Hong Kong Stock Concept Tracking | The first stock of stablecoins Circle is about to be listed, and the market is paying attention to the continuous implementation of Hong Kong's stablecoin policy (with concept stocks attached)

The issuer of the world's second-largest stablecoin USDC, Circle Internet Group, Inc., will be listed on the New York Stock Exchange, with market speculation pointing to June 5th or 6th as the date.

Stablecoin issuer Circle Internet: The U.S. IPO stock issuance price is set at $31 per share, with an initial public offering of 34 million shares. The financing scale is $1.1 billion.

Compared to Tether, the issuer of the world's largest stablecoin USDT, Circle's biggest advantage is compliance and transparency. With the implementation of the U.S. GENIUS Act, the scale of compliant stablecoins will continue to grow, and Circle needs to seize the first-mover advantage. Currently, the circulation of USDC exceeds $61 billion, while USDT is about $150 billion, but USDC's volume grew by 40% last year, far exceeding USDT's 10%. Currently, Circle's profit model is quite simple, which is "earning interest."

Li Lianxuan, co-founder of the tokenization service agency Hashkey Tokenisation, stated that USDC currently has strong competitiveness, not only being more compliant than USDT but also backed by the world's largest reserve currency, the U.S. dollar, and Circle waives redemption fees for deposits and withdrawals. Even as more compliant stablecoins emerge in the future, USDC will maintain its advantages, especially the advantage of network effects.

HKSAR Secretary for Financial Services and the Treasury, Xu Zhengyu, stated that the Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors and will formulate robust risk management measures. These measures will further enrich the product options in the Hong Kong market while ensuring that trading is conducted in an orderly, transparent, and secure manner.

CITIC Securities believes that the development of cryptocurrencies and stablecoins in Hong Kong will significantly promote the internationalization of the renminbi and cross-border payments, suggesting attention to cross-border payment-related targets.

Guojin Securities pointed out that considering factors such as Hong Kong stock IPOs and trading volume, the asset quality and risk appetite of Hong Kong stocks have significantly improved, actively seeking opportunities in Hong Kong stocks, where the value of asset trading platforms is highlighted. They remain optimistic about the development of the virtual asset and Web 3.0 markets in Hong Kong. Due to the stimulus from stablecoin policies, related stocks in Hong Kong's virtual assets have recently shown active performance. The stablecoin policy is just one part of the larger trend of virtual assets in Hong Kong, and more policy systems will be introduced in the future. In the short term, individual stocks have seen significant increases, and attention is advised on the ability to sustain business operations.

Hong Kong stock companies related to the stablecoin concept:

ZhongAn Online (06060): A core target for Hong Kong's stablecoin concept, the company's joint venture ZA Bank is the first local digital bank to provide reserve banking services for Hong Kong stablecoin issuers, collaborating with Hong Kong Monetary Authority's stablecoin sandbox participant, Yuan Coin Technology.

OSL Group (00863): A compliant exchange in Hong Kong, the Hong Kong version of "Coinbase," which has launched a stablecoin interest-earning product in collaboration with Ethena.

China Everbright Holdings (00165): One of Circle's important investors, Circle completed a $60 million Series D financing in 2016, with Everbright Holdings participating as an investor Standard Chartered Group (02888) + PCCW (00008): In July 2024, Standard Chartered Bank, Animoca Brands, and PCCW announced a collaboration to explore the issuance of stablecoins. In February 2025, the three parties announced the establishment of a joint venture to apply for the HKMA's stablecoin issuance license. This collaboration aims to leverage Standard Chartered Bank's expertise and financial infrastructure, Animoca Brands' Web3 industry connections, and PCCW's mobile wallet technology to jointly promote the adoption of stablecoins.

JD.com Group-SW (09618): The JD stablecoin has not been officially issued yet and is currently in the second phase of sandbox testing. Liu Peng, CEO of JD Coin Chain Technology, introduced that the JD stablecoin is a stablecoin based on a public chain and pegged 1:1 to fiat currencies such as the Hong Kong dollar or US dollar. The first phase is tentatively set to issue stablecoins pegged to the Hong Kong dollar and US dollar, with specific circumstances adjusted based on regulatory and market demand.

LianLian Digital (02598): LianLian Digital indirectly holds 100% equity of LianLian International (LianLian Pay Global Limited) through multiple wholly-owned subsidiaries. LianLian International collaborates with Yuan Coin Technology on stablecoin application projects in cross-border payment scenarios. In addition, LianLian Digital's subsidiary DFX Labs has previously obtained a Hong Kong VATP license, officially entering the crypto field