Southern Financial Media reporter Lin Hanyao reports from Beijing
The Legislative Council of Hong Kong SAR has passed the Stablecoin Bill Draft in its third reading, marking a significant step in digital asset regulation. Following this, companies like ZhongAn Online P&C Insurance Co. (ZhongAn Insurance, 06060.HK) and Guotai Junan International Holdings Ltd. (GTJA International, 01788.HK) have seen explosive stock growth, driven by market optimism about stablecoin policies and virtual asset合规化.
Key Institutions Benefiting from Stablecoin Policies
ZhongAn Insurance: A Web3 Banking Pioneer
- Stock Surge: 60% increase since May, peaking at HK$22.75 on June 19.
- Strategic Edge: Holds 43.43% stake in ZA Bank, Hong Kong’s first digital bank to offer reserve services for stablecoin issuers.
- Web3 Focus: Services 80+ Web3 firms, including partnerships with HashKey and OSL.
GTJA International: Expanding Virtual Asset Services
- Licensing Milestone: Upgraded securities license now covers virtual asset trading and advisory services.
- Market Response: Stock soared 198% on June 25 after the announcement.
Expert Insight:
"Hong Kong’s stablecoin framework could reshape traditional finance, though it may challenge bank deposits and monetary policy efficacy," says Ouyang Rihui, Deputy Director at Central University of Finance and Economics.
Why Stablecoins Are Game-Changers
Enhancing Real-World Asset (RWA) Liquidity
- RWA Integration: Tokenizes tangible assets (e.g., bonds, commodities) for blockchain trading, boosting liquidity and transparency.
- Market Growth: Global stablecoin市值 exceeds $240 billion, with RWA projected to hit $16 trillion by 2030 (Boston Consulting Group).
Payment Efficiency
- Transaction Volume: $15.6 trillion in 2024, surpassing Visa and Mastercard in value but lagging in frequency due to high B2B use.
- Challenges: ~70% of stablecoin transactions are crypto arbitrage, limiting mainstream支付 adoption.
Hong Kong’s Regulatory Innovations
Key Features:
- Introduces "designated stablecoins" pegged to fiat currencies or HKMA-approved units.
- Strict licensing ensures只有合规 entities can issue stablecoins.
- Global Implications: Paves the way for offshore RMB stablecoin trials, supporting人民币国际化.
👉 Explore how stablecoins are revolutionizing finance
FAQs
1. How do stablecoins impact traditional banks?
They may cause "deposit migration," reducing bank lending capacity and challenging conventional models.
2. What’s unique about Hong Kong’s stablecoin bill?
It mandates licenses for issuers and reserves management, ensuring stability and赎回 protections.
3. Can stablecoins disrupt monetary policy?
Yes, by altering money supply metrics and信用 creation, potentially weakening tools like reserve ratios.
4. Which sectors benefit most from stablecoins?
Web3 services, RWA platforms, and cross-border payment providers are prime candidates.
Final Thought:
As Hong Kong positions itself as a stablecoin hub, its policies could redefine global finance—balancing innovation with systemic risks.
👉 Dive deeper into crypto trends
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