然占据加密 货币总市值的95%，中间几经波折，到2025年6月的当下，仍有65%。而加密货币总市值总额已经增长了160倍。 如果都是石缝中蹦出的猴子，是什么导致了比特币和其他加密货币的"人猿相揖别"？为什么比特币成为了一种意识形态，而其他加密货币没有？从诞生到 成长，比特币到底有哪些独一无二的特质，使得其能够无视周期，持续增长？ 一、纯洁的受孕 一般意义上的新事物诞生，不外乎两种来源：学术研究和企业创新。但在学术和产业之外，中本聪为比特币建设了第三条道路。他的白皮书发布时，没有 接受学界的同行评审，也不是一个企业的实验室中研究出的新产品。或许，从诞生之初，中本聪就非常先见地意识到无论哪种科层制都无法容纳下他激进 的思想。 2025年1月，特朗普币横空出世。相比 2009 年 1 月，中本聪把 "Chancellor on brink of second bailout for banks" 写进比特币创世区块时的无人知晓，特朗普 币如现场直播一般把加密货币领域的一个机制展示在大众面前 ...

Core Viewpoint - The passage discusses the recent approval of three key cryptocurrency bills by the U.S. House of Representatives, which are expected to significantly impact capital formation and drive innovation in blockchain technology, thereby reshaping the global digital asset competitive landscape [1][2]. Group 1: Legislative Overview - The week of July 2025 was designated as "Cryptocurrency Week" by the U.S. legislative body, during which three core digital asset bills were submitted for review [2]. - The "GENIUS Act" was passed with overwhelming support, establishing a regulatory framework for stablecoins, which will accelerate their application in payment and settlement scenarios [2]. - The "CLARITY Act" and the "Anti-CBDC Surveillance National Act" faced legislative hurdles but were ultimately approved and sent to the Senate for further consideration [2]. Group 2: Regulatory Framework - The three bills together form a comprehensive regulatory framework for the cryptocurrency industry in the U.S., aiming to enhance the dollar's influence in the global digital currency process [2]. - The regulatory matrix delineates clear responsibilities: the "GENIUS Act" focuses on stablecoin regulation, while the "CLARITY Act" introduces a technical protocol audit framework for blockchain networks [2]. - The "Anti-CBDC Surveillance National Act" prohibits the issuance of central bank digital currencies (CBDCs), ensuring the innovation and competitive vitality of stablecoins [2]. Group 3: CLARITY Act Details - The "CLARITY Act" establishes a framework for regulatory jurisdiction over digital assets, distinguishing between "digital asset securities" (regulated by the SEC) and "digital commodities" (regulated by the CFTC) [5]. - It introduces a "decentralization maturity assessment system" that adjusts regulatory intensity based on the governance structure's decentralization level [5]. - This act aims to fill the regulatory gap in blockchain technology in the U.S. and establish a compliance foundation for stablecoin infrastructure [5]. Group 4: Anti-CBDC Surveillance National Act - The "Anti-CBDC Surveillance National Act" anchors the U.S. strategic direction in cryptocurrency regulation, emphasizing the protection of private sector innovation and market autonomy [7]. - It explicitly prohibits the Federal Reserve from directly issuing or managing retail CBDCs, requiring congressional authorization for any government token projects [7]. - The act aims to mitigate the risks associated with programmable currencies, thereby establishing a legal boundary for citizens' financial privacy [7].

Group 1 - Ghana plans to issue licenses to cryptocurrency platforms to regulate the asset class used by millions in the country [1] - The central bank governor, Johnson Asiama, stated that a regulatory framework is being finalized and will be submitted to parliament in September [1] - The proposed legislation aims to leverage cryptocurrency for promoting cross-border trade, attracting strategic investments, and collecting financial data [1]

智通财经APP讯，加幂科技(08198)公布，于2025年7月25日，投资者(公司的间接全资附属公司数字链创 新企业有限公司)与South Pacific就潜在投资订立谅解备忘录，据此，投资者拟认购South Pacific的新股 份，惟须受投资者与South Pacific将订立的股份认购协议及股东协议所载条件规限。 据悉，South Pacific集团有意发展稳定币业务。据South Pacific所述，其目前持有加密货币稳定币的发行 许可，将由瓦努阿图政府监督及规管，且其中一名主要股东为瓦努阿图政府财政部持有。于谅解备忘录 日期，South Pacific集团已发行加密货币稳定币，并将于今年年底前在全球推出。预计South Pacific集团 发行的受主权监管的加密货币稳定币将确保用户及市场信心，并吸引机构及个人用户在Web3.0生态系 统中进行全球流通及应用，包括商品交易、线上及线下支付，从而创造多种收入机会，例如收取认购及 赎回稳定币的发行及赎回费用、使用稳定币的交易费用，以及通过投资其法币储备资产获得投资回报。 同日，公司间接全资附属元思维创新有限公司拟向Golden Cactus Pty Ltd ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Crypto Flow Technology Limited 加幂科技有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8198） 自願性公告 (1)有關潛在投資SOUTH PACIFIC之諒解備忘錄； 及 (2)收購目標公司20%股權及授出認購期權 以進一步收購35%股 權 本公告由本公司自願作出，旨在向股東及潛在投資者提供本集團的最新業務資料。 (1) 有關潛在投資SOUTH PACIFIC之諒解備忘錄 董 事 會 欣 然 宣 佈，於 二 零 二 五 年 七 月 二 十 五 日，投 資 者 與South Pacific就潛在 投 資 訂 立 諒 解 備 忘 錄，據 此，投 資 者 擬 認 購South Pacific的 新 股 份，惟 須 受 投 資者與South Pacific將訂立的股份認購協議及股東協議所載條件規限。 根 據 ...

Core Viewpoint - Trump Media and Technology Group has made a significant investment in Bitcoin, acquiring $2 billion worth of Bitcoin and related securities, with an additional $300 million reserved for Bitcoin options, indicating a strategic shift towards cryptocurrency as a core asset [1][2]. Group 1: Investment Strategy - The company has executed a Bitcoin reserve plan, which is expected to enhance its financial independence [2]. - Following the issuance of $2.5 billion in new stock and debt to support the Bitcoin reserve plan, the acquisition of Bitcoin further dilutes Trump's ownership stake in the company [2]. - Approximately two-thirds of the company's nearly $3 billion in liquid assets are now allocated to Bitcoin [1]. Group 2: Shift from Real Estate to Cryptocurrency - Historically, Trump has been known for his real estate ventures, but since December 2022, he has increasingly focused on cryptocurrency, which now constitutes at least half of the company's book value [3]. - The transition from real estate to cryptocurrency is underscored by the company's recent activities, including the launch of NFTs and partnerships with cryptocurrency executives [4]. Group 3: Business Operations and Future Plans - Trump Media and Technology Group is pivoting its business focus towards cryptocurrency, including plans to launch a series of cryptocurrency exchange-traded funds covering Bitcoin, Ethereum, and Solana [5]. - The company has hinted at the potential launch of its own cryptocurrency and digital wallet, further solidifying its commitment to the crypto space [6].