Core Viewpoint - The rise of stablecoins has attracted significant investor interest, but it has also led to a resurgence of financial scams, with fraudsters exploiting the appeal of stablecoins to lure investors into traps [1][2][7] Group 1: Scam Tactics - Common scams include "fake airdrops," where fraudsters create deceptive links that mimic legitimate airdrop promotions, leading to phishing attacks [2][3] - Another prevalent scam involves impersonating investment experts, where victims are drawn into high-risk projects under the guise of low-risk, high-return opportunities [2][3] - The "Xinkangjia" scam is highlighted as a major case, involving over 200 million investors and more than 10 billion yuan in losses, showcasing the scale of such fraudulent activities [3][4] Group 2: Regulatory Environment - Regulatory bodies in various regions, including Beijing and Shenzhen, have issued warnings about the illegal activities associated with stablecoins, emphasizing that all financial activities under the guise of stablecoins are illegal in mainland China [7][8] - Despite the warnings, some investors misinterpret regulatory alerts as signs of opportunity, ignoring the associated risks [7] Group 3: Technical Challenges - The use of stablecoins, particularly USDT, complicates the tracking of fraudulent funds due to their anonymous nature and the ability to use mixing services to obscure transaction trails [4][5] - Legal experts note that while blockchain transactions can be traced, the use of mixing tools can sever the connection to the original source, making recovery of lost funds extremely difficult [5][6] Group 4: Investor Behavior - Many investors continue to engage in high-risk schemes, often referred to as "stupid games," despite previous losses, indicating a persistent belief in recovering their investments through new projects [5][6] - There is a growing concern about "secondary scams," where fraudsters exploit victims' desperation to recover losses by offering dubious recovery services [6]

Group 1: Precious Metals - Spot platinum (XPTUSD) is priced at 1450.990, with an increase of 5.610, representing a rise of 0.39% [2] - Spot palladium (XPDUSD) is priced at 1305.858, with an increase of 9.772, representing a rise of 0.75% [2] - Gold (COMEX) is priced at 3428.600, with an increase of 18.300, representing a rise of 0.54% [2] - Silver (COMEX) is priced at 39.440, with an increase of 0.200, representing a rise of 0.51% [2] Group 2: Foreign Exchange - Euro to US Dollar (EURUSD) is at 1.170, with an increase of 0.05% [3] - British Pound to US Dollar (GBPUSD) is at 1.348, with a decrease of 0.07% [3] - US Dollar to Japanese Yen (USDJPY) is at 146.704, with a decrease of 0.43% [3] - Australian Dollar to US Dollar (AUDUSD) is at 0.654, with an increase of 0.19% [3] - US Dollar to Swiss Franc (USDCHF) is at 0.797, with a decrease of 0.09% [3] Group 3: Cryptocurrency - Bitcoin is priced at 119464.000, with an increase of 2083.630, representing a rise of 1.78% [4] - Litecoin is priced at 114.790, with a decrease of 0.640, representing a decline of 0.55% [4] - Ethereum is priced at 3693.420, with a decrease of 68.910, representing a decline of 1.83% [4] - Ripple is priced at 3.530, with a decrease of 0.020, representing a decline of 0.56% [4] Group 4: Treasury Bonds - The yield on the 2-year US Treasury bond is at 3.842 [6] - The yield on the 5-year US Treasury bond is at 3.899, with a decrease of 0.009, representing a decline of 0.23% [7] - The yield on the 10-year US Treasury bond is at 4.359, with a decrease of 0.020, representing a decline of 0.46% [7] - The yield on the 30-year US Treasury bond is at 4.937, remaining unchanged [7] - The yield on the 10-year UK Treasury bond is at 4.590, with a decrease of 0.014, representing a decline of 0.30% [7] - The yield on the 10-year German Treasury bond is at 2.599, with a decrease of 0.019, representing a decline of 0.73% [7] - The yield on the 10-year French Treasury bond is at 3.280, with a decrease of 0.018, representing a decline of 0.55% [7] - The yield on the 10-year Italian Treasury bond is at 3.472, with a decrease of 0.015, representing a decline of 0.43% [7] - The yield on the 10-year Japanese Treasury bond is at 1.509, with a decrease of 0.018, representing a decline of 1.18% [7]

