北京商报讯（记者 刘四红）进入7月，火爆一时的稳定币，形势再现显著变化，相较此前的市场热逐，近期出现的更多是风险警示。 继全球监管"泼凉水"，稳定币逐渐降温后，北京商报记者注意到，7月以来，包括北京、深圳、苏州、重庆、宁夏等在内的国内多地接近监管方接 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。 7月7日，深圳市防范和打击非法金融活动专责小组办公室率先发声。据其监测，一些不法机构打着"金融创新""数字资产"等幌子，利用公众对稳 定币认识的不足，通过发行所谓"虚拟货币""虚拟资产"等手段吸收资金，诱导公众参与交易炒作。 除此之外，宁夏、重庆、苏州等多地也相继发布类似的风险提示，提醒公众警惕以稳定币等名义实施的非法集资行为。 "此次监管信号很明确，国内一直严禁炒作加密货币，稳定币也不可能替代现有国内成熟的支付体系，更不要说借稳定币集资这种违法行为。"博 通咨询首席分析师王蓬博认为，不法分子借"稳定币"行非法集资、诈骗之事，实际是在扰乱金融秩序。因此，多地提示稳定币风险，也反映出监 管对稳定币被用于违法犯罪活动的重视。 实际上，此次多地集中发布 ...

Core Insights - Ethereum Exchange-Traded Fund (ETF) has experienced its strongest week since launch, with net inflows reaching $907.99 million, marking a historical high [1] - The surge in inflows indicates strong investor interest in Ethereum and suggests a potential shift in the cryptocurrency market landscape [1] Fund Flows - Fund inflows accelerated significantly, particularly on July 9, 10, and 11, with July 10 recording a single-day inflow of $383.1 million, the highest since the ETF's launch [3] - Inflows on July 9 and 11 were $211.32 million and $204.82 million, respectively, demonstrating sustained investor demand [3] - Analysts noted that three of the top ten inflow days for the ETH ETF occurred this week, indicating growing institutional demand [3] Price Movement - Ethereum (ETH) price increased by over 17% in the past week, surpassing the $3,000 mark on July 11, a significant psychological level [3] - The ongoing buying from the ETF has reduced supply in the open market, facilitating easier participation for institutional investors [3] Institutional Interest - BlackRock's Ethereum ETF (ETHA) held over 2 million ETH, valued at approximately $300 million as of July 10, reflecting Wall Street's recognition of Ethereum's long-term value [4] - Institutional interest in Ethereum is rising, as evidenced by XBIT's recent increase in ETH holdings surpassing that of Bitcoin (BTC) [6] Market Dynamics - Despite significant outflows exceeding $206 million on July 11, this trend may reflect temporary liquidity adjustments rather than a reversal [6] - Analysts believe that as long as the macroeconomic environment remains stable, ETH prices are likely to continue rising in the coming weeks [4] Technical Analysis - Ethereum has successfully broken through the key resistance level of $2,850, showing a bullish trend [7] - With a recent price increase of over 20%, ETH may enter a short-term consolidation phase, with potential targets set at $4,000 if it maintains above previous resistance levels [7] Regulatory Environment - The Ethereum ETF market is expected to see significant growth by 2025, aided by clearer regulatory frameworks and the continued entry of traditional financial institutions [9] - XBIT's decentralized trading platform operates without reliance on centralized institutions, enhancing security and efficiency for investors [9]

Group 1: Market Size and Regulatory Environment - The stablecoin market has rapidly grown, exceeding $220 billion by June 2025, with Tether (USDT) and USD Coin (USDC) accounting for approximately 90% of the market share [2][5] - Active stablecoin wallets surpassed 260 million since June 2024, indicating a rapid increase in adoption [2] - Stablecoins are primarily used as trading mediums for cryptocurrencies, with an annual transaction volume reaching $5.67 trillion in 2024, comparable to major credit card networks [3] Group 2: Regulatory Developments - Recent legislative efforts in various regions, including the U.S. and Hong Kong, aim to regulate stablecoins, with the U.S. Senate passing the GENIUS Act and Hong Kong's Stablecoin Ordinance being approved [5][6] - Regulatory frameworks will impose strict requirements on reserve assets, information disclosure, and anti-money laundering (AML) measures, promoting financial stability while fostering innovation [5][6] Group 3: Implications of Regulation - Inclusion of stablecoins in financial regulation may transform them into "tokenized deposits," providing some level of protection to holders and enhancing their role as transaction mediums [7] - Clear regulatory requirements are expected to attract more financial institutions to issue stablecoins, leading to greater mainstream adoption [8] Group 4: Future Outlook - The demand for stablecoins is likely to diversify beyond the U.S. dollar, with increasing issuance of stablecoins pegged to other currencies like the euro and yen [9] - Regulatory clarity may support the U.S. dollar's dominance in the short term, while also potentially leading to a more diversified international monetary system in the long run [9][10]

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 ...

