On June 3rd, Guangfa Securities stated that Hong Kong's stablecoin regulatory framework might provide a compliant channel for mainland enterprises to issue RMB-pegged stablecoins through Hong Kong for cross-border trade and investment, enhancing their competitiveness in global markets and attracting incremental funds into the A-share market. However, considering the still stringent virtual currency policy environment, the probability of large-scale incremental funds entering the A-share market remains low.
In the short term, this may bring structural opportunities to the stock market, with sectors such as digital currencies, cross-border payments, blockchain, and RWA (real-world asset tokenization) potentially receiving a boost. Stablecoins may become a strategic tool for the United States to defend the dollar's status, to some extent alleviating the selling pressure on the US dollar and US Treasury bonds. Nevertheless, due to limited stablecoin scale and intensifying competition, the short-term support for the US dollar and US Treasury bonds is expected to be limited. (Jintian)
