In its analysis, CITIC Securities highlights that stablecoins are engineered to bridge the gap between legal tender and digital assets, yet they confront risks related to de-pegging and opacity in their reserve assets. Globally, there is a heightened momentum towards legislating stablecoins, exemplified by Europe's Markets in Crypto Assets (MiCA) bill and Hong Kong's "Stablecoin Ordinance." The primary focus of these regulatory efforts is on governing reserve assets and issuance mechanisms. This regulatory trajectory may pave the way for a reconfiguration of the global payment system, as stablecoins offer cost and efficiency advantages over traditional cross-border payment methods. Currently, mainstream stablecoins predominantly utilize short-term U.S. Treasuries as their reserve assets, and their expanding scale could stimulate demand for these securities. Nonetheless, the sustained growth in demand for stablecoins hinges on the expansion of application scenarios and the development of a robust ecosystem, as legal frameworks alone are insufficient to maintain their growth trajectory.