中国基金报记者 郭玟君 【导读】 HashKey集团肖风：推动稳定币发展，提升金融服务获得性 肖风认为，稳定币真正解决了普惠金融"最后一公里"问题。 在肖风看来，普惠金融的核心在于可获得性。USDC（USD Coin）和USDT（Tether）等稳 定币的出现，拓宽了普惠金融的边界。目前，全球排名前五的国际金融中心，都在积极推动 稳定币发展，在稳定币监管和法律框架的制定上步调一致。 长远看，代币化和稳定币的发展将彻底改变全球金融市场的运作方式。"相信十年之后，稳定 币将使代币化成为主流的支付结算工具，并最终取代旧有系统，这一'良币驱逐劣币'的趋势是 不可阻挡的。原因很简单——它的效率更高、成本更低、环节更少，还能做到'7X24小时'交 易。" 肖风介绍，2022年，全球稳定币的流通量只有不到2000亿美元，但已支撑了全球约20万亿 美元的支付、交易和清算，杠杆效应高达100倍。美国财政部部长在参议院稳定币法案通过时 提到，到2030年，全球将有3.7万亿美元至3.9万亿美元的稳定币流通。而目前，全球传统金 融市场的交易金额大约在300万亿美元至350万亿美元之间。 香港可作为 中国稳定币的"试验田" 6月18 ...

Core Viewpoint - The surge in stablecoins is driving the rise of digital currency concept stocks, with significant increases in various markets as regulations are implemented in multiple regions [1][3][6]. Market Performance - The stablecoin index rose by 4.29% on June 17, following a 9.05% increase on June 16, while the digital currency index increased by 2.28% on June 17 after a 6.24% rise the previous day [2]. - In the A-share market, notable stock performances included Chuangshi Technology (300941.SZ) up 20.02%, Lakala (300773.SZ) up 16.16%, and Hengbao Co., Ltd. (002104.SZ) up 10.02% on June 17 [3]. - In the Hong Kong stock market, performance was mixed, with Okex Chain (1499.HK) up 0.42% and Lianlian Technology (2598.HK) down 2.75% [3]. - In the US stock market, SharpLink Gaming (SBET.O) surged by 45.60%, and Top Win International (SORA.O) rose by 22.91% as of June 16 [3]. Stablecoin Market Insights - Circle, the issuer of USDC, saw its stock price rise to $151.06, a nearly fourfold increase from its IPO price of $31, with a market capitalization exceeding $33 billion [4]. - The total market capitalization of stablecoins is estimated at $240 billion, with a trading volume exceeding $20 trillion last year [6]. Regulatory Developments - The Hong Kong Stablecoin Regulation will take effect on August 1, with expectations on how the capital market will respond to stablecoins [7]. - The Hong Kong government is processing license applications to facilitate business operations related to stablecoins, aiming to create new opportunities for the local economy [6]. Industry Trends - The stablecoin industry is expected to see significant growth in the issuance and usage scenarios, particularly in cross-border payments, where it can reduce costs and improve efficiency [9][10]. - Stablecoins can lower transaction costs by over 80% and reduce transaction times from days to minutes, making them suitable for small and medium enterprises [10]. - The decentralized nature of stablecoins enhances financial inclusion, allowing users without traditional bank accounts to participate in the financial system [11]. Corporate Actions - Lakala is planning an H-share listing to accelerate the application of digital currency in cross-border scenarios [15]. - Stripe has made strategic acquisitions to integrate stablecoin functionalities into its payment services, indicating a trend towards vertical integration in the payment industry [14].

