資訊圖：什麼是穩定幣？

穩定幣是一種加密貨幣，其價格始終保持穩定。穩定幣被創造出來是為了應對加密貨幣市場的不穩定性，為投資者、交易所和整個加密貨幣市場提供一個穩定的環境。

不同類型的穩定幣

• 法定貨幣支援型（Fiat-Backed） ：由法定貨幣支援，是常見的一種穩定幣形式。它們是法定貨幣的數字形式，價值相對穩定。代表項目 ：TrueUSD、Tether、GEMINI。
• 商品支援型（Commodity-Backed） ：由商品支援，如天然氣、黃金、貴金屬等。這些商品在網路中始終具有穩定價值。代表項目 ：Digix。
• 加密貨幣支援型（Cryptocurrency-Backed） ：由不同的加密貨幣支援，而不是由單一加密貨幣支援。這種結構可以防止任何波動風險。代表項目 ：Maker、Synthetix。
• 鑄幣稅型/無抵押型（Seigniorage-Style/Non-collateralized） ：這類穩定幣沒有資產支援，而是使用演算法來燃燒或增加加密貨幣以穩定其價值。代表項目 ：Carbon、Kowala。

資訊圖：穩定幣的應用場景和侷限性

應用場景

• 低成本且極快速的匯款 ：穩定幣使海外匯款更簡單，速度極快，且價值與法定貨幣相同，能為使用者節省時間和成本。
• P2P 支付及簡化定期支付 ：穩定幣讓個人間支付更便捷，可借助智能合約實現自動化定期支付，提高支付效率和精準性。
• 增加抵禦貨幣崩潰的安全性 ：穩定幣價值穩定，投資時不必擔心貨幣崩潰導致損失，與其他加密貨幣相比波動小，能為投資者提供更可靠的資產儲存方式。
• 更穩定的加密貨幣交易所 ：穩定幣可穩定加密貨幣交易所市場，減少價格波動帶來的風險，使交易所交易更平穩、公平，為交易者提供更好的交易環境。
• 日常貨幣 ：穩定幣可像法定貨幣一樣作為日常貨幣使用，具有法定貨幣的支撐，可作為數字形式的貨幣用於線上支付等日常交易，使用方便快捷。

侷限性

• 中心化問題 ：穩定幣大多具有中心化性質，違背區塊鏈去中心化本質，可能存在單點故障風險，一旦中心化機構出現問題，會影響穩定幣的發行、流通和使用。
• 信任問題 ：由於其中心化特性，人們難以完全信任穩定幣系統，其穩定性和價值支撐依賴發行方信用和儲備資產，若發行方出現問題或儲備資產不足，穩定幣價值可能受影響。
• 監管問題 ：大多數穩定幣與法定貨幣一樣受監管，這與加密貨幣初衷相悖，增加合規成本和營運難度，可能限制其創新和發展空間。
• 價格不穩定風險 ：加密貨幣或商品支援的穩定幣可能因現實世界資產價值波動而變得不穩定，若支撐穩定幣的資產價格大幅下跌，可能導致穩定幣價值下降，影響其穩定性和使用者利益。

資料：截至2025年3月，Tether持有的美國國債已達到985億美元，這一數字在2020年幾乎為零，Tether現已躋身美國國債前25大持有者。花旗估計，穩定幣市場到2030年可能達到1.6—3.7兆美元規模。

RWA：現實資產的Token化革命

穩定幣開啟美元資產上鏈先河，RWA（Real World Assets）則推動這場運動全面擴張。

RWA邏輯簡單，把現實資產如國債、企業債、票據等“Token化”，使其像USDT一樣在鏈上交易、質押、再融資。

這很重要，因為傳統金融存在低效和封閉的問題。國債購買門檻高、流程複雜；企業債收益可觀但普通投資者難接觸；商業票據缺乏透明流轉機制。而RWA的Token化能讓這些資產接入DeFi生態，在鏈上質押借貸，自由跨境轉移，以最小單位交易降低門檻，並通過鏈上透明審計消除風險。這不是未來，已經發生。MakerDAO、Ondo Finance等項目已將美債、企業債搬上鏈，年化收益4%~6%，成為DeFi低風險收益池。

未來已來。

Hong Kong and JD.com's Stablecoin Ventures:

Exploring the Future of Finance

香港和京東的穩定幣探索：開啟金融新篇

The Rise of Stablecoins: A Bridge Between Old and New

穩定幣的崛起：新舊金融的橋樑

In the ever-evolving digital finance realm, stablecoins have emerged as a cornerstone of innovation. Unlike their volatile crypto counterparts, stablecoins are pegged to stable assets like fiat currencies or commodities, making them ideal for transactions and store of value. Their significance lies in offering a bridge between traditional finance and the crypto world, enabling faster, cheaper, and more transparent transactions across borders. For instance, Tether (USDT), the dominant stablecoin, accounts for nearly 70% of stablecoin activity. It has proved resilient during market turmoil, such as the Terra-Luna collapse, by maintaining its peg to the dollar and handling massive redemptions.