记者调查发现，市面上多个打着"稳赚不赔""固定高息"旗号的所谓"稳定币"投资项目在网上活跃，吸引公众参与。多地监管部门已就此发出风险警示。业内 专家特别提醒，公众应自觉远离未经批准的"数字理财"项目，切实守护好个人"钱袋子"。 近期，以虚拟货币"稳定币"为代表的相关概念被热炒，甚至沦为不法分子实施非法集资、诈骗的工具。日前，京东币链科技、蚂蚁数科等科技公司接连发布 公告，澄清市场流传的"稳定币"合作传闻。 稳定币是一种锚定真实资产的加密货币，其价值通常与某种法定货币、商品或其他资产挂钩。6月6日，香港特区政府公告称，《稳定币条例》将于8月1日生 效。届时香港金管局将接受牌照申请。受利好消息面影响，稳定币一跃成为全球最受瞩目、热度最高的资产之一，并引来相关概念被热炒。 此次公告中，京东币链科技表示，在取得香港稳定币发行人牌照前，所有以京东稳定币、JD-HKD、JD-USD等字样发币、吸引用户购买以及假借京东或京 东合作方名义发币的，均为骗局。 这是不到一个月的时间里，京东方面第二次就稳定币发布提示性声明。6月30日，京东发布《关于京东稳定币产品及业务合作不实信息的严正声明》，强调 目前所有声称"可获取京东稳定币 ...

Core Viewpoint - The discussion around stablecoins is gaining traction, with varying interpretations of their purpose and implications, particularly in the context of U.S. debt management and financial strategy [1][2]. Group 1: Purpose of Stablecoins - Stablecoins are designed to address the limitations of traditional cryptocurrencies by being pegged to real assets, specifically the U.S. dollar, at a 1:1 ratio, enhancing their liquidity and payment functionality [3]. - The introduction of stablecoins is not merely a hasty response to U.S. debt issues but part of a broader strategy to reclaim monetary authority and strengthen the U.S. government's financial management capabilities [2][3]. Group 2: Impact on U.S. Debt and Financial Leadership - Stablecoins aim to mitigate the risk of U.S. debt defaults and increase demand for both the dollar and U.S. Treasury securities, although they do not resolve long-term debt challenges [3]. - The U.S. seeks to reinforce its financial leadership position globally, which has been somewhat weakened in recent decades, by leveraging stablecoins and their inherent financial attributes [3][4]. Group 3: Competitive Dynamics - The decentralized nature of cryptocurrencies is utilized to undermine the competitiveness of rival sovereign currencies, reflecting the intensifying competition in international trade and finance [4]. - The trend towards stablecoins is becoming irreversible, as evidenced by the increasing adoption of existing stablecoins like Tether and Circle, prompting other nations to reconsider their stance on cryptocurrencies [4].

Core Viewpoint - Multiple regions in China, including Beijing, Shenzhen, Fujian, and Suzhou, have issued warnings about the risks of illegal fundraising activities disguised as "stablecoins" and other digital assets [1][2]. Group 1: Illegal Fundraising Risks - Authorities have noted that certain illegal organizations are exploiting the public's lack of understanding of financial concepts by promoting "financial innovation" and "digital assets" to attract investments [1]. - These activities are characterized by a lack of legal qualifications, as the involved entities have not received approval from the State Council's financial management departments to solicit public deposits or issue securities [1]. - Common tactics include false promises of guaranteed returns and high fixed income, which prey on the public's desire for high yields [1]. Group 2: Legal Status and Public Awareness - The issuance and promotion of so-called "virtual currencies," "virtual assets," and "digital assets" for public fundraising are illegal activities, and any economic benefits derived from illegal fundraising are prohibited [2]. - Virtual currencies do not hold the same legal status as fiat currencies, and activities related to them are classified as illegal financial activities [2]. - Public awareness campaigns emphasize that promises of "capital preservation and high returns" are indicative of financial fraud, urging individuals to adopt rational investment perspectives and avoid illegal token offerings and unapproved digital asset projects [2].

