哈喽大家好，今天老张带大家聊聊金融圈最近炸了个大瓜！ 全球主导的美元稳定币USDT和USDC，总市值都超千亿美元了，不少普通投资者被"稳定"俩字忽悠， 真以为它跟法定货币一样安全。 核心突破 2025年11月28日，中国人民银行牵头，公安部、中央网信办、最高法、最高检等14个核心部门凑一块儿 开了个会，这神仙阵容直接拉满，明摆着是要对虚拟货币交易炒作动真格，半点儿情面都不留！ 为啥突然搞这么大阵仗？还不是虚拟货币又开始兴风作浪了。虽说2021年9月咱们就下过全面禁令，明 明白白说虚拟货币相关业务是非法金融活动，但全球市场压根没闲着。 就说比特币，2025年11月刚从12.6万美元的高位跌到9万美元区间，可跟年初比还是涨了不少，这大起 大落的行情，引了一堆投机资金往里冲。 这次会议最绝的操作，就是把稳定币的"遮羞布"给扯掉了！之前这东西一直打着"价值稳定"的旗号，挂 钩法定货币或一篮子资产，装作一副"安全靠谱"的样子，还成了连接传统金融和加密市场的中介。 欧美就是想"边规范边发展"，既不想错过金融创新，还想靠这巩固美元、欧元在数字支付领域的地位。 结果这次监管直接定性：稳定币就是虚拟货币！它连客户身份识别、反洗 ...

Core Viewpoint - The cryptocurrency market experienced a significant collapse, with Bitcoin dropping 6% to below $86,000 and Ethereum falling 7% to around $2,800, leading to widespread declines in major altcoins [1][3]. Market Impact - The turmoil in the cryptocurrency market quickly spread to traditional financial markets, causing the Nasdaq 100 futures to drop by 1%, particularly affecting tech stocks [3]. - MicroStrategy, a major holder of Bitcoin with $56 billion in assets, indicated that they might be forced to sell part of their holdings if the mNAV ratio turns negative, which is currently at 1.19, close to the warning threshold [3][13]. - The correlation between Bitcoin and U.S. stocks has intensified, with Bitcoin's sudden drop reversing a positive market sentiment that followed Nvidia's strong earnings report, ultimately leading to a 300-point decline in the Dow [3][13]. Preceding Indicators - The collapse was foreshadowed by a $19 billion leveraged liquidation in early October, which initiated a selling spree that saw Bitcoin drop 16.7% in November [3][6]. - Despite a brief rebound above $90,000, the recovery was weak and unsustainable [3]. Structural Weaknesses - The market is facing structural vulnerabilities, with a significant lack of new capital inflows into Bitcoin ETFs and a recent net outflow exceeding $1 billion in a single week [6][8]. - The tightening of global liquidity, driven by signals from the Bank of Japan and hawkish comments from the Federal Reserve, has put additional pressure on high-risk assets [6][8]. Regulatory Environment - Regulatory concerns are also impacting market confidence, with warnings from the People's Bank of China about the risks associated with virtual currencies and the EU's MiCA legislation imposing strict limits on stablecoins [9]. - The downgrade of USDT's stability rating by S&P Global Ratings raises concerns about collateral adequacy, which could undermine the entire crypto ecosystem reliant on stablecoins [9]. Market Dynamics - The simultaneous decline of both risk assets like Bitcoin and traditional safe-haven assets like gold indicates a systemic liquidity contraction, forcing investors to liquidate assets for cash [11]. - The recent downturn has led to a significant number of liquidations, with over 260,000 traders losing approximately $941 million in just 24 hours [8]. Future Outlook - The market is now focused on upcoming U.S. non-farm payroll and inflation data, which will provide insights into the Federal Reserve's monetary policy direction [13]. - The potential selling pressure from MicroStrategy looms over the market, and without new capital inflows, the sustainability of any price recovery remains in doubt [13].

美联储负责监管的副主席米鲍曼计划周二向众议院议员表示，她将努力为银行和稳定币制定新规则。她 在为众议院金融服务委员会听证会准备的发言稿中表示，"作为监管者，我的职责是以负责任的方式鼓 励创新，我们必须不断提高能力来监管创新给安全和稳健带来的风险。"鲍曼表示，她将与其他机构合 作，根据针对稳定币的法律"GENIUS法"的要求，为稳定币发行机构制定资本和多元化监管规定。该法 要求这些发行机构正式注册，并持有等额储备金。她强调，各机构将就数字资产提供明确的监管指导， 并就拟议的新应用案例提供监管反馈。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

美联储鲍曼：正在制定与稳定币相关的资本和流动性规则。 来源：滚动播报 ...

本报北京12月1日电(记者徐佩玉)中国人民银行日前召开打击虚拟货币交易炒作工作协调机制会议。会 议指出，我国将继续坚持对虚拟货币的禁止性政策，持续打击虚拟货币相关非法金融活动，保护人民群 众财产安全。 近年来，各单位按照2021年中国人民银行等十部门联合发布的《关于进一步防范和处置虚拟货币交易炒 作风险的通知》要求，坚决打击虚拟货币交易炒作，整顿虚拟货币乱象，取得明显成效。近期，受多种 因素影响，虚拟货币投机炒作有所抬头，相关违法犯罪活动时有发生，风险防控面临新形势、新挑战。 会议强调，虚拟货币不具有与法定货币等同的法律地位，不具有法偿性，不应且不能作为货币在市场上 流通使用，虚拟货币相关业务活动属于非法金融活动。稳定币是虚拟货币的一种形式，目前无法有效满 足客户身份识别、反洗钱等方面的要求，存在被用于洗钱、集资诈骗、违规跨境转移资金等非法活动的 风险。 会议要求各单位要深化协同配合，完善监管政策和法律依据，聚焦信息流、资金流等重点环节，加强信 息共享，进一步提升监测能力，严厉打击违法犯罪活动，维护经济金融秩序稳定。 ...