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。 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"等投资项目，公开虚假 宣传并吸收公众资金，滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪活动。 "请广大群众增强理性投资意识，不要盲目相信天花乱坠的承诺，树立正确的货币观念和投资理念，切实提高 风险意识，避免上当受骗。"风险提示称，若发现相关机构以投资稳定币等名义从事非法集资行为，请及时向 市、区处非牵头部门或公安部门举报。 实际上，在深圳市防范和打击非法金融活动专责小组办公室发布风险提示之后，"宁夏防非打非办""重庆打 非"等微信公众平台陆续发布类似的关于警惕以稳定币等名义实施非法集资的风险提示。 苏州：虚拟货币相关业务活动属于非法金融 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 ...

中经记者郑瑜北京报道 今年5月，中国香港通过《稳定币条例草案》，在香港设立法币稳定币发行人的发牌制度，引发稳定币 概念走热。 需要指出的是，在中国内地市场，目前开展任何形式的虚拟货币业务和相关投资均被禁止。而截至目 前，香港稳定币发行人沙盒计划还在测试阶段，因此还未有成功发行的稳定币项目。 真正的稳定币发行、运营需符合严格监管，而市场上许多"伪币"只是借壳行骗。密码学博士、安徽栈谷 科技有限公司董事长高承实向《中国经营报》记者强调，除了机构，稳定币对个体来讲不具有投资价 值。所谓高收益稳定币、区块链互助基金等项目，基本可以判断其为骗局。 事实上，对于当前不法机构和个人的炒作，北京互金协会指出，已经具有显著的非法集资风险特征： 一是资质缺失。这些机构或个人未经国务院金融管理部门依法批准或备案，不具备面向社会公众吸收存 款、销售理财产品或发行证券的合法资质。 近期，以稳定币为代表的数字货币受到市场广泛关注，但相关骗局也有抬头迹象。 继深圳市防范和打击非法金融活动专责小组办公室发布《关于警惕以稳定币等名义实施非法集资的风险 提示》后，日前，北京市互联网金融行业协会（以下简称"北京互金协会"）也发布《关于警惕利用"稳 ...

Core Viewpoint - The article discusses the increasing attention and varied responses of different cities in mainland China towards stablecoins, highlighting a divide between cities focusing on exploration and those prioritizing risk warnings [1][3][5]. Group 1: City Responses to Stablecoins - Over the past month, more than five cities have mentioned stablecoins, with Shanghai, Wuxi, Qingdao, and Chengdu focusing on research and learning, while Beijing and Shenzhen have issued risk warnings [1][3]. - Wuxi is exploring the application of stablecoins to enhance foreign trade, with a reported foreign trade volume of 318.98 billion yuan from January to May, marking a historical high for the same period [3]. - Shanghai's State-owned Assets Supervision and Administration Commission held a meeting to discuss the development trends of cryptocurrencies and stablecoins, emphasizing the integration of blockchain technology in various sectors [3][4]. Group 2: Risk Warnings and Regulatory Focus - Shenzhen and Beijing have raised alarms regarding illegal fundraising activities associated with stablecoins, warning that such activities often lack proper regulatory approval and can lead to significant financial risks for investors [5][6]. - The regulatory approach in mainland China is currently focused on risk prevention, with strict oversight on trading, issuance, and circulation of stablecoins, while leaving room for future policy exploration [6][7]. Group 3: Implications for Market Participants - The differing attitudes of cities towards stablecoins provide a warning and preparation window for market participants, encouraging them to identify compliance risks and avoid regulatory pitfalls [7]. - The upcoming implementation of the Stablecoin Regulation in Hong Kong on August 1 is expected to enhance cross-border regulatory cooperation, prompting mainland companies to pay attention to regulatory alignment to avoid risks [8].

