Citigroup: Hong Kong stablecoin market size will reach $16 billion, optimistic about Zhong'an and Alibaba

BlockBeats news, on August 1st, according to Hong Kong Economic News, Citigroup's latest research report pointed out that the size of the Hong Kong stablecoin market can reach $16 billion. It is expected that stablecoins will increase the demand for short-term high-quality liquid assets, which may compress short-term yields and promote the development of the local fixed income market. On the stablecoin value chain, Citigroup has a potential preference for Zhong'an Online and Alibaba in terms of issuance, and is optimistic about Tiger Securities' role as a distributor. Citigroup has given a "buy" rating to Zhong'an Online and Alibaba, with target prices of 24 yuan and 144 yuan respectively.