CITIC Securities: Investment opportunities may arise in the areas of RWA asset management, banking IT, and cross-border payments.

CITIC Securities Research Report stated that on May 30th, the "Stablecoin Regulations" in Hong Kong became the world's first specialized legislation for fiat-backed stablecoins, officially filling the regulatory gap for fiat-backed stablecoins and accelerating the compliant development of stablecoins. With the continuous deepening of RWA development, issuing institutions, custody banks, investors, blockchain and other RWA ecosystem entities are expected to rapidly grow, and investment opportunities may arise in RWA asset management, bank IT, and cross-border payment fields. Recommendations include: 1) Stablecoin issuers and cryptocurrency exchanges will directly benefit; 2) Considering RWA as a profitable asset class in the cryptocurrency market, it is recommended to pay attention to service providers with RWA issuance capabilities, especially those related to Ant Group that have already conducted RWA issuance operations; 3) CITIC Securities believes that the development of cryptocurrencies and stablecoins in Hong Kong will have a significant impact on the internationalization of the Renminbi and cross-border payment, so it is recommended to pay attention to cross-border payment related assets.