The first dollar stablecoin stock Circle surged 24% last night, and the Hong Kong Financial Secretary has allowed licensed issuers to choose different fiat currencies as stablecoin anchor currencies. As a result, the concept of stablecoins in A-shares also rose significantly yesterday, mainly following the rhythm of the Hong Kong stock market. The leading stock in Hong Kong is ZhongAn Online, which suddenly surged 12% yesterday, reviving the concept of stablecoins.

Hong Kong has recently been tightening the review of license applications, with several major domestic companies such as JD.com and Ant Group participating, and the market expects that institutions will issue a renminbi stablecoin for offshore settlement in the future. However, this matter is currently still at the stage of wishful thinking, as the domestic attitude towards the unregulated blockchain field has always been very cautious. Let's see what kind of product can eventually be developed, but this first step is also very meaningful. I am still looking forward to the passage of the Senate stablecoin bill this week; only with positive stimulation can the market break through with increased volume!