Core Viewpoint - The collaboration between government and enterprises is creating a stablecoin ecosystem anchored by high-quality Chinese assets, with RWA assets on-chain expected to usher in the era of Web 3.0 [1][5] Group 1: Stablecoin and RWA - Stablecoins focus on "fiat currency tokenization," while RWA emphasizes "asset tokenization," enhancing asset liquidity and providing low-risk, stable-return financial products in the Web 3.0 space [2] - Hong Kong is leading the world in stablecoin legislation, closely following the U.S. legislative progress [2] Group 2: Blockchain Layers - The progression from consortium chains to Layer 2 public chains and then to Layer 1 public chains highlights the advantages of each layer, including compliance with KYC/AML regulations and high transaction performance [3] - Layer 1 public chains serve as the foundational layer for consensus, data storage, and smart contract execution, while Layer 2 enhances performance and liquidity [3] Group 3: RWA Development Phases - The first phase of RWA focuses on foundational construction, with assets being tokenized and offering fixed returns similar to traditional investments [4] - The second phase activates liquidity through a layered architecture, enabling a closed-loop of "financing-splitting-circulation" for RWA [4] - The third phase aims to create a mature global RWA ecosystem with cross-chain transactions becoming the norm [4] Group 4: Investment Recommendations - The report suggests monitoring companies involved in RWA asset tokenization, such as Aorede, Longxin Group, and Xiexin Energy, during the foundational phase [5] - For the liquidity activation phase, attention should be given to trading platforms and internet brokerages like Yao Cai Securities and Dongfang Wealth [5] - In the global asset network integration phase, major internet giants like JD.com and Alibaba are recommended for observation [5]

Core Viewpoint - Hong Kong aims to establish itself as a global innovation hub for digital assets through the implementation of the "Hong Kong Digital Asset Development Policy Declaration 2.0," which emphasizes a trusted and innovative digital asset ecosystem focused on risk management and investor protection [1][2]. Group 1: Policy and Regulatory Framework - The "Policy Declaration 2.0" outlines a "LEAP" framework focusing on optimizing legal and regulatory aspects, expanding tokenized product varieties, promoting application scenarios and cross-sector collaboration, and developing talent and partnerships [1]. - The Hong Kong government will implement a stablecoin regulatory regime starting August 1, indicating a significant step towards becoming a key hub for digital assets and Web3 innovation [1][2]. Group 2: Market Dynamics and Risks - The U.S. Senate has passed the "GENIUS Act," establishing a regulatory framework for stablecoins, which could have profound implications for the market, particularly concerning the prevention of double-spending [2][3]. - If Hong Kong fails to establish an M2 to M0 conversion mechanism promptly, it risks being overshadowed by U.S. dollar stablecoins [3]. Group 3: RWA Development and Challenges - As of June 2025, the global RWA (Real World Assets) market, excluding stablecoins, is estimated at approximately $25.5 billion, with private credit, U.S. Treasury bonds, and commodities being the top three products [4]. - The market for RWA is projected to reach $16 trillion by 2030, representing 10% of global GDP, but faces challenges such as insufficient on-chain application scenarios and liquidity issues [4][5]. Group 4: Strategic Recommendations - It is suggested that the People's Bank of China establish a mechanism to connect domestic digital RMB and RWA assets with Hong Kong stablecoins, facilitating effective capital flow between mainland China and Hong Kong [6]. - Investment firms are encouraged to leverage a dual-channel mechanism for converting RWA and digital assets to enhance market liquidity [6]. Group 5: Future Outlook - The implementation of the stablecoin ordinance in Hong Kong will require entities to obtain licenses for issuing stablecoins, with a limited number of licenses expected to be granted by 2025 [7][8]. - Companies are advised to focus on their digital asset business strategies rather than solely on obtaining stablecoin licenses, as the regulatory landscape evolves [7][8].