汇丰：香港稳定币市场五问：牌照制度启动下的机遇与银行体系影响-250820（英文版）（15页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ Find o

2、ut moreHSBC12th Annual China ConferenceShenzhen|1-2 September 2025 Hong Kong is gripped with stablecoin excitement as its licensing regime kicks off and related stocks rally But why do stablecoins matter?We address five key questions and look at how they could impact the banking system We see the ma

3、rket focusing on who gets licenses,Beijings view on RMB stablecoins,and banks attitude to engage Stablecoins in the spotlight.There is a lot of excitement over stablecoins in Hong Kong with some related stocks surging in recent months.The HKMA is going early with a regulatory framework,just like it

4、did for digital banks five years ago.While it is too early to answer how big stablecoins could get,they could change the banking system.We answer five questions about the market now,future potential,and risks.1:How big is the stablecoin market?The global market cap for stablecoins is greater than US

5、D262bn and dominated by USD-pegged stablecoins.Non-USD stablecoins currently account for c0.3%of market cap.In Hong Kong,every 1%of HKD deposits converted into stablecoins would infer a market cap of cUSD11bn.2:What is special about stablecoins in Hong Kong?The deep linkage of Hong Kongs financial s

6、ector with international and mainland China markets may offer unique opportunities,especially in cross-border transactions.Such an interest is reaffirmed with strong Southbound wealth inflows seen in 2024 onward(A game changer:Southbound,5 August).Mainland China regulators may use Hong Kong as a tes