CITIC Securities: The expansion and development of the stablecoin market create medium - to long-term benefits for the rise of cryptocurrencies

According to a research report by CITIC Securities, recent progress has been made in the legislation of multiple stablecoins in the United States and other countries. We believe that the Trump administration's push for cryptocurrency related bills has three purposes: to help families accumulate wealth and fulfill campaign promises; Promote the expansion of the stablecoin market to alleviate the pressure of insufficient demand for US Treasury bonds; Strengthen the binding relationship between stablecoins and the US dollar, and delay the process of de dollarization. Therefore, the regularization process of stablecoins is expected to continue. The expansion and development of the stablecoin market create medium - to long-term benefits for the upward trend of cryptocurrencies. However, the accelerated upward trend of cryptocurrencies may need to wait for Trump's policy certainty.