香港稳定币发行人牌照申请窗口已开启，个位数的首批牌照可能花落谁家？ 8月1日，香港《稳定币条例》正式生效，香港金融管理局近日发布了《持牌稳定币发行人监管指引》等系 列配套指引（简称"指引"），明确了发行人牌照申请门槛，包括财务条件、人员资质、储备资产、托管赎 回要求、司法管辖、过渡期安排等。 券商中国记者独家获悉，中国银行（香港）、渣打银行（香港）等香港发钞行是其中不可或缺的主体，无 论是出于自身发展需要，还是顺应监管推动，大概率会率先申请稳定币发行人牌照。此外，中资银行、沙 盒测试企业、大型央国企，以及拥有支付牌照的互联网大厂都跃跃欲试。 而证券公司的角色，初期更多地是稳定币的交易、托管、融资、咨询等，并提供传统资产代币化相关的数 字资产配置服务。目前，已有券商等44家机构升级了虚拟资产交易牌照，相比6月末新增了3家。 发钞行有望率先申请 香港稳定币发行人牌照申请窗口已开启。按照香港金融管理局的指引，已做好充分准备且希望尽早获得批 准的机构，应在9月30日之前提交稳定币发行人牌照申请。 此前，香港金管局总裁余伟文明确表示，在初始阶段，最多只会批出数个稳定币牌照。多位业内人士向记 者透露，首批稳定币发行人牌照 ...

Group 1 - Stablecoins are rapidly moving from the periphery of the crypto industry to the center of the global financial stage, with significant developments such as Circle's successful IPO and the implementation of stablecoin regulations in Hong Kong [1][9][10] - Major companies like Ant Group and JD.com are lobbying to issue RMB-pegged stablecoins, aiming to diversify their revenue sources and enhance China's international currency status [2][10] - The market for stablecoins is projected to grow significantly, with estimates suggesting it could reach $2 trillion by 2028, driven by increasing demand for tokenized assets and financial instruments [13][15] Group 2 - Financial institutions and tech giants are investing heavily in stablecoin infrastructure, with Stripe acquiring Bridge.xyz for $1.1 billion, indicating a strong belief in the market's potential [3][4] - Companies like Amazon and PayPal are exploring their own stablecoin initiatives, further highlighting the competitive landscape and the potential for substantial profits [4][6][7] - Banks are also entering the stablecoin market, with institutions like ANZ and Citibank planning to launch their own stablecoins, reflecting a broader trend of traditional finance embracing digital assets [8][10] Group 3 - Hong Kong is positioning itself as a leader in the Web 3.0 space, with the passage of the Stablecoin Regulation Act and a surge in applications from companies seeking licenses [9][10][12] - The introduction of a regulatory framework in Hong Kong is expected to solidify its status as an international financial center, with over 50 companies anticipated to apply for licenses [10][12] - The establishment of a "sandbox" for stablecoin testing in Hong Kong aims to foster innovation while ensuring compliance, which is crucial for the development of a secure and transparent stablecoin market [12] Group 4 - The speed and liquidity of stablecoin transactions are seen as major advantages, particularly in cross-border payments and B2B transactions, where they can significantly enhance efficiency [17][20] - The growing acceptance of stablecoins among financial institutions is evident, with a shift in focus from pilot projects to full-scale implementation, as confidence in the technology increases [20][21] - The demand for tokenized mutual funds and ETFs is expected to rise, with estimates suggesting a market value of $400 billion by 2030, indicating a shift towards blockchain-based financial products [13][15]

稳定币概念局部异动 东信和平8天4板创历史新高 智通财经7月25日电，稳定币概念局部异动，东信和平走出8天4板，创历史新高，云从科技、拓尔思、 中科金财、小商品城等跟涨。消息面上，随着8月1日香港《稳定币条例》正式生效，市场参与者包括机 构和持牌交易所都在"厉兵秣马"积极应对。近日，华夏基金香港子公司推出第二批代币化基金。与此同 时，持牌交易所也在准备为机构投资者提供牌照升级、稳定币、RWA(现实世界资产)及代币化等一站式 服务。 ...

