2017年以来，人民银行会同相关部门先后发布了多项防范和处置境内虚拟货币交易炒作风险的政策文 件，目前这些政策文件仍然有效。下一步，人民银行将会同执法部门继续打击境内虚拟货币的经营和炒 作，维护经济金融秩序，同时密切跟踪、动态评估境外稳定币的发展。 研究实施支持个人修复信用的政策措施 今日下午，2025金融街论坛年会开幕式上，中国人民银行行长潘功胜表示，去年，人民银行落实中央金 融工作会议部署，在二级市场开始国债买卖操作。这是丰富货币政策工具箱、增强国债金融功能、发挥 国债收益率曲线定价基准作用、增进货币政策与财政政策相互协同的重要举措，也有利于我国债券市场 改革发展和金融机构提升做市定价能力。 实践中，人民银行根据基础货币投放需要，兼顾债券市场供求和收益率曲线形态变化等情况，灵活开展 国债买卖双向操作，保障货币政策顺畅传导和金融市场平稳运行。今年初，考虑到债券市场供求不平衡 压力较大、市场风险有所累积，人民银行暂停了国债买卖。目前，债市整体运行良好，人民银行将恢复 公开市场国债买卖操作。 人民银行将会同执法部门继续打击境内虚拟货币的经营和炒作 潘功胜表示，近年来，市场机构发行的虚拟货币特别是稳定币不断涌现， ...

Group 1: Shift from Unipolar to Multipolar World - The global power distribution has significantly changed from a unipolar world dominated by the U.S. to a multipolar one, with emerging markets gaining influence [1][2] - In 2023, China's nominal GDP reached 16.83% of the global total, comparable to the EU, and significantly reduced the gap with the U.S. [1] - The rise of emerging economies, particularly China and India, has altered the global economic landscape, with India becoming the fifth-largest economy [1][2] Group 2: Changes in Global Trade Dynamics - China has become the world's largest goods trader, with its share of global merchandise exports rising to approximately 15% by 2024, while the U.S. share has decreased to under 9% [2] - The Regional Comprehensive Economic Partnership (RCEP) has formed the largest free trade area globally, competing with the U.S.-led Trans-Pacific Partnership (TPP) [2] Group 3: Technological Advancements and R&D - China's R&D expenditure growth rate in 2023 was about 8.7%, significantly higher than the OECD average and the growth rates of the U.S. and EU [3] - By 2022, China's R&D spending as a percentage of GDP reached 2.56%, surpassing the EU's 2.24% but still below the U.S.'s 3.59% [3] Group 4: Decentralization and Cryptocurrency - The rise of the internet and blockchain technology has facilitated a decentralization trend, moving control from centralized authorities to distributed networks [5][6] - The global cryptocurrency market has grown from under $10 million in 2013 to approximately $4.17 trillion, reflecting the increasing adoption of decentralized financial systems [6][7] Group 5: U.S. Dollar Dominance and Challenges - The U.S. dollar remains dominant in international payments, accounting for about 46% of SWIFT transactions and 88% of foreign exchange trading [9][10] - However, the dollar's share in global reserves has been declining, with gold's share increasing from 13.57% in 2000 to 19.13% in 2024 [10] Group 6: Emerging Alternatives to the Dollar - Countries are increasingly using non-dollar currencies for trade settlements, with China leading the trend in using the yuan for energy and commodity trades [17] - The development of stablecoins, particularly those pegged to currencies other than the dollar, is being explored by various nations as a means to reduce reliance on the dollar [18] Group 7: Future of Global Financial Architecture - The global financial system is evolving towards a mixed structure where gold serves as a top-tier value anchor, while major currencies like the dollar, euro, and yuan share influence in the middle layer [19] - The emergence of blockchain-based stablecoins is expected to form a new financial infrastructure at the base level, despite challenges such as liquidity and regulatory issues [19]

该公司计划在三年内发行价值10万亿日元(合660亿美元)的JPYC，并在海外广泛使用这种数字资产。为 了鼓励人们使用JPYC，该公司最初不打算收取交易费，而是希望通过持有日本政府债券的利息赚钱。 JPYC首席执行官Noritaka Okabe在新闻发布会上说："我们希望通过让初创企业享受低交易和结算费用 来刺激创新。"他补充道："提高全球互操作性也会让我们受益，所以我们对于资本合作持开放态度。" 智通财经APP获悉，全球首个与日元挂钩的稳定币于周一在日本推出，对于一个许多消费者仍然喜欢使 用现金和信用卡等传统支付方式的国家来说，这是一个虽小但意义重大的举措。 日本初创公司JPYC开始发行名为JPYC的稳定币，这些稳定币可与日元完全兑换，并由日本国内储蓄和 日本政府债券 (JGB) 支持。 前日本央行高管、现任日本立教大学学者的Tomoyuki Shimoda表示，日元稳定币不会像美元（全球使用 的全球储备货币）支持的稳定币那样拥有同样的发展势头。 他表示："日元稳定币能否在日本普及还存在很大的不确定性。如果大型银行加入市场，这一进程可能 会加速。但这可能仍需要至少两到三年的时间。" 政策制定者担心稳定币可能会 ...

