全球第二大稳定币USDC发行商Circle亚太区副总裁陈钦淇表示，对于与港元稳定币未来合作持开放态 度，已经和多间公司洽谈，分享专业知识和经验，期待看到港元稳定币以及其他稳定币在港发行；合作 方式就像银行在不同地区运作般，公司透过当地货币付款，然后于不同司法管辖区以不同货币付款，当 中美元往往是参考货币。现时美元挂钩的稳定币占市场高达98%，陈钦淇预计，未来将看到更多以不同 货币计价的稳定币，尽管需要时间，但最终会发生。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

Core Insights - Real World Assets (RWA) are becoming a focal point in the financial landscape, particularly highlighted at the Bitcoin Asia conference in Hong Kong [1] - The potential market for RWA is estimated to be in the trillions, with the possibility of emerging industry giants [2] - The future of Hong Kong's stablecoin is viewed positively, with potential advantages over US dollar stablecoins [3] Group 1: RWA Market Potential - RWA is seen as a highly promising sector, capable of bridging on-chain and off-chain assets, allowing traditional assets like stocks and bonds to enter the blockchain space [2] - The total market for RWA could reach a trillion-dollar scale, with the potential emergence of 100 industry giants [2] Group 2: Tokenized Stocks Risks - The key risk associated with tokenized stocks lies in the ability to ensure 1:1 redemption and dividend distribution [2] - Authentic tokenized stocks must demonstrate consistent dividend payments and respond to corporate actions like stock splits to validate their legitimacy [2] Group 3: Hong Kong Stablecoin Outlook - Hong Kong's stablecoin is anticipated to have greater potential than US dollar stablecoins due to the credibility of its issuers [3] - The Hong Kong dollar's linkage to the US dollar, along with its role as a bridge for investments in mainland assets, positions it as a "hub asset" [3] - The development of RWA is crucial for the integration of traditional finance and the crypto world, although challenges in compliance, transparency, and technology remain [3]

Core Viewpoint - The implementation of the Stablecoin Regulation in Hong Kong on August 1 has attracted over 50 enterprises, including major cross-border trade giants, to apply for licenses from the Hong Kong Monetary Authority (HKMA) [2] Group 1: Stablecoin Overview - Hong Kong's stablecoin is a type of cryptocurrency pegged 1:1 to fiat currency, providing a stable payment method by reducing volatility [3] - The design allows for a stablecoin to be backed by an equivalent amount of fiat currency, such as HKD or CNH [3] Group 2: Advantages of Hong Kong Stablecoin - Stablecoins based on blockchain technology offer significant advantages for cross-border payments, including faster transaction speeds, lower costs compared to traditional systems, and higher transparency [4] - Large enterprises involved in cross-border trade show strong interest in Hong Kong's stablecoin due to its efficiency in simplifying payment processes and reducing costs [5][6] Group 3: Risks and Regulatory Challenges - The issuance of stablecoins is highly centralized and closely tied to the banking system, which poses regulatory challenges once the coins enter a decentralized environment [7] - Concerns exist regarding the potential for sanctioned entities to exploit stablecoins to bypass regulations, prompting the HKMA to expedite anti-money laundering guidelines [8] Group 4: Potential of Offshore RMB Stablecoin - There are no specific restrictions on the currency to which Hong Kong stablecoins can be pegged, allowing for flexibility in issuance [9] - The offshore RMB stablecoin is seen as having significant potential in cross-border trade, especially as demand for RMB as a settlement currency grows [10][11] - Hong Kong's unique position as an international financial center provides a favorable environment for the development of offshore RMB stablecoins, which could enhance the internationalization of the RMB and contribute to economic growth [11][12]

Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong has led to a significant decline in stablecoin-related stocks, reflecting market concerns over the regulatory environment and the licensing process [1][2]. Group 1: Market Reaction - Stablecoin concept stocks in Hong Kong experienced a collective drop, with notable declines: Yao Cai Securities fell nearly 20%, Yunfeng Financial dropped over 16%, and Lianlian Digital decreased over 13% [2]. - A-share digital currency concept stocks also showed weakness, with Sifang Jingchuang down over 5%, Xiongdi Technology and Tianyang Technology down over 4%, and Hengbao shares down over 3% [2]. Group 2: Regulatory Developments - The "Stablecoin Regulation" officially came into effect on August 1, covering the issuance of "fiat stablecoins" and "Hong Kong dollar stablecoins" in Hong Kong [2]. - Under the new regulation, any entity issuing fiat stablecoins in Hong Kong must apply for a license from the Financial Management Commissioner, which aims to provide better protection for the public and investors [2][3]. - The Hong Kong Monetary Authority (HKMA) has indicated that the licensing timeline is later than expected, with no licenses issued as of July 29, and institutions are advised to submit applications by September 30, 2025 [2][3]. Group 3: Transitional Arrangements - The HKMA has established a six-month transitional period for institutions that issued stablecoins before August 1, 2025, allowing them to continue operations while applying for licenses [3]. - After the transitional period, institutions that do not obtain a license must cease operations in Hong Kong [3]. Group 4: Licensing and Compliance Requirements - The HKMA has stated that only a limited number of stablecoin licenses will be granted initially, with several institutions expressing interest in applying [3]. - The "Guidelines for Licensed Stablecoin Issuers" require licensees to implement effective customer onboarding policies and procedures, ensuring due diligence before providing issuance or redemption services [3].

