Hong Kong stock concept chasing higher | The US Senate passed a landmark stablecoin bill JPMorgan launched stablecoin-like tokens (with concept stocks)

On Tuesday local time, the United States Senate passed landmark cryptocurrency legislation aimed at promoting the growth of the industry. This is a historic lobbying victory for digital asset companies in the Senate's first comprehensive regulatory reform vote on cryptocurrencies. The bill was passed by the Senate with 68 votes in favor and 30 votes against, with 18 Democrats and a majority of Republicans jointly supporting it for submission to the House. Led by Republican Senator Bill Hagerty of Tennessee, the bill will establish a U.S. regulatory framework for stablecoins pegged to the value of the dollar for the first time. Prior to the vote, Republican supporters of the bill engaged in months of intense negotiations with a group of Democratic senators who were friendly towards cryptocurrency. Republicans needed the support of these Democratic senators to reach the 60-vote threshold required for the bill to pass. JPMorgan Chase is further entering the cryptocurrency space by launching a stablecoin token called JPMD. The U.S. banking giant revealed on Tuesday its plans to launch so-called "deposit tokens" on Coinbase's public blockchain Base. Each deposit token is intended as a digital mapping of commercial bank deposits. JPMD will provide customers with 24-hour settlement services and support interest payments to holders. It is a "permissioned token," meaning it is only open to JPMorgan's institutional clientsunlike many stablecoins aimed at the public. Naven Malyala, Global Co-Head of JPMorgan's blockchain division Kinexys, said on Tuesday, "We expect institutions to use JPMD for on-chain digital asset settlements and cross-border transactions between enterprises." He added, "Since deposit tokens will eventually earn interest, this will make them more interchangeable with the existing deposit products institutions currently use." Tianfeng released a research report stating that stablecoins have evolved from a "connector" of crypto-assets to a new global payment infrastructure, with incremental funds and rapid scene upgrades under the wave of compliance. As stablecoin scale rapidly increases, cross-border payments are undergoing a new paradigm shift. Meanwhile, regulatory policy disruptions in the United States, China, and Hong Kong have opened up incremental ceilings for the industry, driving market acceleration. With these multiple driving factors, a trillion-dollar market space has already begun to take shape, and Citigroup predicts stablecoin scale will reach $1.6-3.7 trillion by 2030. Hong Kong stock companies related to stablecoin concepts include: ZA ONLINE (06060): A core target for the concept of Hong Kong stablecoins, the company's joint venture, ZA Bank, is the first local digital bank to provide reserve banking services to issuers of stablecoins in Hong Kong, in cooperation with YOON Pay Technology, a participant in the Hong Kong Monetary Authority's stablecoin sandbox program. CR HOLDINGS (01911): On June 6, the company announced that Circle Internet Group, a company managed by its Huaxing New Economy Fund, successfully listed on the NYSE, marking the first IPO in the global stablecoin field. OSL GROUP (00863): A compliant trading platform in Hong Kong, known as the "Coinbase of Hong Kong," collaborating with Ethena to launch interest-bearing stablecoin products. CHINA EB LTD (00165): One of the major investors in Circle, which completed a $60 million Series D financing round in 2016, with Everbright Holding participating as an investor. STANCHART (02888) + PCCW (00008): In July 2024, Standard Chartered Bank, Animoca Brands, and PCCW announced a partnership to explore stablecoin issuance. In February 2025, the three parties announced the establishment of a joint venture company and applied for a stablecoin issuance license from the HKMA. The collaboration aims to leverage Standard Chartered Bank's expertise and financial infrastructure, Animoca Brands' Web3 industry relationships, and PCCW's mobile wallet technology to promote the adoption of stablecoins. JD-SW (09618): JD.com's stablecoin has not yet been officially launched, currently in the second phase of sandbox testing. JD Coin Chain Technology CEO Liu Peng explained that JD's stablecoin is a stablecoin based on a public chain pegged 1:1 to legal tender such as the Hong Kong dollar or the U.S. dollar. The first phase is expected to issue stablecoins anchored to the Hong Kong dollar and the U.S. dollar, with specific adjustments based on regulatory and market demand. LIANLIAN (02598): LIANLIAN indirectly holds 100% equity in LianLian Pay Global Limited through multiple wholly-owned subsidiaries. LianLian International is working with YOON Pay Technology to apply stablecoins in cross-border payment scenario projects. In addition, LIANLIAN's subsidiary DFX Labs recently obtained a Hong Kong VATP license and officially entered the crypto field. LINKLOGIS-W (09959): In 2019, Linklogis partnered with Greenland Financial to obtain a digital banking license in SingaporeGreen Link Bank, serving a wide range of customers in Singapore's crypto ecosystem. On August 30, 2021, Standard Chartered and Linklogis established a joint ventureHao Li (Olea), to jointly create a blockchain-driven comprehensive digital trade finance platform. In 2023, Linklogis, together with the Bank for International Settlements (BIS), Standard Chartered Bank, YOON Pay Technology, and Western Union, jointly promoted Project DYNAM JAPANo asset tokenization project. In 2024, as an initiating shareholder, Linklogis participated in the founding of SuperFi Labs, aiming to build the next generation of consumer products on the blockchain.