Core Viewpoint - Under the backdrop of normalized global geopolitical risks, weakened dollar credit system, and rising economic uncertainty, gold has emerged as a "yardstick" for measuring asset value [1] Asset Performance - Since March 2018, only a few cryptocurrencies have recorded positive returns when priced in gold, while other asset classes have generally underperformed [2] - The report highlights that the performance of cryptocurrencies is driven by payment convenience, technological innovation premiums, and supply scarcity, particularly Bitcoin's halving mechanism, which reinforces its "digital gold" status [4] - Equity assets have shown nominal growth but remain weak when priced in gold, primarily relying on liquidity injections, with a peak growth rate of 26.7% in the US M2 money supply [4] - Real estate in the US and India has underperformed relative to gold, despite benefiting from economic resilience and demographic dividends [4] Industry Performance - All major industries have underperformed gold since 2018, but resource sectors and new momentum industries, such as high-dividend coal and banking, have shown relative strength [6] - New momentum industries, represented by electric new energy and TMT, have outperformed traditional sectors like real estate [7] - In the secondary industry, precious metals have been the standout performer since 2018, with emerging technologies like semiconductors outperforming traditional tech [8] Style and Strategy - Small-cap stocks have emerged as the absolute winners, with the micro-cap index outperforming gold since 2018 due to a reverse investment mechanism, low valuations, and liquidity premiums [10][13] - The report indicates that small-cap factors have significantly outperformed gold, while large-cap stocks have lagged, reflecting a preference for emerging small-cap industries [14]

Core Viewpoint - The rise of "stablecoins" has led to an increase in illegal activities, with fraudulent entities using the concept to attract investments under the guise of financial innovation and high returns [1][2][3]. Regulatory Concerns - Financial regulatory bodies in multiple regions have observed that some illegal institutions are exploiting terms like "financial innovation," "digital currency," and "blockchain technology" to promote investment projects that promise high returns, thereby luring the public into trading and speculation [2][4]. - These activities are seen as potential illegal financial operations that can lead to illegal fundraising, fraud, and money laundering, which disrupts economic and financial order [3][4]. Risk Warnings - Regions such as Henan and Zhejiang have issued risk warnings regarding illegal fundraising under the guise of stablecoins, urging the public to avoid such financial activities [4][5]. - The Beijing Internet Finance Industry Association has identified characteristics of illegal fundraising projects involving "virtual currencies" and "stablecoin investment projects," including lack of qualifications, misleading promises, and risk overflow [4]. Legal Framework - The illegal institutions lack the necessary qualifications to publicly solicit deposits, as they operate without approval from national financial management departments [5]. - There are no legal venues for virtual currency trading within China, and engaging in overseas virtual currency transactions poses risks to investors, who bear the losses themselves [5][6]. Judicial Challenges - The prohibition of virtual currency financial transactions in China has led to exchanges relocating overseas, complicating law enforcement and evidence collection [7]. - Courts face challenges in executing cases involving virtual currencies due to insufficient legal frameworks, necessitating improved judicial collaboration and execution mechanisms [7]. Regulatory Developments - As the market value and circulation of stablecoins increase, discussions on their regulation are becoming more urgent, with countries like the U.S. and Hong Kong implementing relevant regulations [8]. - There is a pressing need to explore regulatory pathways for stablecoins that align with China's national context to ensure financial security and stability [8].

