HK Stock Market Move | Stablecoin fever is still ongoing. Guotai Junan I (01788) surged over 20% at one point, while DMALL (02586) rose another 18%.
The concept of stable currency stocks is rising. As of the time of publication, Guotai Junan International (01788) rose by 19.43% to 4.6 Hong Kong dollars, and Multi-Points Wisdom (02586) rose by 18.49% to 13.2 Hong Kong dollars.
Concept stocks related to stablecoins surged, as of the time of writing, GUOTAI JUNAN I (01788) rose by 19.43% to 4.6 Hong Kong dollars; DMALL (02586) rose by 18.49% to 13.2 Hong Kong dollars; VICTORY SEC (08540) rose by 7.02% to 6.25 Hong Kong dollars; CHINA EB LTD (00165) rose by 6.22% to 8.03 Hong Kong dollars.
In terms of news, on July 2nd, the Financial Services and the Treasury Bureau of Hong Kong's Secretary for Financial Services and the Treasury Christopher Hui announced that the "Stablecoin Regulations" will come into effect on August 1st this year, at which point the Hong Kong Monetary Authority (HKMA) will begin accepting license applications. The HKMA is currently consulting the market on specific guidelines to implement the regulations and aims to establish the guidelines as soon as possible. Previously, GUOTAI JUNAN I was granted virtual asset trading qualifications, becoming the first Hong Kong-owned Chinese securities firm to provide a full range of virtual asset-related trading services. In addition, it was reported that several public fund Hong Kong subsidiaries are currently actively involved in the stablecoin ecosystem, including stablecoin sandbox testing, preparation, design, and issuance of virtual asset-related products.
Opensource Securities believes that stablecoins are experiencing a "singularity" moment, with the industry's major trends now imminent. The bank pointed out that the application scenarios for stablecoins are expanding from cryptocurrency trading to a wider payment field, with market size and trading activity increasing rapidly; stablecoin laws have been introduced in regions such as the United States and Hong Kong, which are expected to drive the healthy development of the stablecoin market. In addition, the stock price performance of Circle, the world's second-largest stablecoin manufacturer, has been impressive since going public, attracting high market attention. The bank is optimistic about investment opportunities in the stablecoin and RWA market.
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