稳定币是当前券商分析师关注焦点之一。据跟踪券商路演情况的专业APP数据，最近一周有28场与稳定 币相关的券商电话会已召开或即将召开。与此同时，数据显示，券商已发布几十篇与稳定币有关的研 报。近日，与稳定币有关的概念股也走出一波行情。 业内人士介绍，在国际市场，稳定币是一种数字资产，旨在通过将价格与美元等法定货币（或标的资 产）挂钩来保持价值稳定，解决传统加密货币过度波动以及与法定货币可兑换性难题。由此，稳定币价 格相对于无抵押的加密资产和去中心化金融（DeFi）等其他加密资产波动更小、与法定货币间的可兑换 性更好。 就上述《条例》对机构的影响而言，中信证券称，当地银行或将积极参与稳定币业务。在发行人资质 端，商业银行具备资本及人才优势。全球大型商业银行，包括在港中资银行，具备突出的资本优势，在 风险管理、合规及各类人才方面具备较强储备。此外，稳定币服务端，银行机构具备综合专业能力。综 合来看，《条例》落地后，预计部分银行将积极参与稳定币相关的发行、交易、衍生业务等。 此前，香港金管局于2024年7月公布了首批"稳定币沙盒"参与机构，分别是京东币链科技、圆币创新科 技、渣打银行、安拟集团和香港电讯。稳定币具体应 ...

(图片由豆包AI生成 提示词风口和危机） 本周四，加密货币市场迎来年度最重要的IPO事件。 此次IPO受到华尔街热捧。Circle目标估值已从之前的56.5亿美元上调至72亿美元。贝莱德领投10%股份，Ark Investment也表达了高达1.5亿美元的投资兴 趣。 但在华尔街巨头争相入场的光鲜表象下，Circle也面临结构性的挑战。 看似"完美"的印钞机模式 稳定币已悄然成为加密货币市场的支柱，并且与传统金融的关系日益密切。2024年，稳定币交易额达到27.6万亿美元，比Visa和万事达卡的交易额总和高出近 8%。 目前稳定币总市值已达2480亿美元， Circle的USDC占据25%的市场份额，仅次于Tether的USDT的61%，总市值达600亿美元。 Circle的EURC在欧元支持的 稳定币中位居榜首，市值为2.24亿美元。 | | # | Name | | Price | 1h % | 24h % | 7d% | Market Cap @ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 4 | 3 | Tether USDT ...

Market Overview - US stock index futures showed slight declines before the market opened, with Dow Jones futures down 0.19%, S&P 500 futures down 0.15%, and Nasdaq 100 futures down 0.08% [1] - The OECD reported a downward revision of the US economic growth forecast for this year to 1.6%, a decrease of 0.6 percentage points from the March estimate, indicating a significant slowdown among major economies [2] - The OECD also raised its inflation forecast for the US by 0.4 percentage points to 3.2% [2] Trade and Tariff Developments - The current tariff levels in the US are at their highest since World War II, despite some tariffs being paused [3] - Former President Trump announced plans to increase tariffs on steel and aluminum imports from 25% to 50% [3] - The EU expressed strong regret over the tariff increase and is prepared to implement countermeasures if a mutually acceptable solution is not reached by July 14 [3] Corporate News - Circle Internet Group plans to raise $880 million in its upcoming IPO by issuing 32 million shares at a price range of $27 to $28 per share, an increase from the previous plan of $24 to $26 per share for 24 million shares [4] - Stellantis Group appointed Sébastien Jacquet as the new Chief Quality Officer, effective immediately [5] - Tesla registered 2,600 new cars in Norway in May, marking a 213% year-over-year increase [6] - Spotify was fined 58 million Swedish Krona for data protection violations under the EU's General Data Protection Regulation [7] - NIO reported Q1 2025 revenue exceeding 12 billion Yuan, a year-over-year increase of over 21%, with a gross margin of 10% [8]

Core Viewpoint - Circle Internet Group, the issuer of the $60 billion USDC stablecoin, is set to go public on the NYSE, with an expected valuation increase from $5.65 billion to $7.2 billion, amid significant interest from Wall Street [1][2]. Group 1: IPO Details - Circle plans to issue 32 million Class A shares at a price range of $27 to $28, aiming to raise up to $896 million [1]. - The IPO is seen as timely, with stablecoins gaining traction as a digital dollar alternative, especially in the context of increasing skepticism towards central bank digital currencies (CBDCs) [15][16]. Group 2: Market Position and Financials - Circle's USDC holds a 25% market share in the stablecoin market, with a total market cap of $248 billion, second only to Tether's USDT [3]. - The company generated approximately $1.6 billion in interest income in 2024, accounting for 99% of its total revenue, despite a decline in net profit from $268 million to $156 million, a drop of 42% [5][6]. Group 3: Business Model and Challenges - Circle's business model involves issuing USDC pegged to the dollar and investing user deposits in short-term U.S. Treasury bonds, which has proven profitable [5]. - However, the company faces structural challenges, including rising distribution and transaction costs, primarily due to its profit-sharing agreement with Coinbase [8][9]. Group 4: Competitive Landscape - The stablecoin market is expected to grow significantly, with projections estimating it could reach $1.4 trillion by 2030, increasing competition from tech giants and banks [14]. - Circle's reliance on interest rates for revenue poses risks, as lower rates could diminish profitability, while competitors may undercut prices to gain market share [13][14]. Group 5: Shareholder Dynamics - Existing shareholders are selling 60% of the total shares in the IPO, a significantly higher percentage than typical tech IPOs, which may send mixed signals to the market [18][20]. - The CEO and several venture capital firms plan to sell portions of their stakes, indicating a potential shift in shareholder confidence [18].

