Guangfa Securities: Stablecoin driving the global activity of RMB payment to rise Third-party payment companies may continue to benefit

Guangda Securities released a research report stating that the global retail cross-border payment market is expected to reach $39.9 trillion in 2024. According to FXC Intelligence's forecast, this figure will increase to $64.5 trillion by 2032, with a compound annual growth rate of 6.2% from 2024 to 2032. In terms of scenario contribution structure, B2B payments dominate with a 79% share, followed by e-commerce payments at 5%, service payments at 11%, and C2C payments at 5%. It is worth noting that in Renminbi cross-border settlement and multi-currency settlement business levels, third-party payment institutions have been deeply embedded in the entire payment chain ecosystem, playing an important role. It is expected that stablecoins will drive the global expansion of Renminbi cross-border payment infrastructure and diversification of application scenarios, thus third-party payment companies can expect revenue growth.