稳定币法案落地，投资机会梳理

Summary of Conference Call Industry and Company Involved - The conference call focused on the stablecoin industry and its implications, particularly in the context of recent legislative developments in Hong Kong and the United States regarding stablecoins and blockchain technology [1][3][6]. Core Points and Arguments - Increased Attention on Stablecoins: The market's interest in stablecoins has surged due to recent legislative advancements in Hong Kong and the U.S., alongside the potential listing of a stablecoin issuer in the U.S. [1][3]. - Stablecoin as a Currency: For stablecoins to function effectively as a currency, a stable monetary system is essential, which may involve a one-to-one correspondence with fiat currencies [4][5]. - Global Promotion of Stablecoins: The establishment of stablecoin systems by countries can enhance their monetary status globally, potentially challenging the dominance of the U.S. dollar [6]. - Payment and Settlement Systems: The stablecoin payment flow system is crucial, involving both issuance and custody mechanisms, which are essential for the functioning of stablecoins [7][9]. - Investment Opportunities: Companies involved in the issuance and management of stablecoins, such as JD.com and Central Online, are highlighted as potential investment opportunities [8][9]. - Cross-Border Payment Systems: Companies like Newland and various IT firms are expected to benefit from the development of cross-border payment systems enabled by stablecoins [12]. - RWA (Real World Assets): The discussion also touched on RWA, which involves tokenizing physical assets to enhance liquidity and reduce transaction costs, presenting broader investment opportunities [13][16]. Other Important but Possibly Overlooked Content - Market Dynamics: The most profitable entities in the stablecoin market are the issuers, who benefit from high yields on short-term U.S. Treasury securities [24]. - Role of Exchanges: Exchanges play a significant role in the growth of stablecoins, as seen with Circle and Tether, which have partnered with major trading platforms to increase their market presence [25]. - Regulatory Environment: The evolving regulatory landscape in both the U.S. and Hong Kong is crucial for the future of stablecoins and their adoption [3][6]. - Potential of Hong Kong Stock Exchange: The Hong Kong Stock Exchange is seen as a key player in the RWA space, particularly for tokenizing stocks for trading [28]. This summary encapsulates the key insights and discussions from the conference call, providing a comprehensive overview of the current state and future potential of the stablecoin industry and related investment opportunities.