Group 1 - The company has entered a non-binding memorandum of understanding to subscribe for shares in a joint venture focused on developing and/or investing in stablecoins and blockchain-related businesses in Southeast Asia [1] - The expected number of subscribers for the joint venture is between five to ten, with a total fundraising target of approximately $4.5 million [1] - The establishment of the joint venture is anticipated to enhance the company's participation in the stablecoin and blockchain sectors [1] Group 2 - The market capitalization of stablecoins is projected to reach between $500 billion and $750 billion in the coming years, with the U.S. Treasury predicting it could reach $2 trillion by 2028, significantly up from the current $260 billion [1] - Stablecoins are experiencing unprecedented growth, with transaction volumes surpassing traditional payment networks; in 2024, stablecoin transaction volume reached $276 trillion, exceeding the combined transaction volume of Visa and Mastercard [1][2] - The company observes that the adoption of tokenized cash via blockchain technology is enhancing the ability to complete payments globally in a fast, secure, and cost-effective manner, indicating a potential major transformation in the payment industry [2]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has released regulatory documents for stablecoin issuance, which will enhance the development of the stablecoin industry and benefit companies with relevant application scenarios [3][5]. Regulatory Details - The regulatory documents include four main components: guidelines for licensed stablecoin issuers, anti-money laundering and counter-terrorist financing guidelines, a summary of the licensing system for stablecoin issuers, and transitional provisions for existing issuers [3][4]. - Applicants must be registered corporations or recognized institutions in Hong Kong, with financial resources of at least HKD 25 million (approximately USD 3.2 million) [4]. - The application process involves several steps, including consultations with the HKMA and relevant regulatory bodies, submission of applications, and processing of applications [4]. - Licensed issuers are required to ensure that reserve assets fully back the stablecoins, which can include cash, short-term bank deposits, and high-liquidity bonds [4]. - Issuers must continuously monitor transactions related to customer wallets to prevent money laundering and terrorist financing risks [4]. Industry Impact - The issuance of stablecoin licenses is expected to be limited initially, with only a few licenses granted, prioritizing companies with cross-border payment applications [5]. - Companies involved in cross-border payments and real-world asset (RWA) scenarios are likely to benefit the most from the regulatory developments [5].

股票研究/[Table_Date] 2025.06.05 稳定币，新交易场景的一般等价物 [Table_Industry] 综合金融 [Table_Invest] 评级： 增持 ——稳定币专题研究 | [table_Authors] 刘欣琦(分析师) | 孙坤(分析师) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号 S0880515050001 | S0880523030001 | 本报告导读： 稳定币源起加密货币，成为新交易场景下的一般等价物；各地区加速立法，规范行 业发展。当前已经形成五方参与的发行和流通完整生态。 投资要点： 股 票 研 究 行 业 专 题 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_Summary] 稳定币源起加密货币，构建新交易场景的一般等价物。稳定币是一 种与法定货币或现实资产挂钩的加密货币，其产生源自加密货币世 界中人们的交易需求。稳定币出现前，数字资产与现金因为在不同 的市场，结算低效，难以顺畅交易，流动性匮乏导致价格剧烈波动。 稳定币锚定法币后，成为数字资产与现金的交易中介，用 ...