Citibank: Hong Kong's Stablecoin Market to Reach $16 Billion, Bullish on Zhongan and Alibaba

BlockBeats News, August 1st. According to Hong Kong Economic Times, Citigroup's latest research report pointed out that the stablecoin market in Hong Kong could reach $16 billion. It is expected that stablecoins will increase demand for short-term high-quality liquidity assets, potentially compressing short-term yields and promoting the development of the local fixed-income market.

On the stablecoin value chain, Citigroup has a preference for Zhongan Online and Alibaba in terms of issuance, and sees Tiger Brokers as playing a role as a distributor. Citigroup rates Zhongan Online and Alibaba as "Buy" with target prices of 24 yuan and 144 yuan, respectively.