Citic Securities: Focus on stablecoin issuers with high certainty of approval.

The research report from CITIC Securities indicates that the stablecoin industry is booming and serves as a bridge connecting digital assets with the real world. With the implementation of regulatory policies worldwide, the industry is expected to achieve compliant development. The future application layer is expected to continuously expand in breadth and depth, providing support for the demand for stablecoins. Recommendations include: 1) Clearly apply for approval from stablecoin issuers with high certainty. 2) Focus on potential targets and industry participants that may constitute an issuance and application ecosystem in the long run, as application scenarios determine future potential.