Group 1 - Stablecoins have become a focal point in the financial market, with U.S. Vice President JD Vance supporting their potential as an "economic booster" for the U.S. [4] - The U.S. Senate passed the procedural legislation for the GENIUS Act, which aims to create a regulatory framework for stablecoins, potentially making them "mainstream currency" [7][8] - Deutsche Bank predicts that the issuance of stablecoins could reach $2 trillion by the end of 2028, leading to an additional $1.6 trillion demand for U.S. short-term Treasury purchases [6][18] Group 2 - The GENIUS Act requires stablecoins to be backed by high liquidity assets, including cash and U.S. short-term Treasury securities, to ensure stability [13][14] - The act is seen as a strategy to maintain the dollar's global dominance and to find new buyers for the unprecedented U.S. national debt [15][18] - The total market capitalization of stablecoins has surged from $20 billion in 2020 to nearly $250 billion as of May 30, 2023, indicating a growth of over 1100% in about five years [10][12] Group 3 - The rise of stablecoins poses a risk of deposit outflows from traditional banks, with estimates suggesting up to $6.6 trillion could be at risk [22] - The potential for stablecoins to provide efficient payment solutions and decentralized finance (DeFi) services may weaken the deposit and lending capabilities of traditional banks, particularly community banks [25][22] - The introduction of stablecoins could disrupt the traditional payment ecosystem, impacting the economic value of established payment service providers like Visa and Mastercard [27][26]

【导读】香港立法会通过《稳定币条例草案》，预计年内生效，渣打等机构正在积极筹备与港元挂钩的 稳定币发行 5月21日，香港立法会通过了《稳定币条例草案》（以下简称《草案》），以在香港设立法币稳定币发 行人的发牌制度，完善对虚拟资产活动在香港的监管框架，以保持金融稳定，同时推动金融创新。 据中国基金报记者了解，目前香港特区政府相关部门及金融监管机构，正积极协助业界做好过渡期安 排，以及稳定币发行的相关筹备工作。 发行人须向金融管理专员 申领牌照 香港特区政府发布声明对此表示欢迎，并指出《稳定币条例》实施后，任何人如在业务过程中在香港发 行法币稳定币，或在香港或以外发行宣称锚定港元价值的法币稳定币，必须向金融管理专员申领牌照。 相关人士须符合储备资产管理及赎回等方面的规定，包括妥善分隔客户资产、维持健全的稳定机制，以 及须在合理条件下按面额处理稳定币持有人的赎回要求。相关人士亦须符合一系列打击洗钱及恐怖分子 资金筹集、风险管理、披露规定及审计和适当人选等要求。金融管理专员会适时就制度的详细监管要求 作进一步咨询。 香港特区政府表示，发牌制度将为公众及投资者提供更好保障。其中，条例只容许指定的持牌机构在香 港销售法币 ...

Core Insights - Bitcoin price has surged over 60% since the US elections, outperforming gold [2][6] - On May 22, Bitcoin reached a new all-time high, surpassing $110,000, with a total market capitalization exceeding $2.1 trillion [2][3] - The current upward trend in Bitcoin is driven by institutional investments and structural factors rather than retail speculation [3][5] Market Performance - Bitcoin's price has increased approximately 17% year-to-date, with a nearly 16% rise in May alone, outperforming US stocks and gold [6] - Since the US election on November 5, 2024, Bitcoin's price rose from around $68,000 to $110,000, a cumulative increase of 61.76%, while gold prices increased by approximately 21.59% [6] Influencing Factors - Institutional capital inflow is a significant support for Bitcoin's price, with Strategy Company holding about 576,230 Bitcoins valued at approximately $40.18 billion [5] - The development of cryptocurrency derivatives markets has enhanced confidence among traditional institutional investors, contributing to Bitcoin's price increase [5] - Recent regulatory advancements, such as the Senate's progress on a stablecoin regulation bill, have positively impacted the cryptocurrency market [4] Future Outlook - Analysts predict Bitcoin could reach a new price plateau between $150,000 and $180,000 this year, driven by multiple structural forces [3][5] - Despite macroeconomic uncertainties, Bitcoin's performance as a store of value is gaining consensus, which may act as a long-term catalyst for its price [4][6]

