GF Securities: Hong Kong stablecoin draft brings short-term structural opportunities, cross-border transfer and other sectors are expected to benefit

According to GF Securities, Hong Kong's stablecoin regulatory framework may provide compliance channels for mainland enterprises to issue RMB-anchored stablecoins in Hong Kong for cross-border trade and investment, enhance their competitiveness in the global market, and attract incremental funds into class A shares. However, considering that the policy environment for virtual currencies is still relatively strict, the probability of large-scale incremental funds entering class A shares is low. In the short term, it may bring structural opportunities to the stock market, and sectors such as digital currencies, cross-border transfer, blockchain, and RWA (real-world asset tokenization) may be boosted. Stablecoins may become a strategic tool for the United States to defend the status of the US dollar, easing the selling pressure of the US dollar and US bonds to a certain extent. However, due to the limited size of stablecoins and increased competition, the short-term boost to the dollar and U.S. debt is limited. (Jin Ten)