Core Insights - Hong Kong's "Stablecoin Regulation" will officially take effect on August 1, marking the world's first comprehensive regulatory framework for fiat-backed stablecoins, attracting global financial market attention [1][3] - The regulation is expected to serve as a model for future global stablecoin regulations, promoting the digital yuan and Hong Kong dollar stablecoin to reduce reliance on the US dollar settlement system and facilitate the internationalization of the yuan [1][3] Group 1 - The implementation of the "Stablecoin Regulation" positions Hong Kong to gain a competitive edge in the stablecoin market, with the Hong Kong Monetary Authority planning to issue initial licenses by early 2026 [1] - The innovative "value anchoring regulation" principle provides legal assurance for institutions and investors, enabling Hong Kong to quickly convert pilot experiences into actual products and accelerate the development of the local stablecoin ecosystem [1][3] Group 2 - In the context of increasing global currency competition, the strategic significance of Hong Kong's move is highlighted, as it effectively mitigates traditional financial institutions' concerns about participating in the stablecoin market [3] - The development of Hong Kong dollar stablecoins is expected to significantly boost the internationalization of the yuan, with existing cross-border payment pilot projects laying the groundwork for the large-scale application of the digital yuan [3] - The combination of Hong Kong dollar stablecoins and the digital yuan will enhance the cross-border payment ecosystem, increasing the yuan's share in cross-border settlements and reducing reliance on traditional systems like SWIFT [3] - Future internationalization of the yuan should rely on "financial scenario expansion" and "technology innovation-driven" dual engines, enhancing regional cooperation and payment convenience to elevate the yuan's acceptance and recognition on the international stage [3]

Group 1: Regulatory Developments - Hong Kong's "Stablecoin Regulation" officially implemented on August 1, marking the first comprehensive regulatory framework for fiat-backed stablecoins globally [3][4] - The regulation requires institutions issuing fiat stablecoins in Hong Kong to obtain a license from the Financial Management Commissioner, enhancing public and investor protection [3] - The framework aims to attract global issuers and Web3 companies, solidifying Hong Kong's position as a financial innovation hub [3][4] Group 2: Market Impact and Predictions - Bank of America predicts a 57% year-on-year profit increase for Chinese securities firms in the first half of the year, partly due to stablecoin-related business [6] - The implementation of the stablecoin regulation is seen as a catalyst for attracting international capital into the Asian market [6] - The regulation is expected to facilitate the internationalization of the offshore RMB, positioning Hong Kong as a testing ground for stablecoin innovations [6] Group 3: Competitive Landscape - The U.S. "Genius Act" signed by President Trump establishes a federal-level regulatory framework for stablecoins, emphasizing a tiered regulatory approach and mandatory dollar backing [4] - The differences between Hong Kong's and the U.S.'s regulatory frameworks may lead to short-term competition, potentially altering the current market dominance of dollar-backed stablecoins [4] - Hong Kong's regulatory environment is anticipated to attract blockchain talent and technology, enhancing its competitive edge over other regions [3][4] Group 4: Technological Innovations - XBIT decentralized exchange platform is positioned as a key player in providing seamless trading experiences, supporting stablecoin liquidity and cross-chain settlements [7] - The platform allows users to manage assets independently without identity verification or transaction restrictions, ensuring complete ownership [7] - XBIT aims to collaborate with regulatory bodies to provide infrastructure for Hong Kong and offshore RMB stablecoins, drawing parallels with the success of USDT on the TRON network [7] Group 5: Future Outlook - The complementary nature of regulatory frameworks in Hong Kong and the U.S. is expected to drive the stablecoin market's growth [10] - Recommendations include simplifying licensing processes and encouraging pilot projects to lower compliance costs for small and medium enterprises [10] - The collaboration between traditional finance and digital economy is anticipated to accelerate, with users gaining more control over their assets through platforms like XBIT [10]

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].