Market Overview - The three major A-share indices rebounded collectively, with the Shanghai Composite Index rising by 0.43%, the Shenzhen Component Index by 0.16%, and the ChiNext Index by 0.48% [1] - The total market turnover reached 11,638 billion, an increase of 4 billion from the previous day, with nearly 3,400 stocks rising [2] Gold Market - COMEX gold futures returned to above $3,400 per ounce, driven by a declining dollar index and increased demand for safe-haven assets [4] - The Chicago Fed President indicated that if trade-related uncertainties are resolved, the Federal Reserve could proceed with interest rate cuts in the next 15 months [4][5] Stablecoin Concept - A surge in stablecoin concept stocks was observed in the A-share market, with multiple stocks hitting the daily limit [7] - The Hong Kong government has officially enacted the Stablecoin Regulation, which is expected to facilitate the launch of compliant stablecoins by the end of the year [9] - The global stablecoin market has surpassed $250 billion, with a significant increase of over $40 billion since the end of 2024 [9] Innovative Pharmaceuticals - The innovative pharmaceutical sector continues to strengthen, with several stocks, including Shuyou Shen and Guanhao Bio, hitting the daily limit [12] - Shuyou Shen has seen a cumulative increase of 169.72% since May 21, with its market capitalization rising from under 3 billion to 15.19 billion [13] - The approval of 11 new innovative drugs by the National Medical Products Administration is expected to boost the performance of related companies [15]

发行USDC稳定币的加密货币公司Circle Internet Group周一提高了即将进行的IPO的拟议交易规模。该公 司目前计划以每股27至28美元的价格发行3200万股(60%为二次发行)，筹集8.8亿美元。 截至2025年3月31日，通过合作伙伴及支持并接入Circle稳定币网络的更广泛生态系统，该公司触达全球 超过6亿用户。 此前，该公司曾申请以每股24至26美元的价格发行2400万股(60%为二次发行)。一位新投资者已表示有 意认购价值1.5亿美元的股票(占交易规模的17%)。按照修订后的价格区间中值计算，Circle Internet Group的募资额将比此前预期高出47%。 Circle Internet Group成立于2013年，截至2025年3月31日的12个月内实现营收19亿美元。该公司计划在 纽约证券交易所上市，股票代码为CRCL。摩根大通、花旗集团、高盛、巴克莱、德意志银行和法国兴 业银行担任此次发行的联席账簿管理人。预计仍将于2025年6月2日当周完成定价。 Circle表示，其运营着全球规模最大、使用最广泛的稳定币网络之一。该公司以美元计价支付稳定币 USDC为核心，其一系列 ...

近期，A股与港股市场围绕"稳定币"掀起一场资本风暴。6月3日开盘，A股稳定币概念股大幅上涨，御银股份、恒宝股份、翠微股份等多只个股涨停。6月2 日港股市场上，相关概念股已出现集体拉升，连连数字一度上涨80%，移卡一度涨近50%，欧科云链一度涨超45%。 政策催化剂推动市场热潮 稳定币在跨境支付领域展现出巨大潜力。能够实现资金实时到账，大大缩短交易周期，同时降低交易成本。基于区块链技术实现跨境实时结算，手续费仅为 传统银行系统的1/10至1/100。尤其在新兴市场替代法币进行日常支付和薪酬发放。稳定币有望成为货币国际化工具，以"人民币稳定币"为例，在跨境贸易 中，通过使用"人民币稳定币"进行结算，可以绕过传统的SWIFT系统。 此次券商集体躁动的直接推手，是5月21日香港立法会刚刚通过的《稳定币条例草案》。该法案首次明确要求稳定币发行人必须持牌经营。储备资产需100% 隔离托管并定期审计。零售投资者仅能购买持牌机构发行的产品。香港金管局同步公布首批沙盒参与者，京东、渣打银行等企业成为合规化进程的"排头 兵"。 全球第二大稳定币USDC的发行商Circle Internet Group公布IPO条款，计划在纽交所 ...

