陶冬：稳定币生态圈迎来爆发期

Group 1 - The most significant event last week was the listing and stock price surge of stablecoin issuer Circle, triggering an explosion in the stablecoin ecosystem [1][4] - Stablecoins are digital currencies that are pegged to fiat currencies and regulated by governments, providing a strong foundation for applications such as asset exchange, digital transactions, and DeFi lending [4][5] - Circle's focus on compliance and transparency aims to establish a foundational ecosystem for future finance, positioning itself as a core vehicle for a digital dollar [4][5] Group 2 - The rapid progress of the U.S. in advancing stablecoins aligns with the development of the digital age, with major companies like Amazon and Walmart entering the market [6] - The U.S. government intends to solidify the global dominance of the dollar while restructuring its debt [6] - Other regions, such as Hong Kong, the EU, and Japan, are also making moves in the stablecoin space, although at a slower pace [6]