风险提示及免责条款 日本初创公司JPYC表示，将开始发行可完全兑换为日元的稳定币，并由国内储蓄和日本国债作为支 持。据日经新闻本月早些时候报道，日本三大银行也将联合发行稳定币。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Insights - The article discusses the rapid expansion of stablecoins and their profound impact on the international monetary system, emphasizing the need for regulatory frameworks and reforms to address structural changes in the currency circulation domain [2][3][4]. Group 1: Overview of Stablecoins - Stablecoins are a significant innovation in the cryptocurrency sector, effectively addressing the high volatility issues prevalent in the cryptocurrency market by anchoring to fiat currencies or other assets [3][4]. - The market value of stablecoins has surged from under $2 billion in October 2017 to nearly $170 billion by October 2024, with a notable increase in transaction volumes during 2020 and 2021 [13][14]. - USDT, as the leading stablecoin, holds approximately two-thirds of the market share, followed by USDC and DAI, highlighting the dominance of dollar-pegged stablecoins [13][14]. Group 2: Impact on International Monetary System - Stablecoins enhance the efficiency of cross-border payments and may replace some functions of traditional reserve currencies under specific conditions, posing challenges to the existing payment ecosystem [4][5]. - The reliance on stablecoins, particularly those pegged to the US dollar, may lead to increased dollarization in smaller economies, threatening the sovereignty of local currencies [4][5][6]. - The cross-border nature and technological complexity of stablecoins present significant challenges for international regulation, including jurisdictional issues and compliance risks [4][5][6]. Group 3: Theoretical Framework and Analysis - The article introduces the concept of "currency circulation domain" to analyze the relationship between stablecoins and the international monetary system, focusing on spatial, institutional, and functional dimensions [5][19]. - The analysis reveals that the expansion of stablecoins is driven by the dysfunction of the current international monetary system, creating a demand for new tools and institutions [19][20]. - The emergence of stablecoins has blurred the boundaries of traditional currency circulation, particularly as they are increasingly adopted by traditional payment systems [30][31]. Group 4: Regulatory and Policy Recommendations - The article calls for enhanced regulatory measures and international cooperation to address the challenges posed by stablecoins, particularly in the context of their rapid growth and impact on monetary sovereignty [4][5][6]. - Specific policy suggestions are provided to strengthen the regulatory framework for stablecoins and reform the international monetary system to better accommodate the changes brought about by digital currencies [5][6].

Core Insights - The cryptocurrency market experienced a significant crash on October 11, with major cryptocurrencies like BTC and ETH dropping over 10%, while many altcoins saw declines of up to 90%. The total liquidation amount across the market reached approximately $19 billion, with more reasonable estimates suggesting it could be between $30 billion to $40 billion [2][5][6] - A notable event was the "de-pegging" of the stablecoin USDe, issued by Ethena, which fell from $1 to $0.65 on Binance, leading to widespread liquidations of margin accounts that used USDe as collateral [2][8] - The incident has raised questions about the risk management practices of centralized exchanges and the mechanisms behind stablecoins, particularly in extreme market conditions [3][10] Market Impact - The crash on October 11 is considered the largest and most severe single-day liquidation event in the history of the cryptocurrency market, surpassing previous events like "312" and "519" [5][6] - The impact was felt differently across market participants, with retail investors experiencing significant losses, while institutional investors reported manageable drawdowns, primarily due to their cautious asset selection and risk management practices [6][7] USDe Mechanism and Issues - USDe is described as a "synthetic dollar" rather than a traditional stablecoin, relying on a collateralized model where large institutional market makers provide volatile assets as collateral to mint USDe [11][12] - The mechanism involves staking collateralized assets to generate returns, but the high leverage and circular lending model associated with USDe contributed to its price collapse during the market downturn [15][16] Risk Management and Future Outlook - The incident has highlighted the need for improved risk management practices within centralized exchanges, particularly regarding the treatment of new and less liquid assets like USDe [32][33] - Ethena's future strategy may involve transitioning to a fully compliant fiat-backed stablecoin model within three years, as mandated by U.S. regulations, while also maintaining a separate business line for its carry trade strategy [22][24] - The market is expected to face challenges as liquidity conditions change, with a potential shift towards more short-term speculative behavior among investors [37][38]

