Hong Kong Stock Concept Tracking|Circle will be listed as soon as this week, and the subsequent development of stablecoins is receiving attention (with concept stocks)

The US Genius Act may soon be voted on in the Senate.

On June 3, the US Senate is currently discussing amendments to the bipartisan “GENIUS Act”, and a vote is likely to be held as soon as June 9.

Circle officially announced its IPO plan on May 27, 2025. It is expected that the IPO will be carried out after the SEC review is completed, and it is expected to be listed within this week as soon as possible. Currently, the IPO has received more than double-digit subscriptions, and the total issuance scale has increased from the previous 6.7 billion US dollars to 7.2 billion US dollars, reaching a range of pricing.

Circle's total circulation is growing rapidly, and performance is expected to increase rapidly. As of December 31, 2024, the total circulation of USDC was US$43.9 billion; as of April 30, 2025, the total circulation volume of USDC was 614 US dollars, an increase of 40% over the end of 2024. It is expected that as US stablecoin compliance continues to advance, the total circulation volume is expected to increase further.

A stablecoin is a cryptocurrency that maintains a relatively stable value by establishing an anchor relationship with fiat currencies (such as the US dollar, RMB), commodities, or other assets. The original purpose of its creation was to effectively solve the problem of large price fluctuations in virtual currencies such as Bitcoin.

According to the CITIC Securities Research Report, the original purpose of stablecoins was to build a trading bridge between fiat currencies and digital assets. However, risk spillover from traditional financial markets and frequent on-chain risks have led to the risk of stablecoins being decoupled from fiat currencies, and the opacity of their issuer's reserve assets also poses a major hidden danger. In view of this, global regulators are speeding up the stablecoin legislation process, such as Europe's MiCA, Hong Kong's “Stablecoin Regulations”, and the US's “GENIUS Act”. The core of these is to establish a clear regulatory framework for stablecoin reserve assets and issuance mechanisms to protect consumers' rights and interests. Regulations clearly require stablecoin issuers to hold sufficient amounts of high-quality, high-liquidity assets to deal with liquidity risks, and currently mainstream stablecoin issuers generally use short-term US bonds as reserve assets.

From a global perspective, the stablecoin compliance process is expected to drive the restructuring of the global payment system. Compared with traditional cross-border payment methods, stablecoin payments have significant advantages in terms of cost and efficiency. Given that stablecoins currently anchored in the US dollar dominate the market, if the size of stablecoins continues to expand in the future, it is expected that incremental capital will help meet the demand for US short-term treasury bonds, but it will not significantly help the long-term US bond market. However, the growth in stablecoin demand still depends on the expansion of their application scenarios. Adopting a compliance legal framework alone is not enough to directly drive demand growth. The key lies in the substantial implementation of stablecoin application scenarios and the comprehensive construction of an ecosystem.

Guojin Securities pointed out that considering factors such as Hong Kong stock IPOs and trading volume, the asset quality and risk appetite of Hong Kong stocks have improved markedly, and they are actively seeking opportunities for Hong Kong stocks. Among them, the value of asset trading platforms is prominent. We continue to be optimistic about the development of Hong Kong's virtual assets and Web 3.0 markets. Due to stablecoin policy incentives, individual stocks related to virtual assets in Hong Kong have been active recently. The stablecoin policy is only one part of the larger trend of virtual assets in Hong Kong, and more policy systems will be introduced in the future. There was a large increase in individual stocks in the short term, so it is recommended to focus on the ability to continue to implement the business.

Stablecoin-related Hong Kong stock companies:

Zhongan Online (06060): As the core target of the Hong Kong stablecoin concept, the company's affiliate ZA Bank is the first local digital bank to provide reserve bank services for Hong Kong stablecoin issuers. It cooperates with Yuancoin Technology, a participant in the Hong Kong Monetary Authority's stablecoin sandbox program.

OSL Group (00863): The Hong Kong Compliant Exchange, the Hong Kong version of “Coinbase”, and Ethena collaborated to launch stablecoin interest-bearing products.

China Everbright Holdings (00165): One of Circle's important investors. Circle completed Series D financing of 60 million US dollars in 2016, and Everbright Holdings participated as an investor.

Standard Chartered Group (02888) +PCCW (00008): In July 2024, Standard Chartered Bank, Animoca Brands, and PCCW announced a partnership to explore stablecoin issuance. In February 2025, the three parties announced the establishment of a joint venture to apply for HKMA's stablecoin issuance license. The partnership aims to use Standard Chartered Bank's expertise and financial infrastructure, Animoca Brands' Web3 industry relationships, and PCCW's mobile wallet technology to jointly drive stablecoin adoption.

LianLian Digital (02598): LianLian Digital indirectly holds 100% of LianLian Pay Global Limited (LianLian Pay Global Limited) shares through multi-tier wholly-owned subsidiaries. Lian International cooperated with Yuancoin Technology to apply stablecoins in cross-border payment scenarios. Furthermore, Lianlian Digital subsidiary DFX Labs has previously obtained a Hong Kong VATP license and has officially entered the Crypro field.