Suddenly, the domestic financial circle has begun to discuss cryptocurrencies enthusiastically and openly, especially the most sensitive substitute for fiat currency in the past—stablecoins, which has become the hottest topic in financial innovation! It seems that the day of unbanning cryptocurrencies in the country is not far off.

Guosheng Securities: If Circle successfully goes public, it will be an important boon for the stablecoin market.

Guosheng Securities stated that if Circle successfully goes public, it will further promote the development of the US stablecoin market and accelerate the acceptance process of stablecoins by traditional financial users, especially institutional users. The stablecoin market has seen relatively rapid growth over the past few years, with USDT and USDC being the main products in the market. Since their inception, stablecoins have become important tools for participants in the cryptocurrency market—providing value reserves and pricing tools, while also serving as collateral for various cryptocurrency spot/futures trading, making them one of the most important categories of cryptocurrency tools. If Circle successfully goes public, it will be a significant positive for the market.

CITIC Securities: Stablecoins can provide a stable trading method for RWA tokenized assets.

CITIC Securities' research report believes that recently, both Hong Kong and the United States have advanced the legislative process for stablecoin-related bills to varying degrees. Stablecoins can provide a stable trading method for RWA tokenized assets, enhance market liquidity, and help promote the further establishment of RWA issuance projects by mainland Chinese enterprises in Hong Kong. At the same time, the stablecoin bill is expected to indirectly boost the construction of digital currency-related payment and settlement interfaces in Hong Kong's financial sector, benefiting financial IT companies with experience in digital currency/digital renminbi cross-border settlement and supply chain finance projects.

Huaxi Securities stated that RWA will become the core hub linking the real economy and digital finance. In the future, RWA tokens will expand to more segmented scenarios, such as carbon assets, supply chains, and intellectual property, combined with AI and on-chain large models to achieve automatic valuation and intelligent settlement, activating the digital liquidity of trillion-level physical assets.