加密货币市场中，比特币（BTC）和以太坊（ETH）等主要加密货币因价格波动剧烈，难以胜任日常支付及计价功能，为解决这一痛点稳 定币应运而生。本次香港《稳定币条例》将"稳定币"定义为基于分布式账本或类似存储库技术基础上，锚定单一或一篮子资产，可作为被 公众接受的交易媒介且可通过电子方式转移、储存或买卖的数字资产。稳定币从本质上既不属于传统商品范畴，也未被赋予法定货币地 位，仍然属于区块链技术支持下的一种创新型支付代币。 稳定币的应用场景和参与主体主要有哪些？ 近年来全球稳定币市场呈现爆发式增长。截至2025年7月，稳定币总市值已突破2500亿美元，其中以泰达币（USDT）和美元稳定币 （USDC）为代表的美元稳定币占据超95%的市场份额[1]，凸显美元在该领域的主导地位。为巩固香港作为亚洲金融中心和Web3枢纽的战 略定位，同时强化其人民币离岸中心功能并探索稳定币的应用潜力，香港特区政府自2023年12月启动稳定币监管框架公众咨询。经过约一 年半的立法程序，香港立法会于2025年5月三读通过《稳定币条例草案》，终将稳定币纳入全面金融监管体系。该条例于2025年8月1日正式 生效，与此同时，为维护金融稳定并防范洗 ...

Group 1 - The global financial market is increasingly focused on digital assets, with significant growth in investment demand for crypto assets, particularly driven by the ongoing trend of stablecoins [1] - The Hong Kong "Stablecoin Regulation" will officially take effect on August 1, providing a clear legal framework and regulatory guidance for the stablecoin market [1] - Hong Kong Exchanges are accelerating the expansion of virtual currency ETF products in response to the growing demand for these assets [1][2] Group 2 - Aird Financial has positioned itself as a key player in connecting traditional finance with the digital future, becoming one of the few brokers in Hong Kong to participate in all listed virtual asset spot ETFs [2][5] - As of now, there are seven virtual asset spot ETFs listed in Hong Kong, all of which can be traded through Aird Financial's flagship trading app, Eddid ONE [2] - These ETFs retain the growth potential of digital assets while being subject to strict regulation by the Hong Kong Securities and Futures Commission, significantly reducing funding risks for investors [2] Group 3 - Aird Financial holds a full license and has a significant first-mover advantage in the digital asset investment wave, having obtained all necessary regulatory licenses for various financial activities [5] - The company has a deep understanding of the industry and has made long-term investments, allowing it to exceed the capabilities of ordinary institutions in areas such as digital asset custody and settlement [5] - Aird Financial has been approved to provide digital asset deposit services, covering multiple cryptocurrencies, thus becoming a key infrastructure connecting investors with traditional financial markets [5][6] Group 4 - With the countdown to the implementation of the "Stablecoin Regulation," Aird Financial's business layout is expected to accelerate, focusing on providing professional market-making services for mainstream stablecoins and other digital assets [6] - The company aims to expand its distribution of stablecoins and tokenized real-world assets (RWA), establishing itself as a benchmark in the Hong Kong digital asset market [6] - Aird Financial's innovative capabilities, empowered by technology, and its licensed compliance will contribute to building a more mature and vibrant stablecoin ecosystem in Hong Kong [6]

Group 1: Core Insights - Stablecoins are expected to alleviate short-term U.S. debt demand but have limited impact on long-term debt [1][3] - The global stablecoin market has surpassed $240 billion since 2025, with significant penetration in crypto trading, cross-border payments, and DeFi [1][2] - The market is highly concentrated, dominated by Tether (USDT) and USD Coin (USDC) [1] Group 2: Regulatory Developments - The U.S. GENIUS Act establishes a systematic regulatory framework for stablecoins at the federal level, enhancing market development [2] - Tether and Circle have become significant new buyers of U.S. Treasury securities, holding over $120 billion in short-term U.S. debt [2] - Hong Kong's Stablecoin Regulation enhances local compliance and serves as a regional model for global stablecoin regulation [2] Group 3: Impact on U.S. Debt - Citigroup predicts the global stablecoin market could grow to $1.6 trillion by 2030, with a potential $1 trillion increase in short-term U.S. debt demand if stablecoin market reaches $2 trillion [3] - The GENIUS Act limits stablecoin reserves to cash or U.S. Treasury securities maturing within 93 days, restricting their impact to short-term debt [3] Group 4: Risks and Challenges - Stablecoins exhibit "shadow banking" characteristics, posing systemic risks such as potential "de-pegging" and bank run scenarios [4] - The expansion of stablecoins may siphon deposits from the banking system, affecting credit expansion and monetary policy transmission [4] - Regulatory frameworks like the GENIUS Act and Hong Kong's regulations set high standards but require ongoing attention to risk transmission and regulatory arbitrage [4]