Core Insights - The article discusses the rapid expansion of stablecoins and their profound impact on the international monetary system, emphasizing the need for regulatory frameworks and reforms to address structural changes in the currency circulation domain [2][3][4]. Group 1: Overview of Stablecoins - Stablecoins are a significant innovation in the cryptocurrency sector, effectively addressing the high volatility issues prevalent in the cryptocurrency market by anchoring to fiat currencies or other assets [3][4]. - The market value of stablecoins has surged from under $2 billion in October 2017 to nearly $170 billion by October 2024, with a notable increase in transaction volumes during 2020 and 2021 [13][14]. - USDT, as the leading stablecoin, holds approximately two-thirds of the market share, followed by USDC and DAI, highlighting the dominance of dollar-pegged stablecoins [13][14]. Group 2: Impact on International Monetary System - Stablecoins enhance the efficiency of cross-border payments and may replace some functions of traditional reserve currencies under specific conditions, posing challenges to the existing payment ecosystem [4][5]. - The reliance on stablecoins, particularly those pegged to the US dollar, may lead to increased dollarization in smaller economies, threatening the sovereignty of local currencies [4][5][6]. - The cross-border nature and technological complexity of stablecoins present significant challenges for international regulation, including jurisdictional issues and compliance risks [4][5][6]. Group 3: Theoretical Framework and Analysis - The article introduces the concept of "currency circulation domain" to analyze the relationship between stablecoins and the international monetary system, focusing on spatial, institutional, and functional dimensions [5][19]. - The analysis reveals that the expansion of stablecoins is driven by the dysfunction of the current international monetary system, creating a demand for new tools and institutions [19][20]. - The emergence of stablecoins has blurred the boundaries of traditional currency circulation, particularly as they are increasingly adopted by traditional payment systems [30][31]. Group 4: Regulatory and Policy Recommendations - The article calls for enhanced regulatory measures and international cooperation to address the challenges posed by stablecoins, particularly in the context of their rapid growth and impact on monetary sovereignty [4][5][6]. - Specific policy suggestions are provided to strengthen the regulatory framework for stablecoins and reform the international monetary system to better accommodate the changes brought about by digital currencies [5][6].

Core Insights - PayPal's stablecoin, PayPal USD (PYUSD), is now integrated into the TRON network via the Stargate Hydra cross-chain protocol, enhancing global circulation and application of stablecoins [1][2] - The collaboration between traditional finance and emerging blockchain ecosystems signifies a major step towards financial inclusivity [1][2] Cross-Chain Connectivity - The integration of PYUSD into the TRON network addresses the value isolation issue in the blockchain industry, enabling efficient asset flow across different public chains [2] - The Stargate protocol allows for low-latency and high-throughput cross-chain transfers, with TRON's performance exceeding 2000 TPS, significantly reducing transfer costs [2] - TRON has processed over 600 million transactions, with daily active addresses surpassing 1 million, providing a robust infrastructure for PYUSD's cross-chain circulation [2] Omnichain Distribution Standard - LayerZero's Omnichain Full Transfer (OFT) standard allows for native asset distribution across chains, enabling seamless use of PYUSD without complex cross-chain exchanges [4] - The integration of LayerZero's technology with TRON's ecosystem creates a dual-driven model of technology and application, enhancing PYUSD's usability in various decentralized finance (DeFi) and NFT markets [4] - LayerZero covers over 20 mainstream public chains, with a monthly asset distribution scale exceeding $5 billion, supporting PYUSD's global penetration [4] On-Chain Payment Innovations - Stablecoins like PYUSD are positioned to serve the real economy, with TRON's low transaction costs and scalability facilitating applications in cross-border payments and supply chain finance [5] - Traditional cross-border remittances can take days and incur high fees, while TRON enables real-time conversion of PYUSD to local stablecoins, achieving instant transactions and cost reduction [5] - TRON has partnered with over 50 payment institutions, covering more than 200 countries, and the addition of PYUSD will accelerate its global expansion [5] Future of Blockchain Finance - The integration of PYUSD into the TRON network represents a shift from niche experimentation to mainstream infrastructure in the blockchain industry [7] - As more compliant assets and applications move on-chain, blockchain finance is expected to achieve broader applications in payments, trade, and investment, providing efficient and equitable financial services globally [7]

Investment Rating - The report does not explicitly state an investment rating for Yeahka (9923 HK) Core Insights - Stablecoins are reshaping the global cross-border payment landscape with advantages such as short settlement times, low costs, and resistance to exchange rate fluctuations, making them ideal for various payment scenarios [2][10] - Yeahka has expanded internationally since 2021, obtaining payment licenses in Singapore and the U.S., and launched its cross-border payment brand YeahPay in 2023, achieving an overseas transaction volume of over 1.1 billion RMB in 2024, a nearly 5-fold year-on-year increase [11][12] - The traditional cross-border payment model incurs fees of approximately 3-8% for merchants, while third-party payment platforms like Yeahka generate revenue through diverse models including transaction fees, currency conversion fees, and interest income from deposited funds [12][10] Summary by Sections Section: Stablecoins in Cross-Border Payments - Stablecoins enable peer-to-peer real-time settlement through distributed ledger technology, reducing transaction costs and compressing settlement times to minutes compared to the traditional banking system which relies on the SWIFT network [2][10] Section: Yeahka's Overseas Expansion - Yeahka has successfully launched its cross-border payment brand YeahPay and signed a global strategic cooperation memorandum with Alipay International, marking significant growth in its overseas business [11][12] Section: Existing Payment Industry Model - The revenue model for third-party payment platforms includes transaction fees, currency conversion fees, interest income from overseas payments, and technology output, showcasing a diverse approach to profitability [12][10] Section: Future Business Models for Third-Party Payment Providers - Stablecoins present new business opportunities for acquirers, allowing them to expand into overseas markets and diversify payment scenarios, such as providing one-stop services for merchants [13][14]