受20年期美债拍卖疲软影响，美国遭遇"股债汇三杀"。隔夜美股收盘，道指重挫超800点，大跌1.91%；标普500指数、纳指均跌超1%。美国20年期国债收益率日内 一度冲高至5.127%，30年期国债收益率一度升至5.094%。美元对主要货币亦同步走弱，美元指数跌0.42%。恐慌指数VIX飙涨超15%。 华尔街人士分析称，这确实是一场"糟糕的"拍卖，虽称不上"灾难性"，但糟糕的程度足以让美国长期国债价格明显走低。 美债市场雷声不断。 在美国国债遭遇抛售的同时，比特币大幅飙涨，一度创出历史新高。北京时间5月21日晚间，比特币一度上涨至10.977万美元，超过今年1月20日10.9358万美元的新 高。分析认为，比特币价格持续走高，与美国监管的动态密切相关。 全线杀跌 美东时间5月21日美股盘中，美国20年期国债拍卖遭遇了低迷的需求，导致美债、美股和美元全线杀跌。 截至收盘，道指重挫超800点，大跌1.91%；标普500指数跌1.61%，纳指跌1.41%，均创一个月来的最大跌幅。 美国科技巨头多数下跌，特斯拉跌2.68%、苹果跌2.31%、英伟达跌1.92%、亚马逊跌1.45%、微软跌1.22%、超微半导体跌1.2 ...

Core Viewpoint - The performance of cryptocurrency spot ETFs in Hong Kong has shown a stark contrast between Bitcoin and Ethereum, with Bitcoin ETFs yielding positive returns while Ethereum ETFs have experienced significant losses [3][4]. Group 1: Performance of ETFs - The Bitcoin ETFs launched by major fund companies in Hong Kong have shown strong performance, with returns of 47.1% for Bosera Bitcoin ETF, 46.19% for Harvest Bitcoin ETF, and 46.76% for Huaxia Bitcoin ETF since their inception [3]. - In contrast, the Ethereum ETFs have underperformed, with returns of -44.22% for Bosera Ethereum ETF, -46.76% for Harvest Ethereum ETF, and -44.53% for Huaxia Ethereum ETF [3]. Group 2: Market Dynamics - The performance of cryptocurrency spot ETFs is closely tied to the underlying assets, with Bitcoin's price fluctuating from over $60,000 to nearly $110,000, and currently below $100,000, while Ethereum's price has dropped from $2,200 to around $1,600, reflecting a 40% decline [4]. - Investors have shown a preference for Bitcoin ETFs over Ethereum ETFs, leading to higher trading volumes and profitability for Bitcoin-related products [5][6]. Group 3: Regulatory Environment - The Hong Kong Securities and Futures Commission has set regulations that restrict the sale of virtual asset products to retail investors from mainland China, although residents with Hong Kong ID can still participate under certain conditions [6][7]. - The trading rules for Bitcoin ETFs in Hong Kong set a minimum trading lot of 100 shares for Harvest and Huaxia Bitcoin ETFs, while Bosera requires only 10 shares [7]. Group 4: Innovation and Future Outlook - Major fund companies in Hong Kong are innovating in the virtual asset space, with new products like the Bosera HashKey Ethereum ETF, which is the first in the Asia-Pacific region to support Ethereum staking [8]. - The Hong Kong government is supportive of the virtual asset sector, with plans to release a policy declaration to enhance the development of Web3 and digital asset technologies [9].

Market Overview - On March 3, cryptocurrencies experienced a sudden surge, with Bitcoin rising over 7.7% and Ethereum increasing by more than 11% [1][2] - Notable price movements included ADA soaring by 63.6% and XRP jumping by 28.1% [1][2] Liquidation Events - Over the past 24 hours, more than 180,000 traders were liquidated, with a total liquidation amount of approximately $828 million [2] - The liquidation breakdown showed significant losses across various time frames, with $830 million liquidated in 24 hours, including $280 million from long positions and $550 million from short positions [3] Regulatory Developments - President Trump announced that XRP, Solana (SOL), and Cardano (ADA) will be included in the U.S. cryptocurrency reserves [5][8] - A new working group was established to assess the feasibility of creating a national digital asset reserve and to develop a regulatory framework for the cryptocurrency industry [6][7] Market Sentiment and Reactions - The recent surge in cryptocurrency prices is seen as a response to the Biden administration's regulatory stance on the crypto industry [7] - Trump's upcoming cryptocurrency summit on March 7 aims to further solidify his support for the crypto sector [10] Historical Context - The cryptocurrency market faced a significant downturn prior to the recent surge, with Bitcoin dropping over 5% on February 26, reaching below $84,000, a nearly 20% decline from its January peak [13][16] - The market's volatility was exacerbated by a major hacking incident at Bybit, which resulted in the loss of over $1.5 billion in assets, triggering panic among investors [16][19]