🔥 The stablecoin war escalates! Ant Group enters the fray, Hong Kong stocks soar!
Introduction: The fintech circle is in a frenzy! 💥 Ant Group confirms application for a Hong Kong stablecoin license, and stocks related to it skyrocketed by 54%! Global giants are vying for a share, Circle became the 'first stablecoin stock' right after its IPO! Hong Kong is rushing to legislate, targeting a new track for cross-border payments! Did you understand this wave of excitement? 👇
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🚀 Big players' movements ignite the market:
Ant Group takes action: Ant International confirms it will apply for stablecoin licenses in Hong Kong & Singapore! 🐜 Vice President Bian Zhuoqun revealed that they have communicated with regulators multiple times and plan to submit swiftly after the new regulations in Hong Kong take effect on August 1. Their goal: Accelerate global financial management, implementing AI, blockchain, and stablecoin innovations!
Hong Kong stocks soared in response: As soon as the news broke, Hong Kong stocks related to Ant Group took off collectively! Yunfeng Financial surged by 54.24% in a single day! 📈 The market votes with real money!
Circle's IPO ignites enthusiasm: Global stablecoin giant Circle (issuer of USDC) listed on the NYSE on June 5, becoming the 'first stablecoin stock'! Its stock price surged over 50% in a week, with a market cap exceeding $23.7 billion! 💸 The industry's prospects are recognized by capital!
💡 What are stablecoins? Why are they important?
In simple terms: Pegged to real assets (such as USD/HKD), stable cryptocurrencies. Say goodbye to the wild fluctuations of Bitcoin! 🛡️
Core advantage: 1:1 asset backing! For every coin issued, there must be equivalent real assets (cash, government bonds, etc.) backing it! Regulators in Hong Kong, the US, the EU, Singapore, and others strictly monitor this aspect to prevent 'air coins' and bank runs!
Goal: To become a trusted 'on-chain cash' for payments, transfers, and transaction settlements.
🌏 Hong Kong: Fully committed to building a stablecoin center!
Regulations in place: (Stablecoin regulations) announced on May 30, to take effect on August 1! 📜 Clearly defines the licensing system, requiring reserve assets to be 'high quality, highly liquid, and low risk.'
Sandbox first: The Monetary Authority launched a sandbox for stablecoin issuers in March for institutions to test.
Ambition: Building an international virtual asset center! Expert Deng Jianpeng pointed out that issuing HKD stablecoins or regulating foreign currency stablecoins is of great significance to enhancing Hong Kong's international financial status!
🔍 Opportunities and challenges of HKD stablecoins:
Opportunities lie in cross-border payments! OSL Chief Business Officer Zhang Yinghua (Eugene) pointed out that stablecoins can enable T+0 cross-border payment settlements with lower costs! As a financial hub, demand is huge in Hong Kong.
The challenge is the market share! The current stablecoin market is approximately $230 billion, with USDT (63%) and USDC (25%) dominating! 😰 The HKD itself has a small market capitalization, and the trading volume of cryptocurrencies is limited, making it difficult for HKD stablecoins to shake up the current landscape in the short term. Experts Deng Jianpeng and Jeffrey Ding both believe that finding core application scenarios (such as cross-border payments) is key to breaking the deadlock!
⚠️ Hidden worries under the craze:
Reserve asset risks: A 1:1 peg increases safety but is not absolute! 😨 Case in point: The collapse of Silicon Valley Bank in 2023 trapped Circle's $3.3 billion USDC reserves, leading to a price crash!
Compliance and regulatory challenges: Anti-money laundering, fraud prevention (such as over-issuance), and regulatory discrepancies among countries are significant obstacles. High compliance costs are also a barrier.
Impact on financial sovereignty: Deng Jianpeng warns that if USD stablecoins become popular in countries with severe inflation, it may undermine local financial sovereignty! 🌍#香港加密概念股
