HK Stock Market Move | CHINA EB LTD (00165) rose over 6% in the final trading session; US House of Representatives passed a stablecoin bill, the company participated in an early investment in Circle.

CHINA EB LTD (00165) rose more than 8% in the final trading session, with a 6.65% increase at the time of writing, reaching 8.5 Hong Kong dollars, with a trading volume of 4.23 billion Hong Kong dollars. On the news front, the U.S. House of Representatives has passed a procedural vote on the "Guiding and Establishing American Stablecoin National Innovation Act" (GENIUS Act), clearing obstacles to establishing a federal regulatory framework for stablecoin issuance. If this bill is finally approved, it will clarify the compliant status of stablecoins like USDC and promote their application in areas such as cross-border payments and DeFi. It is reported that in June 2016, China Everbright Holdings announced a joint investment with IDG Capital in Circle, becoming its global strategic shareholder. USDC issued by Circle is currently the second largest stablecoin globally. Denker Securities previously pointed out that the hot demand for Circle's listing is a positive feedback on the gradual clarity of the global stablecoin regulatory framework, which is expected to promote the global standardization of stablecoin reserves and continuously improve the acceptance of stablecoins by financial users.