Investment Rating - The report maintains an "Increase" rating for the industry [5] Core Insights - The introduction of the Stablecoin Ordinance in Hong Kong marks a significant step towards financial innovation while ensuring stability in the digital asset sector [1][3] - Stablecoins serve as a bridge between traditional finance and the crypto ecosystem, providing stability and liquidity, which are essential for broader adoption [2][12] - The RWA (Real World Asset) market is rapidly expanding, with a total market size reaching approximately $23 billion, and is expected to grow significantly in the coming years [4][8][47] Summary by Sections Stablecoin Overview - Stablecoins are digital assets designed to maintain value stability by pegging their price to fiat currencies like the US dollar, addressing the volatility of traditional cryptocurrencies [2][12] - The main types of stablecoins include fiat-backed, crypto-backed, commodity-backed, algorithmic, and hybrid models, with USDT and USDC being the most prominent [21][22] Hong Kong Stablecoin Legislation - The Hong Kong Monetary Authority (HKMA) initiated public consultations on stablecoin regulation in early 2022, leading to the formal introduction of the Stablecoin Ordinance in May 2025 [3][26][31] - The ordinance requires stablecoin issuers to obtain a license from the HKMA, ensuring that reserve assets are fully backed and regularly audited [3][39] Globalization of Debt and Stablecoins - The RWA market is experiencing rapid growth, with significant projects being launched in various sectors, including energy and agriculture [4][41][42] - Major players like Circle are planning to go public, indicating strong market interest and potential for further expansion in the stablecoin sector [38][40] Beneficiaries in the Industry - Companies involved in stablecoin infrastructure include ZhongAn Online, Sifang Jichuang, and others, while RWA projects are supported by firms like Longxin Group and GCL-Poly Energy [51]

Group 1 - Circle Internet Group plans to issue 24 million shares at a price range of $24-26 per share, aiming to raise up to $624 million for its IPO on the NYSE under the ticker "CRCL" [1] - Circle has positioned itself as a major competitor to Tether, the largest stablecoin issuer, and has emphasized stricter regulatory compliance and higher transparency regarding its reserves [1] - As of March 28, Circle's USDC stablecoin had a circulation of $60 billion [1] Group 2 - Major shareholders of Circle include entities associated with Accel, Breyer Capital, General Catalyst, IDG Capital, Oak Investment Partners, and FMR, with ARK Investment Management expressing interest in purchasing up to $150 million in shares during the IPO [2] - Circle's projected revenue for 2024 is $1.68 billion, with a net profit of $156 million, while the figures for 2023 are $1.45 billion in revenue and $268 million in net profit [2] - The increase in transactions between crypto companies and public companies has been noted since Trump's election, as his administration is perceived to reduce regulatory uncertainty for the crypto industry [2] - The U.S. Senate recently voted on the "GENIUS Stablecoin Act," which, if passed, could enhance institutional investment in stablecoins [2]

Group 1: IPO Market Recovery - The global IPO market is experiencing a resurgence as companies seek to complete transactions before summer and geopolitical tensions escalate again [1][5] - In April, the IPO financing amount reached its lowest level since the pandemic began in 2020 due to a series of suspended IPO projects following tariff announcements by former President Trump [1][5] - As tensions eased, the IPO market began to recover, with $43.6 billion raised in 2025 so far, slightly below the same period last year [1] Group 2: Notable IPOs and Companies - Chime Financial, valued at $25 billion in 2021, is expected to complete the largest IPO in the U.S. this year before the summer lull [2] - EToro Group, an Israeli trading and investment platform, successfully priced its IPO above the guidance range, with its stock soaring 29% on the first trading day [1][6] - Other companies like MNTN and Hinge Health have also initiated their IPO projects, indicating a broader recovery in the market [2][6] Group 3: Market Sentiment and Investor Behavior - Market sentiment has improved, with investors willing to participate in IPOs as long as companies can demonstrate resilience against tariffs and economic downturns [6][10] - The volatility index (VIX) dropped below 20 after the U.S. and China announced a 90-day pause on mutual tariffs, which is seen as a threshold for investment banks to proceed with IPOs [6] Group 4: Future Outlook and Trends - The upcoming summer holidays will compress the operational window for companies looking to go public, with many expected to push their IPOs to the fall [9] - The technology sector is anticipated to see increased IPO activity in the fall, with estimates of around 10 tech IPOs expected in the U.S. this year [9] - Despite some companies returning to the IPO queue, many remain cautious due to supply chain issues and inflation risks [10] Group 5: International IPO Activity - Chinese companies have successfully listed despite tariff uncertainties, with notable IPOs like the tea brand Bawang Chaji raising $473 million [10][11] - The Middle East continues to show strong IPO enthusiasm, with Flynas's $1.1 billion IPO fully subscribed shortly after launch [11] - The Indian market is also showing signs of recovery, with expectations for large stock issuances in the second half of the year [12]