在數字金融不斷發展的背景下，穩定幣已成為創新的基石。與波動較大的加密貨幣不同，穩定幣與法定貨幣或商品等穩定資產掛鉤，使其成為交易和儲值的理想選擇。其重要性在於為傳統金融與加密貨幣世界之間搭建了一座橋樑，能夠實現更快、更便宜且更透明的跨境交易。例如，Tether（USDT）作為穩定幣市場的主導者，佔據了約70%的市場份額，在市場動盪時期（如Terra-Luna崩潰事件）依然能夠維持與美元的掛鉤，並處理大量的贖回請求。

Hong Kong's Legislative Framework: Balancing Innovation and Stability

香港的立法框架：創新與穩定的平衡

Hong Kong's legislative move on stablecoins reflects its proactive attitude towards financial innovation and its sense of responsibility as an international financial center. By establishing a strict and transparent regulatory framework, Hong Kong aims to achieve a balance between promoting financial innovation and safeguarding financial stability. The legislation clearly defines key requirements such as capital adequacy (a minimum paid-up capital of HKD 25 million), reserve asset management (reserves must match the circulating stablecoin value and be held in licensed financial institutions), and redemption rights protection (unconditional redemption at face value). This is not only a profound reflection on past events like the TerraUSD collapse but also provides a reference for global stablecoin regulation. In the current context of rapid stablecoin market expansion and emerging potential risks, Hong Kong's legislation is timely. It helps prevent a repeat of the TerraUSD-like incident in 2022, protects investors' interests, and consolidates Hong Kong's position as an international financial hub.

香港特區在2025年5月21日通過《穩定幣條例草案》，為穩定幣發行設立嚴格且清晰的監管框架。這一舉措不僅展現了香港對於金融創新的積極態度，更凸顯了其作為國際金融中心的責任擔當。通過立法明確資本充足率（最低實繳資本2500萬港元）、儲備資產管理和贖回權保障（儲備資產等值於流通穩定幣價值並存放於持牌金融機構，持有人有權無條件按面值贖回）等關鍵要素，香港正致力於在維護金融穩定與推動創新之間找到最佳平衡點。這既是對過往諸如TerraUSD崩盤等事件的深刻反思，也為全球穩定幣監管提供了可借鑑的範本.

JD.com's Stablecoin Ambition: Strategic Layout in E-commerce and Beyond

京東的穩定幣雄心：電商之外的戰略佈局

JD.com's strategic layout in issuing stablecoins reveals its determination and vision in the fintech field. With its extensive e-commerce business and massive user base, JD.com has a natural edge in promoting the widespread application of stablecoins. Integrating stablecoins into its existing payment ecosystem is likely to dramatically cut transaction costs, enhance payment efficiency, and deliver a seamless payment experience to users. This aligns with JD.com's vision of leveraging technology to revolutionize retail and financial services and may reshape the e-commerce payment landscape. In the increasingly competitive stablecoin market, JD.com's entry is expected to secure a significant position with its strong supply chain management and market influence, engaging in differentiated competition with existing giants like Tether and Circle. For example, JD.com's stablecoin (tentatively named JD-HKD) plans to be pegged 1:1 to the Hong Kong dollar and is developed based on public blockchain technology, targeting two major application scenarios: accelerating cross-border payments for enterprises and optimizing supply chain finance.

京東發行穩定幣的戰略佈局，折射出其在金融科技領域深耕的決心與遠見。憑藉其龐大的電商業務版圖和海量使用者基礎，京東具備推動穩定幣廣泛應用的天然優勢。將穩定幣融入其現有的支付生態，有望大幅削減交易成本、提升支付效率，為使用者帶來前所未有的流暢支付體驗。這不僅契合京東利用科技革新零售與金融服務的願景，更可能重塑電商支付格局。在穩定幣市場競爭日益激烈的環境中，京東的入局或將憑藉其強大的供應鏈管理和市場影響力，迅速佔據一席之地，與現有巨頭如Tether、Circle展開差異化競爭。

Global Landscape and Competitive Dynamics: A Race for Digital Financial Dominance

