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1、Global Markets Strategy15 July 2025J P M O R G A NThis material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China.This material or any portion hereof may not be reprinted,sold or redistri

2、buted without the written consent of J.P.Morgan.Equity Macro ResearchRajiv Batra AC(65)6882-J.P.Morgan Securities Singapore Private LimitedMixo Das AC(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedJoy Wang(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/

3、J.P.Morgan Broking(Hong Kong)LimitedWendy Liu(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedKhoi Vu,CFA(65)6882-J.P.Morgan Securities Singapore Private LimitedAPAC Financials ResearchHarsh Wardhan Modi AC(65)6882-J.P.Morgan Securities Singapore Private Limit

4、ed/J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedKatherine Lei(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedA mix of regulatory progress in multiple jurisdictions,new listings,and comments from US Treasury Secretary Scott Be

5、ssent about their potential market size has led to a surge in interest in stablecoins in recent weeks.In the US,the House GOP has declared this week to be Crypto Week to consider the GENIUS bill.And Hong Kongs Stablecoins Act takes effect on 1 August.As a result,equity market participants have scram

6、bled to get up to speed on implications.Bringing together analysis from JPM Global Research(see links to various relevant resources on page 16),and insights from our expert speaker conversations earlier this month,we believe stablecoins have a large upside tail in terms of adoption and the potential