Market Performance - On June 25, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index up by 1.03%, the Shenzhen Component Index up by 1.72%, and the ChiNext Index up by 3.11% [1] - The total market turnover reached 1.6395 trillion yuan [1] - The Securities ETF (512880) experienced a three-day consecutive rise, surging by 5.37% on the same day [1] Reasons for the Rise - The recent surge in the stablecoin concept has catalyzed market activity [3] - Guotai Junan International Holdings received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, leading to a 127% increase in its stock price [3] - The People's Bank of China and six other departments issued guidelines to support consumption, which includes 19 key measures aimed at enhancing consumer capacity and optimizing financial supply [4] Stablecoin Overview - Stablecoins are a type of cryptocurrency that is pegged to real assets, providing relative price stability compared to other cryptocurrencies [6][7] - The market for stablecoins has expanded significantly, growing from $5 billion in 2020 to $250 billion currently, with a compound annual growth rate exceeding 100% [8] - Over 95% of stablecoins globally are dollar-pegged [8] Future Outlook - The long-term development direction of stablecoins is clear, potentially enhancing the valuation space for brokerage firms, although short-term gains may be driven by thematic speculation [9] - The Securities ETF (512880) has a scale exceeding 30.4 billion yuan, ranking first in its category, with a current price-to-book ratio of 1.41, indicating it is at a historically low valuation level [9]