Group 1: Core Insights - Gold has emerged as a strong asset since 2018, outperforming most other asset classes due to factors like weakening dollar credit, normalized global geopolitical risks, and rising economic uncertainty [1] - Since 2018, only a few assets, such as certain cryptocurrencies and small-cap stocks, have managed to yield positive returns compared to gold, highlighting the challenges faced by traditional investments [1][14] Group 2: Major Asset Classes - In the equity market, U.S., Indian, and European stocks have underperformed gold, with nominal growth driven by liquidity rather than intrinsic value [2][16] - Fixed income assets, including U.S. and Chinese government bonds, have shown no advantage against gold, with significant declines in returns when priced in gold [2][37][38] - Commodities have generally underperformed gold, with precious metals leading, followed by industrial metals and energy products [2][44] - Virtual assets, particularly cryptocurrencies, have outperformed gold due to their advantages in payment convenience, technological innovation, and limited supply [2][54][55] - Real estate prices in major economies have also lagged behind gold, with the U.S. and India showing relatively smaller declines [2][21] Group 3: Industry Performance - Among primary industries, resource and new economy sectors have performed relatively well, while traditional consumer goods and old economy sectors have struggled against gold [3] - In the past year, financial and technology sectors have outperformed gold, while resource, consumer, and real estate sectors have underperformed [3][4] - Within secondary industries, emerging technologies have outperformed traditional sectors, and financial services have benefited from favorable market conditions [4][5] Group 4: Investment Styles - The micro-cap stock index has significantly outperformed gold since 2018, driven by a natural "contrarian investment mechanism" and liquidity premiums [5] - In the past year, micro-cap and financial styles have outperformed gold, while dividend styles have lagged [5][6] Group 5: Strategy Indices - Small-cap factors have shown strong performance since 2018, with pre-announcement and positive surprise indices performing relatively well [6] - In the past year, small-cap factors have remained strong, while large-cap factors have underperformed gold [6]

Group 1 - The concept of "stablecoins" has recently gained attention, leading to an increase in illegal activities using this term as a lure [1][2] - Financial regulatory authorities in multiple regions, including Henan and Zhejiang, have issued risk warnings regarding illegal fundraising activities disguised as stablecoin investments [2][3] - These illegal institutions often lack proper qualifications and use misleading concepts to attract public investment, promising high returns and creating information asymmetry [2][4] Group 2 - There are currently no legal virtual currency trading venues in China, and engaging in overseas virtual currency trading lacks consumer protection, leaving investors to bear their own losses [3] - The People's Bank of China and other departments have clarified that virtual currencies do not have the same legal status as fiat currencies and should not be circulated as money [4][6] - The exploration of regulatory pathways for stablecoins that align with China's national conditions is deemed urgent and necessary due to the increasing market value and circulation of stablecoins [6] Group 3 - A new channel for handling overseas virtual currencies has been established by the Beijing Municipal Public Security Bureau, allowing for the disposal of seized virtual currencies through the Beijing Stock Exchange [5] - This process involves professional service institutions for detection and transfer, followed by public sale through compliant overseas exchanges, ensuring adherence to foreign exchange management regulations [5]

近段时间以来，数字货币领域里以"稳定币"为代表的相关概念热度一度飙升，引发市场持续聚焦。 日前，包括北京、深圳、苏州、重庆、宁夏等在内的多地机构接连发布风险提示，严肃指出这一新兴概念正被 不法分子当作"障眼法"，肆意用于非法集资、诈骗等违法犯罪活动，危害不容小觑。 深圳：增强理性投资意识 进入7月份，最早的一份关于警惕稳定币所涉相关风险的提示出自深圳。 7月7日，深圳市委金融办官网显示，深圳市防范和打击非法金融活动专责小组办公室（"专责小组"）就稳定币 涉及的相关风险发出风险提示。 据专责小组监测发现，一些不法机构以"金融创新""数字资产"等为噱头，利用社会公众对稳定币等了解不足的 特点，通过发行所谓"虚拟货币""虚拟资产""数字资产"等方式吸收资金，诱导社会公众参与交易炒作，扰乱经 济金融秩序，滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪活动，严重危害社会公众财产安全。 深圳市防范和打击非法金融活动专责小组办公室提示：此类不法机构未经国家金融管理部门依法许可或者违反 国家金融管理规定，不具有公开吸收公众存款的资质。 该类机构利用稳定币等新概念进行炒作，编造所谓的"虚拟货币""虚拟资产""数字资产"等投资项 ...