CITIC Securities: Approval of the stablecoin bill is expected to promote further landing of mainland RWA projects in Hong Kong.

CITIC Securities research report believes that in the recent period, Hong Kong and the United States have advanced to varying degrees in the legislation process of stablecoin-related bills. Stablecoins can provide a stable trading method for RWA token assets, enhance market liquidity, and help promote Mainland enterprises to further implement RWA issuance projects in Hong Kong. RWA digitizes real-world assets and puts them on the blockchain. At the same time, the stablecoin bill is expected to indirectly promote the construction of digital currency-related payment and settlement interfaces in the Hong Kong financial industry, and financial IT companies with experience in cross-border settlement of digital currency/digital renminbi and supply chain finance projects are expected to benefit.