Core Insights - Tether is expected to achieve a profit close to $15 billion this year, driven by a remarkable profit margin of 99% and substantial returns from reserve assets in a high-interest-rate environment [1][3][7] - The company is in talks for a financing round that could value it at $500 billion, potentially making it one of the most valuable private companies globally [1][6][8] - Tether's USDT market capitalization accounts for approximately 60% of the stablecoin market, with over 500 million users, reflecting its expanding global footprint [1][4][9] Financial Performance - Tether's unique business model supports its high profitability, with a reserve asset portfolio primarily consisting of cash and short-term U.S. Treasury securities, generating significant interest income [7] - The company reported a profit of about $13 billion last year, benefiting from the high-interest environment [7] - Tether's USDT currently has a circulating value of approximately $183 billion, representing a dominant market share [7] Financing and Valuation - Tether is negotiating to raise up to $20 billion by selling about 3% of its shares, which would elevate its valuation to around $500 billion, surpassing companies like ByteDance and matching OpenAI [6][8] - The company has received significant interest from major investors, including SoftBank and Ark Investment Management, indicating strong external confidence in Tether's business model [8] User Base and Market Expansion - Tether's user base has surpassed 500 million, equating to about 6.25% of the global population, showcasing its extensive reach [4][9] - The company plans to re-enter the U.S. market later this year with a new stablecoin project named USAT, aiming to leverage favorable regulatory conditions [9] - Tether is diversifying its investment portfolio, including a notable investment in Juventus Football Club, where it holds 11.5% of shares and is seeking to influence the board [9]

Core Viewpoint - China Poly Group issued a statement to clarify that it is not involved in any activities related to "Hong Kong Poly Stablecoin" or "Poly Stablecoin Fund" [1] Group 1 - China Poly Group and its subsidiaries have not organized or participated in any business or activities related to Hong Kong stablecoins or stablecoin funds [1] - The companies registered in Hong Kong, namely "Poly Digital Industry Group Limited," "Poly Digital Asset Limited," and "Poly Digital Asset Issuance Limited," have no equity or affiliation with China Poly Group and its subsidiaries [1] - All actions taken by these Hong Kong registered companies are unrelated to China Poly Group, and the group urges the public to be cautious and verify information before engaging in investment activities [1]

Core Insights - Tether Holdings Ltd. is attracting global capital due to its impressive profitability and market dominance, with an expected profit nearing $15 billion this year and potential financing discussions that could value the company at $500 billion [1][3][5] Financial Performance - Tether's profit margin is an astonishing 99%, driven by high-interest income from its substantial reserve assets, primarily consisting of cash and short-term U.S. Treasury securities [5][6] - The company reported a profit of approximately $13 billion last year, benefiting from the high-interest rate environment [5][6] Market Position and User Base - Tether's USDT currently has a market circulation value of about $183 billion, holding approximately 60% of the entire stablecoin market [5] - The number of "real users" of Tether has surpassed 500 million, representing about 6.25% of the global population, indicating its extensive global influence [1][7] Financing and Valuation - Tether is in negotiations to raise up to $20 billion by selling about 3% of its shares, which could elevate its valuation to around $500 billion, placing it among the world's top unicorn companies [3][6] - Major investment firms, including SoftBank and Ark Investment Management, have shown interest in participating in this financing round, which could enhance Tether's mainstream applications in technology and finance [6][7] Business Expansion - Tether plans to re-enter the U.S. market later this year with a new stablecoin project named USAT, aiming to leverage favorable policies towards cryptocurrencies [7] - The company is diversifying its investment portfolio, including a notable investment in Juventus Football Club, where it holds 11.5% of the shares and has proposed two board candidates to represent fans [7]

保利集团及下属公司未组织或参与任何涉及香港稳定币、稳定币基金相关业务及活动。香港注册登记 的"保利數字產業集團有限公司""保利數字資產有限公司""保利数字資產發行有限公司"与保利集团及下 属公司无任何股权或隶属关系，也不存在任何投资、合作、业务等关系，其一切行为均与保利集团无 关。 新京报讯10月24日，中国保利集团发布声明： 为维护社会经济秩序和公众合法权益，保利集团针对近期网络传播的有关"香港保利稳定币""保利稳定 币基金"及相关主体情况澄清声明如下： 保利集团提醒社会各界提高警惕，注意甄别，谨慎开展投资合作，如发现违法犯罪行为，请尽快到公安 机关报案。 特此声明。 ...