Tianfeng: Stablecoin upgrades to global payment new infrastructure, under the wave of compliance, incremental funds and scenarios are about to rise rapidly.

Tianfeng has released a research report stating that stablecoins have upgraded from a "connector" of encrypted assets to a new global payment infrastructure, with incremental funds and rapid scene upgrades expected under the wave of compliance. As the scale of stablecoins rapidly increases, cross-border payments are encountering a new paradigm shift. At the same time, regulatory policy disruptions in the United States and Hong Kong have opened up incremental opportunities for the industry, driving market acceleration. Under the drive of these multiple factors, a trillion-dollar level broad market space has begun to take shape, with Citigroup predicting that the scale of stablecoins will reach 1.6-3.7 trillion dollars by 2030. Tianfeng's views are as follows: Stablecoins have upgraded from a "connector" of encrypted assets to a new global payment infrastructure, with incremental funds and scene upgrades expected under the wave of compliance, focusing on four core race tracks. 1. Industry Trends: Stablecoin scale jumps, restructuring new cross-border payment paradigms (1) Exponential growth in scale: By February 2025, the global stablecoin supply reached $214 billion (with an annual transaction volume of $35 trillion, over 2 times Visa's transaction volume), with a year-on-year increase of 53% in active on-chain addresses, exceeding 30 million active on-chain addresses. Decentralized stablecoins are on the rise: the market value of USDe (EthenaLabs) has increased from $146 million to $6.2 billion within a year, ranking as the third largest stablecoin; MakerDAO transitioned to Sky and introduced compliant USDS (with a market value of $26 billion). (2) Diversified application scenarios: Cross-border payments: Stablecoins such as USDT are replacing traditional wire transfers, reducing costs from $25-50 per transaction to less than $1, and reducing settlement time from 1-5 working days to minutes. On-chain financial infrastructure: Enterprise payroll payments (Remote.com covering 69 countries), U.S. Treasury bond collateral settlement (BlackRock digital fund), RWA transaction medium. (3) Differentiation of public chain ecosystems: Ethereum accounts for 55% of issuance, Solana/Base is the main trading battleground (driven by meme coins + DeFi), and TRON leads in emerging market P2P payments. 2. Policy Catalysis: U.S.-Hong Kong regulatory disruptions open up incremental opportunities In May 2025, the U.S. passed the GENIUS Act, which requires 100% backing by highly liquid assets (such as cash, bank deposits, short-term government bonds). In the same month, Hong Kong, China implemented the "Stablecoin Regulations," establishing a licensing system, with Zhongan Bank becoming the first reserve service provider and five institutions such as JD, Standard Chartered entering sandbox testing. 3. Market Space: Trillion-dollar race track emerging Citigroup predicts that the scale of stablecoins will reach 1.6-3.7 trillion dollars by 2030. Core drivers: (1) Traditional financial access: Visa/Stripe integrating stablecoin payments, BlackRock issuing tokenized funds and other asset management giants laying out tokenized funds; (2) Demand for dollarization in emerging markets: Argentina's annual inflation rate exceeds 200%, leading to 40% of savings being invested in USDT; at the same time, statistics show that Nigeria receives over $59 billion in cryptocurrency annually, with 43% of Africa's on-chain transactions involving stablecoins. Recommendations: 1. Alibaba Chain RWA asset side: Longshine Technology Group, Shenzhen Jieshun Science And Technology Industry (potential), etc. 2. Stablecoin application scenarios (cross-border payments + supply chain finance): LIANLIAN, XGD INC., Newland Digital Technology, Lianyi Rong Technology, Lakala Payment, YEAHKA 3. Bank custody and payment systems: ZA ONLINE (non-bank group coverage), Sunyard Technology, Shenzhen Sunline Tech, Northking Information Technology Co., Ltd, Sinodata Co., Ltd., Shenzhen Forms Syntron Information, etc. Risk Warning: Regulatory policy risks, legal and compliance risks, credit and counterparty risks, market volatility and liquidity risks, calculation and assumption risks.