Core Viewpoint - The rise of "stablecoins" and related digital currencies has attracted significant market attention, but regulatory bodies are warning that these concepts are being exploited by criminals for illegal fundraising and fraud activities [1][2][3] Regulatory Warnings - Multiple regulatory agencies have issued alerts regarding the risks associated with stablecoins, highlighting that illegal entities are using these concepts to mislead the public and engage in fraudulent activities [1][2] - The Beijing Internet Finance Industry Association pointed out that some institutions and individuals are misusing terms like "financial innovation," "blockchain technology," and "digital economy" to attract investments under false pretenses [1] Characteristics of Illegal Activities - The illegal fundraising activities exhibit several risk characteristics: - Lack of qualifications: Many of these entities do not have the necessary approvals from financial regulatory authorities to solicit public deposits or issue financial products [1] - Conceptual packaging: They often use complex and emerging concepts like "stablecoins," "decentralized finance (DeFi)," and "Web 3.0" to create information asymmetry and confuse investors [1] - False promises: There is a prevalence of exaggerated claims and false guarantees, such as "guaranteed profits" and "high fixed returns," exploiting the public's desire for high yields [1] - Fund pool operations: These schemes typically rely on new investors' funds to pay returns to earlier investors, creating a risk of significant losses if the funding chain breaks [2] - Risk spillover: Such activities can easily evolve into illegal fundraising, financial fraud, money laundering, and other criminal activities, disrupting economic order and harming public trust [2] Consumer Advisory - Regulatory bodies are advising consumers to be cautious of high-return promises and to verify the qualifications of institutions and products through official channels [2][3] - The Shenzhen Anti-Financial Crime Task Force has echoed similar warnings, emphasizing that entities involved in stablecoin activities often lack the necessary legal permissions [2][3] Industry Response - On June 30, JD Coin Chain Technology issued a statement clarifying misinformation regarding its involvement in stablecoin issuance, warning the public against fraudulent claims made by unauthorized entities [3] - The Financial Action Task Force (FATF) reported a significant increase in the use of stablecoins by illegal actors, including those linked to North Korea and drug trafficking, indicating a growing trend in illicit activities involving stablecoins [3]

Core Insights - The rise of quantitative exchanges has fundamentally reshaped market structures, providing a high-speed, intelligent trading environment that processes millions of orders per second [1][8] - These exchanges serve as the core "nervous system" of financial markets, enabling efficient capital flow and pricing without predicting market movements [12] Group 1: Infrastructure and Functionality - Quantitative exchanges operate with microsecond-level order execution capabilities, allowing for rapid translation of strategy signals into trades [6] - They aggregate global buy and sell demands, ensuring that large trades can be executed smoothly without causing significant price fluctuations [6] - The built-in real-time monitoring systems act as a first line of defense against abnormal trading activities, contributing to market stability [6] Group 2: Resilience and Performance - During the March 2020 stock market "circuit breaker" events, major quantitative exchanges demonstrated their resilience by maintaining basic operational functions under extreme pressure [4] - The transparent operational mechanisms of these exchanges facilitate fair order matching and clear data flows, enhancing market efficiency [6] Group 3: Innovation and Future Prospects - The emergence of decentralized finance (DeFi) is leading to a diversification of technology-driven trading venues, combining traditional exchange performance with blockchain transparency [8] - Quantitative exchanges are seen as cost efficiency revolutionaries, significantly reducing manual and error costs through automation, benefiting the entire market [10] - They are also viewed as incubators for innovative technologies, fostering the integration of AI, big data analytics, and blockchain within the financial sector [10]

Core Viewpoint - The Beijing Internet Finance Industry Association warns the public to be highly vigilant against investment projects that promise high returns and capital protection, emphasizing that "high returns are always accompanied by high risks" [1][3] Group 1: Characteristics of Illegal Fundraising Activities - Lack of Qualification: These institutions or individuals lack the legal qualifications to absorb deposits, sell financial products, or issue securities, as they are not approved or registered by the State Council's financial management departments [2] - Concept Packaging: They exploit emerging and complex concepts like "stablecoins," "decentralized finance (DeFi)," and "Web 3.0" to create information asymmetry and confuse investors [2] - False Promises: There is a prevalence of exaggerated claims and false promises, such as "guaranteed profits," "high fixed returns," and "capital protection," which prey on the public's desire for high returns [2] Group 2: Operational Risks and Consequences - Fund Pool Operation: Their operational model often relies on attracting new investors' funds to maintain operations or pay returns to earlier investors, leading to significant risks if the funding chain breaks or the project fails [2] - Risk Spillover: Such activities can easily evolve into illegal fundraising, financial fraud, pyramid schemes, and money laundering, severely disrupting the economic and financial order and harming public property safety [2] Group 3: Consumer Warnings and Recommendations - The association urges consumers to recognize the nature of these investment projects and to verify the legal qualifications of related institutions and products through official channels before investing [3] - Consumers are advised to understand the complexity and volatility of "stablecoins" and related innovations, and to adopt a rational investment mindset [3] - The public is encouraged to resist and stay away from any form of virtual currency speculation, illegal token issuance, and unapproved "digital asset" investment projects to protect personal property [3]