CITIC Construction Investment: Stablecoin legislation, accelerating financial technology

The CITIC Jiantou research report points out that stablecoin legislation is accelerated by financial technology. The stablecoin industry chain focuses on: 1. issuance and custody structure: 1) licensed issuers, 2) custodian service providers; 2. infrastructure and technology layer: 1) blockchain suppliers, 2) security certification service providers, 3) regulatory service providers; 3. downstream application providers: 1) cross-border payments, 2) RWA, 3) financial technology, etc. The tariff game continues, focusing on domestic substitutes, rare earths, and tariff immune varieties worth paying attention to; at the same time, the weakening of the US dollar credit, gold still has allocation value. In terms of industry fundamentals, focus on new consumption, pharmaceutical sector, and non-bank sector.