TechFlow, June 21 — CICC published an article titled "The Potential Impact of Stablecoins on the Financial System," which指出: From a monetary creation perspective, lending activities within decentralized financial systems fulfill a "quasi-money" creation function. In particular, purchasing tokenized equities with stablecoins directly channels funds into or out of stock markets. From a market sentiment perspective, significant price volatility in cryptocurrencies affects stock market expectations; historically, the Nasdaq Index has shown some correlation with Bitcoin prices. Equities related to crypto assets and stablecoins in stock markets—such as cryptocurrency exchanges and financial institutions—affect stock prices through changes in their fundamentals.
For the Hong Kong dollar, regulating stablecoin issuance, especially HKD-pegged stablecoins, helps enhance the currency's influence in areas such as cross-border payments and digital assets, strengthens the international competitiveness of Hong Kong's financial industry and the Hong Kong dollar, and consolidates Hong Kong's status as a global financial center.
