CITIC Securities: The favorable policy expectations for stablecoins are beneficial for the upward trend of crypto assets.

On June 6, the CITIC Securities Research Report pointed out that the legislation of many stablecoins in the United States has made progress recently. According to the research report, the Trump administration has three purposes for promoting cryptocurrency-related bills: to help families accumulate wealth and fulfill campaign promises; Promote the expansion of the stablecoin market to alleviate the pressure of insufficient demand for U.S. bonds; Strengthen the bond between stablecoins and the US dollar and delay the process of de-dollarization. Therefore, the process of formalization of stablecoins is expected to continue. The expansion and development of the stablecoin market is good for the upside of cryptocurrencies in the medium and long term. However, the acceleration of the crypto upside may have to wait for Trump's policy certainty. (Golden Ten)