全球格局與競爭態勢：數字金融的競速

From a global perspective, stablecoins are becoming a crucial arena for countries to compete for digital financial dominance. The US is accelerating the advancement of the GENIUS bill to maintain the dollar's supremacy in the digital era through clear regulations. The EU's MiCA regulation aims to standardize the digital asset market and ensure orderly development. Hong Kong's legislative efforts align with international regulatory trends. With its unique advantages such as the "same-industry, same-rules" regulatory closed loop and the government's proactive support for Web3.0, Hong Kong is poised to attract more global Web3 projects and talent. In the competitive stablecoin market, regulatory compliance is key. Hong Kong's clear regulatory framework may become a magnet for issuers. Meanwhile, large enterprises like JD.com, with their technological and capital strengths, are injecting new vitality into the market, driving the industry to higher-level development.

從全球視角來看，穩定幣正成為各國爭奪數字金融話語權的重要領域。美國加速推進GENIUS法案，意圖通過監管明確化維持美元在數字時代的霸權地位；歐盟的MiCA法規則旨在規範數位資產市場，確保市場有序發展。香港的立法步伐與國際監管趨勢不謀而合，憑藉其獨特的優勢如“同業同規”的監管閉環、政府對Web3.0的積極支援，有望吸引更多全球Web3項目和人才匯聚。在穩定幣競爭愈發激烈的市場中，監管合規將成為關鍵競爭點，香港清晰的監管框架有望成為吸引發行商的重要磁石，而京東等大型企業攜技術與資本優勢入局，則為市場競爭注入新的活力，推動行業向更高層次發展.

Risks and Regulatory Challenges: Navigating the Uncertain

風險與監管挑戰：不確定中的前行

Despite the immense potential of stablecoins, risks such as inadequate reserve assets, redemption risks, and technical vulnerabilities cannot be ignored. Regulatory frameworks need to strike a delicate balance between encouraging innovation and preventing risks. Hong Kong's approach of setting high capital requirements and stringent reserve management offers a valuable reference for global regulatory bodies. For banks, large internet firms, and FinTech companies eyeing license applications, the core challenge lies in meeting regulatory requirements while leveraging their strengths in capital and technology to build a safe and reliable stablecoin system. Additionally, the coordination of cross-jurisdictional regulatory cooperation remains a problem that requires joint efforts to solve, to ensure the healthy and orderly development of the stablecoin market.

儘管穩定幣潛力巨大，但風險不容忽視。儲備資產不足、贖迴風險以及技術漏洞等問題始終如達摩克利斯之劍高懸。監管框架需在鼓勵創新與防範風險之間找到微妙平衡。香港設定高額資本要求與嚴格儲備管理的做法，為全球監管機構提供了有益參考。對於有意申請牌照的銀行、大型網際網路企業及金融科技公司而言，如何在滿足監管要求的同時，充分發揮自身在資本實力與技術研發方面的優勢，建構安全、可靠的穩定幣系統，將是未來面臨的核心挑戰。同時，跨司法轄區的監管合作協調難題，也需各方共同努力探索解決方案，以確保穩定幣市場健康、有序發展.

The Future of Stablecoins: A Path Forward

穩定幣的未來：前行之路

The development of stablecoins will depend on their ability to deeply integrate with real-world payment scenarios and create genuinely attractive application value. Collaboration between traditional financial institutions and tech giants will accelerate this process, pushing stablecoins to evolve from a niche crypto tool to a key component of the global financial infrastructure. As the regulatory environment continues to improve, stablecoins are expected to become a core force in reshaping financial transaction patterns, improving payment efficiency, and reducing cross-border transaction costs. In this new era full of opportunities and challenges, Hong Kong and JD.com's active exploration serves as a significant demonstration.

穩定幣的發展將取決於其能否與現實世界的支付場景深度融合，創造出真正具有吸引力的應用價值。傳統金融機構與科技巨頭之間的合作將加速這一處理程序，推動穩定幣從加密貨幣的附屬工具進化為全球金融基礎設施的關鍵組成部分。隨著監管環境的不斷完善，穩定幣有望成為重塑金融交易模式、提升支付效率、降低跨境交易成本的核心力量。在這個充滿機遇與挑戰的新時代，香港與京東的積極探索無疑具有重要的示範意義.

AH-Share Sector, ETF Funds, and Related Individual Stocks: Investment Opportunities

AH股類股、ETF基金以及關聯個股：投資機遇

AH-Share Sector: Financial and Tech Giants

AH股類股：金融與科技巨擘

The AH-share sector involves stocks of companies listed on both the Shanghai and Hong Kong stock exchanges. In the context of Hong Kong's stablecoin legislation and the development of digital finance, certain AH-share stocks in the banking and financial technology sectors may attract attention. For example, Construction Bank (601939.SH / 00939.HK) and Industrial and Commercial Bank of China (601398.SH / 01398.HK) have significant influence in the banking sector. Their extensive experience and solid customer base in traditional banking may provide them with opportunities to expand into the stablecoin business. In the financial technology sector, China Ping An (601318.SH / 02318.HK) and Ping An Technology actively engage in fintech research and application. Their technological advantages could help them play a significant role in stablecoin-related services such as issuance and trading.