Group 1 - Circle's stock surged 19% in the US market, reflecting global recognition of stablecoin compliance development, which is beneficial for China's Xinchuang (information technology application innovation) industry [1] - Circle's collaboration with domestic Xinchuang companies has resulted in practical applications, such as a blockchain-based cross-border payment system developed with Dongxin HePing, certified by the central bank and piloted in six cities [1][2] - The integration of Circle's USDC stablecoin technology with domestic blockchain solutions is expected to accelerate the application of Xinchuang technology in cross-border payments and digital identity in Southeast Asia [1][2] Group 2 - The Xinchuang industry is accelerating the autonomous and controllable process of blockchain technology, with companies like Dongfang Securities completing a full-stack domestic replacement of their blockchain platform [2] - Circle's success validates the feasibility of blockchain technology in finance, promoting domestic Xinchuang companies to iterate on technology architecture and security standards [2] - China Mobile's "Zhongyi Chain" achieved a transaction throughput of over 56,000 CTPS in a trusted blockchain performance evaluation, setting a benchmark for high-concurrency applications [2] Group 3 - Circle's application in cross-border payments aligns with China's strategy to internationalize the digital yuan, with the central bank establishing an international operation center for the digital yuan [3] - The efficiency of Circle's USDC in cross-border settlements provides a reference model for the digital yuan, which is expected to reach a cross-border payment amount of 64.1 trillion yuan in 2024 [3] - The market enthusiasm for Circle may further encourage policy support for cross-border scenarios of the digital yuan, benefiting payment system service providers and financial IT companies within the Xinchuang industry chain [3] Group 4 - Chinese policies explicitly support blockchain technology breakthroughs, with initiatives like Beijing's "reveal the list and take the lead" mechanism promoting the construction of the Xinchuang chain technology ecosystem [4] - Circle's compliance path offers a reference for domestic regulation, potentially accelerating the exploration of stablecoin-related technologies within the Xinchuang framework [4] - As of June 30, the digital currency concept stocks accounted for over 15% of the Xinchuang ETF fund's index, indicating significant investment interest in this area [4] Group 5 - The Xinchuang industry is transitioning from policy-driven to a dual-driven approach of policy and market, with significant growth expected in the financial and energy sectors [6] - The market scale is projected to grow at rates of 17.84% and 26.82% in 2025 and 2026, respectively, surpassing 2.6 trillion yuan by 2026 [6] - The expansion of special national bonds and the implementation of debt reduction plans provide funding support for Xinchuang procurement [6] Group 6 - The Xinchuang ETF fund (562030) tracks the CSI Xinchuang Index, covering core segments of the Xinchuang industry chain, which is characterized by high growth and elasticity [7] - The current geopolitical environment and the urgent need for self-control drive the development of the Xinchuang sector, supported by government initiatives [7] - The upcoming key time nodes for Xinchuang advancement and the refinement of procurement standards are expected to enhance market dynamics [7]

Core Viewpoint - The Hong Kong government aims to issue stablecoin licenses by the end of the year, with the regulatory framework set to take effect in August 2023, which is expected to boost the digital asset market and cross-border payment solutions [1][2]. Regulatory Developments - The Hong Kong Legislative Council passed the Stablecoin Ordinance on May 21, 2023, establishing a licensing system for stablecoin issuers, which requires them to apply for licenses from the Hong Kong Monetary Authority (HKMA) [2]. - The HKMA is currently consulting the market on the specific guidelines for the ordinance, which will include anti-money laundering and other related requirements [1][2]. Market Reactions - Following the announcement of the stablecoin licensing, stocks related to cross-border payments and stablecoins surged in both A-share and Hong Kong markets, with several stocks hitting their daily price limits [3][4]. - Notable stock performances include: - Zhongyi Technology (涨停) at 51.22 CNY, up 20.01% - Huafeng Super Fiber (涨超10%) at 9.85 CNY, up 10.44% - Guotai Junan International (国泰君安国际) in Hong Kong, which saw its stock price rise over 9% [4]. Stablecoin Applications - The HK government emphasizes that stablecoins should address challenges in the real economy, particularly in cross-border payments where local currency risks are high [1]. - The potential for stablecoins to serve as effective payment tools in regions with unstable financial systems is highlighted, especially in cases of severe inflation or currency depreciation [1]. Industry Interest - At least nine institutions have expressed interest in applying for stablecoin licenses, including three that are part of the HKMA's stablecoin issuance sandbox, all planning to issue Hong Kong dollar-pegged stablecoins [2].

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [15]. Core Insights - Stablecoins have become a significant topic in global financial regulation, with major economies moving towards integrating stablecoins into existing financial regulatory frameworks to ensure their safe and controlled participation in payment and settlement scenarios [3]. - Hong Kong is actively establishing a clear regulatory path for stablecoins, having introduced a licensing system for stablecoin issuers, which is set to be implemented on August 1, 2025. This regulatory framework aims to protect consumer rights through capital requirements and reserve management [4]. - The Hong Kong dollar stablecoin is expected to play a crucial role in facilitating regional trade and cross-border financing while enhancing Hong Kong's position in the Asian clearing system [5][6]. Summary by Sections Global Regulatory Trends - Major economies, including the EU and the US, are advancing their regulatory frameworks for stablecoins, with the EU's MiCA set to be implemented by December 2024 and the US accelerating its legislative process [3]. Hong Kong's Regulatory Framework - Hong Kong's proactive approach includes a policy declaration on virtual asset development and the introduction of a sandbox for stablecoin issuers, which has attracted various stakeholders to explore pilot projects [4]. Development Prospects of Hong Kong Dollar Stablecoin - The Hong Kong dollar stablecoin is positioned to become one of the first officially compliant local stablecoins, potentially serving as a bridge for the internationalization of the Renminbi and reinforcing Hong Kong's status as an international financial center [6].