Recent developments, including the upcoming August 1st enactment of Hong Kong's "Stablecoin Ordinance," the 168% first-day surge of "stablecoin pioneer" Circle's stock, and JD.com's announcement that its stablecoin has entered the second phase of sandbox testing, have collectively fueled significant activity in A-share digital currency concept stocks.
As of Friday's close, several key players recorded substantial gains. Jinshi Technology, which signed an agreement with Ant Digital Technologies to deepen RWA cooperation in new energy projects and boost digital energy development, achieved four consecutive trading limits up. Zhongjia Bochuang, whose subsidiary primarily focuses on blockchain-based digital currency applications in finance, saw three consecutive limits up. Chutian Dragon, already capable of producing various forms of digital currency wallet products, hit the daily limit up.
The Driving Forces Behind the Surge
A research report from CITIC Securities analysts, including Yang Zeyuan, dated June 2nd, highlights recent legislative progress on stablecoin-related bills in both Hong Kong and the United States. The report notes that stablecoins can provide a stable valuation transaction method for Real World Asset (RWA) tokenized assets, enhancing market liquidity. This is expected to facilitate the further landing of RWA issuance projects for mainland enterprises in Hong Kong.
Concurrently, stablecoin legislation is anticipated to indirectly boost the construction of digital currency-related payment and settlement interfaces within Hong Kong's financial sector. Financial IT enterprises with experience in digital currency/digital RMB cross-border settlement and supply chain finance projects are poised to benefit from this trend.
Key Players Receiving Institutional Attention
Choice data reveals that between May 23rd and June 6th, several digital currency concept stocks received institutional surveys. These companies represent a cross-section of the industry's innovators and established players.
Notable among them are:
- Yuxin Technology
- Zhongke Jincai
- Beixinyuan
- Jingbeifang
- Airong Software
- Tianyang Tech
- GCL Energy
- Chutian Dragon
- Xiongdi Technology
- Guoxin Technology
- Guomai Technology
- Dongxin Peace
Stablecoin Business Focus
Among the companies surveyed, several provided explicit details regarding their involvement in stablecoin-related businesses. The number of institutional visits each received varied significantly.
Yuxin Technology (75 institutional visits) outlined two primary ways for fintech firms to engage with stablecoins: providing supporting services and application scenarios for financial institutions, or actively participating in stablecoin issuance and scenario innovation. The company stated it is adopting both approaches within its overseas business expansion, with布局 (layout/planning) and actions predating the ordinance's release. This includes collaborating with overseas universities and financial institutions for joint innovation, with a project already receiving support from the Macao Science and Technology Fund.
Zhongke Jincai (33 visits) reported deep积累 (accumulation) in stablecoin-related business scenarios, technical reserves, and team building. The company plans to explore stablecoin business with banks, following a cooperative model between banks and tech companies, leveraging partners' global assets and business scenarios to expand applications, albeit acknowledging uncertainties in licensing.
Tianyang Tech (19 visits) is currently promoting a credit card product that utilizes stablecoins for recharge, requiring配套 (supporting/matching) upgrades to its card issuance system. The company highlighted its mature technology for accepting recharges from blockchain stablecoin wallets and noted the involvement of various stablecoins like USDT, USDC, and Hong Kong Dollar-pegged stablecoins in the primary issuance market.
Chutian Dragon (13 visits) expressed confidence in its technical strength, customer base, and service experience to participate in Hong Kong's fiat stablecoin business. With the steady advancement of its出海 (going global) strategy, the company anticipates landing more scenario projects in embedded security products and innovative financial services.
Guomai Technology (3 visits) introduced its "Guomai Coin," described as an incentive mechanism and service exchange intermediary connecting its AI agents with entity services. While possessing some stablecoin functions, its core purpose is to guide users toward activities beneficial to their physical and mental well-being. It is already integrated with the company's education services and plans to connect with more innovative service scenarios.
Other Notable Developments
Jingbeifang, while not explicitly detailing stablecoin布局 (layout/planning) during surveys, noted its longstanding expertise in underlying technologies like blockchain and smart contracts. The company stated that its products and technical capabilities in the digital RMB/digital currency bridge domain could be rapidly replicated and migrated to the stablecoin field.
GCL Energy discussed the impact of tokens and stablecoins on RWA, emphasizing RWA's role in providing a more open financing method and a decentralized market opportunity. This connects domestic green assets with overseas capital and enhances the liquidity of new energy assets. The company also confirmed the successful issuance of China's first photovoltaic entity asset RWA in collaboration with Ant Digital Technologies.
Dongxin Peace highlighted its existing digital RMB products, including hard wallet cards and read-write devices. Leveraging its core advantages in blockchain and security technologies, the company has co-developed a blockchain-based SIM card (BSIM) with dual functions of mobile communication and financial asset management.
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Frequently Asked Questions
What is a stablecoin?
A stablecoin is a type of cryptocurrency designed to maintain a stable value, typically by being pegged to a reserve asset like a fiat currency (e.g., the US dollar) or a commodity. It leverages blockchain technology for secure and transparent transactions.
Why is Hong Kong's Stablecoin Ordinance significant?
The ordinance establishes a licensing regime for fiat stablecoin issuers, creating a regulatory framework. This brings legitimacy and oversight to the stablecoin market, potentially boosting investor confidence and encouraging innovation in digital currency applications within the region's financial sector.
How does RWA (Real World Asset) tokenization relate to stablecoins?
Stablecoins can provide a stable medium of exchange for trading tokenized real-world assets (RWA). This enhances liquidity for these assets, making it easier to fractionalize and trade ownership in things like real estate or, as seen, green energy projects.
What are the primary business areas for companies in this sector?
Companies are engaged in various activities, including providing financial IT support and infrastructure, developing digital currency wallets and hardware, participating in stablecoin issuance and application innovation, and exploring the tokenization of real-world assets (RWA).
Are there risks associated with investing in digital currency concept stocks?
Yes. The regulatory environment is still evolving, and the adoption of new technologies like stablecoins and RWA involves uncertainties. The performance of these stocks can be volatile and is often subject to regulatory announcements and technological advancements.
What should investors look for in these companies?
Investors should consider a company's technical expertise, proven experience in relevant projects, partnerships with established financial or tech entities, clear regulatory compliance strategies, and a viable plan for implementing their technology in real-world scenarios.