AH股類股涉及在上海證券交易所和香港聯合交易所同時上市的公司股票。在香港穩定幣立法以及數字金融發展的背景下，銀行和金融科技類股的AH股可能受到關注。例如，建設銀行（601939.SH / 00939.HK）和工商銀行（601398.SH / 01398.HK）在傳統銀行業擁有豐富經驗和雄厚客戶基礎，這可能為它們拓展穩定幣業務提供機會。在金融科技領域，中國平安（601318.SH / 02318.HK）積極投入金融科技研發與應用，其技術優勢有望助力其在穩定幣的發行與交易等服務中佔據一席之地。

ETF Funds: Diversified Investment Options

ETF基金：多元化的投資選擇

Several ETF funds are related to stablecoins and digital assets. For instance, Bitcoin ETFs allow investors to gain exposure to Bitcoin without directly holding the cryptocurrency. The first batch of Bitcoin spot ETFs in Hong Kong includes Harvest Bitcoin ETF (03042.HK) and Harvest Ethereum ETF (03046.HK). These ETFs have attracted significant attention and investment since their launch. Additionally, Blockchain Technology ETFs, such as VanEck Blockchain ETF (BLOK.US), focus on investing in companies involved in blockchain technology development and application, providing investors with a way to participate in the blockchain and stablecoin ecosystem.

有幾類與穩定幣和數位資產相關的ETF基金。例如，比特幣ETF讓投資者無需直接持有比特幣即可投資比特幣市場。香港首批比特幣現貨ETF包括 華泰比特幣現貨ETF（03042.HK）和 華泰以太坊現貨ETF（03046.HK），自推出以來吸引了大量關注和資金投入。此外，還有 區塊鏈技術ETF，如 VanEck 區塊鏈ETF（BLOK.US），專注於投資從事區塊鏈技術研發和應用的公司，為投資者提供了參與區塊鏈及穩定幣生態的投資管道。

Related Individual Stocks: Key Players to Watch

關聯個股：值得關注的關鍵玩家

Tencent Holdings (00700.HK), as a leading internet technology company, has extensive experience and influence in the field of digital payments. Its payment platforms, such as WeChat Pay, could play a significant role in the potential application and promotion of stablecoins. Alibaba Group (9988.HK / BABA.US) is another major player in the e-commerce and fintech sectors. Its payment and financial services ecosystems may provide opportunities for stablecoin integration and application. In the financial technology sector, Ant Group (688688.SH) and JD Digits (as part of JD.com's fintech initiatives) are actively exploring blockchain and stablecoin technologies. Their innovations and developments could drive the adoption and expansion of stablecoins in various financial scenarios.

一些個股與穩定幣密切相關。騰訊控股（00700.HK）作為領先的網際網路科技公司，在數字支付領域擁有豐富經驗和廣泛影響力。其支付平台如微信支付可能在穩定幣的應用和推廣中發揮重要作用。阿里巴巴（9988.HK / BABA.US）作為電子商務和金融科技領域的巨頭，其支付和金融服務生態系統可能為穩定幣的整合與應用提供機會。在金融科技領域，螞蟻集團（688688.SH）和京東數科正積極探索區塊鏈和穩定幣技術，其創新和發展可能推動穩定幣在多種金融場景中的應用和擴展。請注意，以上內容僅供參考，不構成任何投資建議。

In the ever - changing digital finance landscape, stablecoins are carving out their niche and shaping the future of finance. Hong Kong's legislative efforts and JD.com's strategic moves are significant steps in this journey. As the regulatory frameworks evolve and the market matures, stablecoins may yet hold the key to a more efficient and inclusive financial ecosystem. Only time will tell how this story unfolds, but one thing is clear - the world of finance will never be the same again.

在不斷變化的數字金融格局中，穩定幣正在開闢自己的天地並塑造金融的未來。香港的立法努力和京東的戰略舉措是這一旅程中的重要一步。隨著監管框架的演變和市場的成熟，穩定幣可能成為更高效、更包容的金融生態系統的關鍵。時間將告訴我們這個故事將如何發展，但有一點是明確的——金融的世界將永遠不會再是原來的樣子。 (晚筀筆記)