The Hong Kong stock concept is rising | The US Senate passed a landmark stablecoin bill, J.P. Morgan Chase launched a stablecoin-like token (with concept stocks)

Zhitong Finance App learned that on Tuesday local time, the US Senate passed landmark cryptocurrency legislation aimed at boosting the growth of the industry. This is a historic lobbying victory for a digital asset company in the Senate's first vote on comprehensive regulatory reform of cryptocurrencies.

The Senate passed the bill with 68 votes in favor and 30 against, and 18 Democrats joined the majority of Republicans in support of submitting it to the House of Representatives. This bill, led by Tennessee Republican Senator Bill Haggerty, will establish a US regulatory framework for stablecoins linked to the value of the dollar for the first time. The vote was preceded by months of intense negotiations between Republican supporters of the bill and a group of crypto-friendly Democratic senators. Republicans need to enlist the support of these Democrats to reach the 60-vote threshold required to pass the bill.

J.P. Morgan is further entering the cryptocurrency sector by launching a stablecoin-like token called JPMD. The US banking giant revealed on Tuesday that it plans to launch so-called “deposit tokens” on Coinbase's public blockchain Base. Each deposit token is intended to be a digital map of commercial bank deposits. JPMD will provide customers with 24-hour settlement services and support interest payments to holders. It's a “permissioned token,” meaning it's only open to J.P. Morgan's institutional customers — unlike many stablecoins that are open to the public. Navin Malera, global co-head of Kinexys, J.P. Morgan's blockchain division, said on Tuesday: “We expect institutions to use JPMD for on-chain digital asset settlement and cross-border business-to-business transactions.” He added, “Since deposit tokens will eventually also accrue interest, this will make them more interchangeable with existing deposit products currently used by institutions.”

Tianfeng Securities released a research report saying that stablecoins have been upgraded from a “connector” of crypto assets to a new global payment infrastructure, and incremental capital and scenarios are rapidly rising under the wave of compliance. With the rapid rise in the size of stablecoins, cross-border payments are ushering in a new paradigm shift. At the same time, regulatory policies in the US and Hong Kong, China have broken down, opening up an incremental ceiling for the industry and driving the market to accelerate development. Driven by these multiple factors, a vast market space at the level of a trillion US dollars has begun to take shape. Citi predicts that the stablecoin size will reach 1.6-3.7 trillion US dollars in 2030.

Hong Kong stock companies related to the stablecoin concept:

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.

Huaxing Capital Holdings (01911): On the morning of June 6, it was announced that Circle Internet Group, a company invested in the Huaxing New Economy Fund under its management, successfully listed on the New York Stock Exchange, making it a landmark event for the first IPO in the global stablecoin field.

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.

JD Group-SW (09618): The JD stablecoin has not been officially released yet and is currently in the second phase of sandbox testing. Liu Peng, CEO of JD Coin Chain Technology, explained that JD stablecoins are stablecoins based on a public chain and linked 1:1 to fiat currencies such as Hong Kong dollars or US dollars. Stablecoins anchored in the Hong Kong dollar and the US dollar are tentatively issued in the first phase. The details are adjusted based on regulation and market demand.

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.

Lianyirong Technology-W (09959): In 2019, Lianyirong teamed up with Greenland Finance to obtain a Singapore digital banking license, Greenlink Bank, to serve a wide range of cryptocurrency ecosystem customers in Singapore; on August 30, 2021, Standard Chartered Group and Lianyirong established a joint venture — Olea (Olea) to jointly build a blockchain-driven comprehensive digital trade finance platform; in 2023, Lianyirong collaborated with Bank for International Settlements Innovation Center (BIS), Standard Chartered Bank, Yuancoin Technology, and Simeos Project Dynamo asset token project; in 2024, as the founding shareholder, Lianyirong participated in the establishment of SuperFi Labs, a company aimed at building the next generation of consumer products on the chain.