Following the legalization of stablecoins in Hong Kong, the industry's chain has expanded significantly, branching into various specialized sectors. CITIC Securities advises investors to focus on opportunities within the Real World Asset (RWA) issuance, financial IT, and cross-border payment industries. The firm believes that as relevant legislation and regulations evolve, these sectors are poised for robust growth. Simultaneously, CITIC Securities notes that challenges remain, including immature RWA primary and secondary market mechanisms and ambiguous regulations concerning stablecoin cross-border payments.