来源：市场资讯 （来源：吴说） 据 Decrypt，吉尔吉斯斯坦正式推出 USDKG 黄金抵押稳定币，总发行量 5,000 万美元，1:1 锚定美元， 由国家控股机构发行并完全以实物黄金储备背书，首批发行运行在 Tron 链，并由 ConsenSys Diligence 审计，未来将扩展至以太坊。USDKG 的发行方 OJSC Virtual Asset Issuer 隶属吉国财政部，完全依据 2022 年《虚拟资产法》运作，是中亚首个"国家监管 + 链上透明 + 黄金抵押"模式的稳定币项目。 ...

■刘琪 近年来，我国相关部门对虚拟货币领域持续开展清理整顿，取得明显成效。然而近期，虚拟货币投机炒 作出现回潮迹象，违法犯罪活动时有发生，风险防控面临新形势、新挑战。 此次打击虚拟货币交易炒作工作协调机制会议的召开，既是对当前市场现状的直接回应，更是对防控金 融风险的坚定落实。会议重申，虚拟货币不具有与法定货币等同的法律地位，不具有法偿性，不应且不 能作为货币在市场上流通使用，虚拟货币相关业务活动属于非法金融活动。 值得注意的是，会议还单独点名"稳定币"，首次明确"稳定币是虚拟货币的一种形式"，并点出其根本性 缺陷——"目前无法有效满足客户身份识别、反洗钱等方面的要求"。也正因如此，稳定币存在"被用于 洗钱、集资诈骗、违规跨境转移资金等非法活动的风险"。 稳定币潜藏的风险其实还不仅于此。中国人民银行行长潘功胜在2025金融街论坛年会上提到，在IMF/ 世界银行年会上，稳定币及其可能产生的金融风险成为各国财长、央行行长讨论最多的话题之一。其中 有观点认为"市场炒作投机的氛围浓厚，增加了全球金融系统的脆弱性，并对一些欠发达经济体的货币 主权产生冲击"。 面对复杂多变的风险挑战，此次会议明确提出，继续坚持对虚拟货币 ...

据彭博社，香港稳定币公司 First Digital Group 正计划通过与美国上市 SPAC CSLM Digital Asset Acquisition Corp III 合并登陆资本市场，双方已签署非约束性意向书，细节尚未公开。消息人士称， First Digital 此次交易或包含 PIPE 融资，相关安排仍在敲定。First Digital 是稳定币 FDUSD 的发行方， 目前流通量约 9.2 亿美元，较 2024 年峰值 44 亿美元大幅回落。该公司也为 TrueUSD (TUSD) 提供信托 托管服务，近期正与 TUSD 运营方 Techteryx 发生法律纠纷。 来源：市场资讯 （来源：吴说） ...

Group 1: Regulatory Developments - The State Council discussed the draft amendment to the Certified Public Accountants Law, emphasizing the need for stronger legal constraints and industry supervision to promote the healthy development of the CPA industry and protect investor rights [6][7]. - The People's Bank of China (PBOC) stated that stablecoins are a form of virtual currency, which do not have the same legal status as fiat currencies and pose risks related to money laundering and illegal financial activities [11][12]. - A new regulation was released by PBOC and other financial authorities, allowing banks to conduct customer due diligence based on risk rather than a one-size-fits-all approach, enhancing customer experience while maintaining financial security [12][13]. Group 2: Economic Indicators - From January to October, the profits of industrial enterprises above designated size in China increased by 1.9% year-on-year, totaling 59,502.9 billion yuan, marking a continuous growth for three months since August [14]. - In October, the profits of these enterprises saw a year-on-year decline of 5.5%, attributed to a high base from the previous year and rising financial costs [14]. Group 3: Monetary Policy Insights - The Governor of the Bank of Japan indicated a potential interest rate hike in December, citing moderate economic recovery and the importance of wage negotiations, while emphasizing that any rate increase would still maintain a loose monetary environment [8][9]. - The Bank of Japan is expected to make a decision on interest rates based on a comprehensive review of domestic and international economic conditions [9]. Group 4: Technological Financial Initiatives - The first meeting of the Technology Finance Coordination Mechanism was held to support high-level technological self-reliance, focusing on differentiated financial support for technology innovation and fostering a favorable environment for technology finance development [10][11]. - The meeting aims to enhance collaboration across departments and promote effective allocation of financial resources to support technological advancements [11].

Core Viewpoint - Hong Kong-listed stocks related to stablecoins experienced a significant decline following China's central bank's announcement to intensify its crackdown on virtual currencies and raise concerns regarding stablecoins [1] Group 1: Market Reaction - Stocks associated with stablecoin businesses in Hong Kong tumbled on Monday, indicating a negative market reaction to regulatory news from China [1]