In fact, “stablecoins” are not a new thing that emerged out of nowhere. There have been discussions about “stablecoins” in China for several years. According to previous media reports, Li Bo, then vice governor of the People’s Bank of China, pointed out at the 2021 Boao Forum for Asia Annual Conference that the People’s Bank of China is studying regulatory rules for Bitcoin and “stablecoins”.
In addition, in terms of practical application, “stablecoins” have been widely popularized in the fields of payment and transactions. The latest research report released by Dongwu Securities indicates that according to a report by the cryptocurrency exchange CEX.IO, the total transaction volume of “stablecoins” reached 27.6 trillion US dollars in 2024, surpassing the combined transaction volume of traditional payment giants Visa and Mastercard. Whether in scenarios such as cross-border remittances, decentralized finance (DeFi) lending, or online shopping, “stablecoins” have demonstrated the advantages of being fast and low-cost, gradually influencing the global payment and transaction ecosystem.
However, in the A-share market, “stablecoins” have only recently become A hot topic. Before May this year, this concept was basically ignored.
Industry insiders believe that the recent rapid rise of “stablecoins” in the market is closely related to multiple “catalysts” : Recently, the Legislative Council of the Hong Kong Special Administrative Region passed the “Draft”, marking that Hong Kong has become the world’s first jurisdiction to establish a comprehensive regulatory framework for fiat currency “stablecoins”. Circle Internet Group, the issuer of USDC, the world’s second-largest “stablecoin”, recently announced the terms of its IPO. The company plans to list on the New York Stock Exchange and raise up to 624 million US dollars. Recently, the “GENIUS Act” (the “Guiding and Establishing the National Innovation Act for Stablecoins in the United States”) of the United States has made significant progress in the Senate. Once the bill is passed, it may drive the growth of institutional investment in “stablecoins”.
