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The Hong Kong stablecoin market has immense potential, and ZhongAn and Alibaba may become the winners.
On August 1, according to reports, a recent research report by a certain bank indicates that the market size of stablecoins in Hong Kong could reach 16 billion USD, with expectations that stablecoins will increase demand for short-term high-quality liquidity assets, which may compress short-term yields and promote the development of the local fixed income market.
In the stablecoin value chain, the bank has a potential preference for issuing partners ZhongAn Online and Alibaba, and sees Tiger Brokers as a favorable distributor. The bank has given ZhongAn Online and Alibaba a "Buy" rating, with target prices of 24 yuan and 144 yuan, respectively.