Understanding the Market | Stablecoin concept performs actively, GUOTAI JUNAN I rises nearly 5%, ZA ONLINE rises over 4%

According to Zhitong Finance APP, the stablecoin concept has shown active performance. As of the time of writing, Guotai Junan International (01788) rose by 4.97% to HKD 6.12; ZA Online (06060) increased by 4.57% to HKD 19.24; Lianyi Rong Technology-W (09959) climbed by 4.27% to HKD 2.44; and China Everbright Holdings (00165) went up by 2.99% to HKD 8.26.

In terms of news, Eddie Yu, the president of the Hong Kong Monetary Authority, published an article discussing stablecoins again. Eddie Yu stated that after the "Stablecoin Ordinance" is passed, the Hong Kong Monetary Authority will immediately implement the regulatory and anti-money laundering guidelines for the ordinance and is currently adjusting the requirements of the guidelines based on feedback, aiming to announce them by the end of July. Additionally, Eddie Yu mentioned that a summary of the "Stablecoin Issuer Licensing System" will be released next week, which will outline the arrangements for the Hong Kong Monetary Authority to accept and process license applications.

Zhejiang Merchants Securities pointed out that compared to traditional payments, stablecoins rely on blockchain technology to achieve real-time peer-to-peer settlement, resulting in lower transaction costs, higher efficiency, and lower barriers to entry. With the Hong Kong "Stablecoin Ordinance" set to officially take effect on August 1, and the procedural voting of the U.S. "GENIUS Act," the global regulatory framework for stablecoins is accelerating. As a bridge connecting traditional finance and the crypto world, the compliance process of stablecoins will promote the development of the RWA (Real World Assets) sector and unlock the synergistic value of "assets + funds."