海外稳定币与RWA的来龙去脉

Summary of Key Points from the Conference Call Industry Overview - The stablecoin trading volume in 2023 has approached that of traditional payment platforms, with a total trading volume of $35.5 trillion over the past 12 months, and $7.4 trillion when excluding high-frequency trading, significantly surpassing PayPal's $1.68 trillion and nearing Mastercard's $9.8 trillion, indicating its substantial potential in payment settlements [1][3] Core Insights and Arguments - Global stablecoin regulation is diverging, with the U.S. favoring strict regulations to reinforce the dollar's dominance, requiring stablecoin reserves to be held at a 1:1 ratio in U.S. dollar deposits or short-term U.S. Treasury securities, while Hong Kong adopts a more open regulatory approach, allowing the issuance of stablecoins backed by HKD or other currencies [1][6] - Hong Kong is actively promoting the synergy between stablecoins and Real World Assets (RWA), particularly in cross-border payments, where stablecoins can significantly reduce costs to less than $1 per transaction, compared to the global average of 6% for cross-border remittances, thus providing an efficient and low-cost solution [1][7] - The total market size of RWA has exceeded $23 billion, with platforms like Propety facilitating over $4 billion in real estate transactions, and Center Fusion converting receivables into tradable tokens [1][10] - The rise of RWA is driven by the need to address trust and efficiency issues in traditional asset transactions, utilizing reliable data and computation to enable real-time asset status updates and automated execution of returns [2][9] Regulatory Developments - The global regulatory landscape for stablecoins is evolving, with the U.S. pushing for legislation that mandates a 1:1 reserve ratio for stablecoin issuance, while Hong Kong's new regulations, effective August 1, 2025, allow for the issuance of stablecoins backed by various currencies with high reserve standards [6][12] Opportunities and Applications - The development of stablecoins and RWA presents opportunities for issuers, virtual asset trading platforms, and infrastructure service providers. Companies like Circle Internet may see revenue growth through expanded business lines and compliance services, while platforms like Coinbase Global will benefit from increased market scale and profitability [4][16] - Stablecoins are primarily used for currency trading and decentralized finance but are also expanding into payments, transfers, and liquidity management [5] Hong Kong's Initiatives - Hong Kong has been proactive in the digital asset space, launching the "Digital Asset Development Policy Declaration 2.0" and implementing the "Stablecoin Ordinance" to attract institutional participation in HKD stablecoin projects [4][12] - The government is also exploring the issuance of tokenized government bonds and encouraging innovative applications, such as tokenizing traditional financial products and enhancing liquidity in the digital currency ecosystem [13][14] Recent Progress - As of April 2024, three fund companies have launched spot Bitcoin and Ethereum ETFs on the Hong Kong Stock Exchange, showcasing significant advancements in RWA development [15] Conclusion - The interplay between stablecoins and RWA is set to create substantial opportunities in the financial landscape, with potential benefits for various stakeholders involved in the ecosystem [11][16]