CICC has released a paper discussing the potential impact of stablecoins on the financial system, emphasizing that purchasing tokenized stock assets with stablecoins could lead to direct fund flows into and out of the stock market. The report notes that decentralized finance's lending activities have created quasi-currency functions, influencing market dynamics. It also highlights the historical correlation between the Nasdaq index and Bitcoin prices, suggesting that cryptocurrency price volatility can affect stock market expectations. The paper further discusses the role of stablecoins in enhancing the Hong Kong dollar's influence in cross-border payments and crypto assets. By regulating stablecoin issuance, particularly the Hong Kong dollar stablecoin, Hong Kong could strengthen its financial industry's international competitiveness and consolidate its status as a global financial hub.