Group 1 - Major fund companies are expanding tokenized funds in response to the implementation of Hong Kong's stablecoin regulations on August 1 [1] - The total scale of bond ETFs has surpassed 500 billion yuan, reaching 507.7 billion yuan, a 191.82% increase from the beginning of the year [1] - The A-share market is experiencing a wave of mergers and acquisitions, driven by policy support and aimed at enhancing "new quality productivity" [1] Group 2 - Multiple A-share indices have reached new highs, with significant trading activity and a notable increase in margin trading [2] - Companies in the non-ferrous metals and chemical industries have reported strong performance in the first half of the year, with over 52.88% of listed companies showing profit growth [2] - The Hong Kong stock market has seen a significant increase in trading volume, but many small and medium-sized banks are experiencing low trading activity [3] Group 3 - Nine Dragons Paper has announced a price increase for corrugated paper and recycled cardboard by 30 yuan per ton, marking its fourth price hike [4] - A research team has successfully mapped the first global gene atlas for wheat resistance to stripe rust, marking a significant breakthrough in agricultural research [5] Group 4 - Alphabet reported a second-quarter revenue of $96.43 billion, a 14% year-over-year increase, exceeding analyst expectations [6] - IBM's second-quarter net profit reached $2.2 billion, a 20% increase, with revenue of $16.98 billion, also surpassing estimates [6] - Tesla's second-quarter revenue and net profit have both declined by double digits, amid ongoing challenges in the automotive market [6] Group 5 - Bubble Mart is suing 7-Eleven in the U.S. for selling counterfeit LABUBU toys, highlighting issues of intellectual property rights [7][8] - Suofeiya reported a slight decline in net profit for the first half of the year, attributed to the impact of export business and lower investment income [9] - The actual controller of居然智家 has returned to work after being released from detention, indicating a resolution of legal issues [10]

上市仅两天，规模逼近千亿 7月17日，首批10只科创债ETF集体上市，仅两个交易日，合计成交额便达到1830.22亿元。根据Wind数据，截至7月18日收盘，首批产品中诞生了5只百亿 级单品，推动这10只产品总规模逼近1000亿元大关。 | 指数代码 | 指数简称 | 上市日期 | 跟踪指数名称 | 17-18日成交额 | 18日甚至规模 | | --- | --- | --- | --- | --- | --- | | | | | | [单位] 亿元 | [单位] 亿元 | | 551550.SH | 科创债ETF华夏 | 2025-07-17 | AAA科创债 | 208.48 | 152.59 | | 159600.SZ | 科创债ETF嘉实 | 2025-07-17 | AAA科创债 | 311.62 | 142.89 | | 551030.SH | 科创债ETF鹏华 | 2025-07-17 | 沪AAA科创债 | 284.96 | 140.12 | | 159200.SZ | 科创债ETF富国 | 2025-07-17 | AAA科创债 | 247.24 | 137.55 | | 551900.S ...

稳定币大热，把趋于tokenized（代币化）的金融世界带到了我们眼前，在这个新开设的"数字金融 实验报告"系列报道里，妙投将持续跟踪AI、数据、分布式系统在金融中的落地尝试。 继2月以港元代币化基金成功"占角"后，华夏基金 （香港） 于7月17日正式发行了美元与人民币代 币化基金，完成了对三大主流货币的全面布局。 出品 | 妙投APP 作者 | 丁萍 头图 | 视觉中国 但在监管、技术和市场认知都充满不确定性的初期，华夏基金 （香港） 如此坚决地投身于这场变 革，这究竟是不是一场不计后果的"孤注一掷"？ 要回答这个问题，我们必须回归商业的本质。对于手持真金白银的投资者而言，这些"上链"的货币 基金，与我们早已熟悉的传统货币基金相比，究竟能带来什么颠覆性的价值？ 代币化基金，简单来说，就是将传统货币基金的份额转化为能在区块链上流转的数字代币。 其底层 资产与我们熟知的货币基金并无二致，依然是高质量的短期存款和货币市场工具。它的颠覆性不在 于收益或安全 （目前与传统产品并无显著差异） ，而在于其形式变化所引爆的未来可能性 。 华夏基金 （香港） 行政总裁甘添用了一个生动的比喻： Web 2.0是把零售店搬到线上 ...

Core Viewpoint - Huaxia Fund (Hong Kong) has successfully issued tokenized funds in USD and RMB, completing its layout across three major currencies, amidst uncertainties in regulation, technology, and market perception [1][9]. Group 1: Tokenized Funds - Tokenized funds convert traditional currency fund shares into digital tokens that can circulate on the blockchain, maintaining the same underlying assets as traditional money market funds [1][2]. - The disruptive potential of tokenized funds lies not in returns or safety, but in the transformative possibilities brought about by their new form [1][2]. Group 2: Market Context - Over 95% of stablecoins are pegged to the US dollar, with over 80% of transactions occurring outside the US, indicating a significant global expansion of the dollar through digital means [5][6]. - China's passive avoidance of virtual currencies could lead to a loss of influence in the emerging global financial order, necessitating an active embrace of digital currencies and related innovations [6][8]. Group 3: Regulatory Developments - Recent legislative actions in Hong Kong, including the passage of the Stablecoin Ordinance and the release of the Hong Kong Digital Asset Development Policy Declaration 2.0, aim to position Hong Kong as a leading hub for digital assets and Web3 innovation [9]. Group 4: Industry Dynamics - The financial industry must adapt to avoid obsolescence, as traditional models face disruption from Web 3.0 technologies like blockchain and smart contracts [10][11]. - The transition from traditional fiat systems to blockchain-based stablecoins is expected to revolutionize the financial ecosystem within the next 5 to 10 years [11][12]. Group 5: Competitive Landscape - Huaxia Fund (Hong Kong) recognizes the urgency to innovate in a competitive landscape, where failure to adapt could lead to decline [13][21]. - The success of established players like BlackRock, which launched a tokenized fund that quickly grew to nearly $2.9 billion in assets, demonstrates the viability of this path [18][19]. Group 6: Strategic Intent - Huaxia Fund (Hong Kong) aims to capture the trillion-dollar offshore RMB asset management demand by establishing itself as a core player in the digital finance space [19][20]. - The company’s first-mover advantage in the tokenized fund market positions it favorably against potential competitors who may face significant entry barriers [20].

以下文章来源于太辉研究 ，作者沈建光、朱太辉 太辉研究 . 本平台主要发布朱太辉博士关于金融发展与宏观经济、金融科技与数字经济、金融监管与货币政策等领域的研究观点。所发成果均为个 人学术观点，与任何单位无关！ 文/京东集团首席经济学家 沈建光 ，京东集团高级研究总监 朱太辉 2025年以来，稳定币的市场规模节节攀升，比特币价格一度突破10万美 元，去中心化金融业态不断丰富，全球加密货币市场步入了规范创新和快 速发展期。 更为重要的是，加密货币与金融体系展现出了全面融合发展的趋势，稳定 币与支付体系的融合创新快速推广，银行机构积极拓展加密货币服务、资 本市场与加密市场融合全方位推进。 在 此过程中，美国引 领全球主要 国家加快 制定稳 定 币和加 密货币监 管 法 规、加大对比特币等加密货币的战略储备投资等，加快了加密货币的正规 化、大众化发展，也为加密货币与金融体系的融合创新提供了政策保障。 展望未来，稳定币、加密货币与传统金融体系的融合发展趋势难以逆转， 其中稳定币在重塑全球支付体系、加密货币在升级全球金融基础性设施、 代币化在改造资产交易结算体系方面的表现，值得重点关注。 趋势一：稳定币与支付体系的融合创 ...