来源：央视新闻客户端 记者今天从中国人民银行了解到，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，未来央行等部门将持续打击虚拟货币相关非法金融活 动。 持续打击虚拟货币相关非法金融活动 未来央行等部门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，进一步提 升监测能力，严厉打击违法犯罪活动，保护人民群众财产安全，维护经济金融秩序稳定。 （总台央视记者 孙艳） 稳定币存在被用于洗钱、集资诈骗等非法活动的风险 央行等部门表示，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。 新京报讯据中国人民银行消息，2025年11月28日，中国人民银行召开打击虚拟货币交易炒作工作协调机 制会议。公安部、中央网信办、中央金融办、最高人民法院、最高人民检察院、国家发展改革委、工业 和信息化部、司法部、中国人民银行、国家市场监管总局、国家金融监管总局、中国证监会、国家外汇 局有关负责同志出席会议。 会议指出，近年来各单位认真贯彻落实党中央、国务院决策部署，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。 会议要求，各单位要坚持以习近平新时代中国特色社会主义思想为指导，全面落实党的二十大和二十届 历次全会精神 ...

Core Insights - The volatility of cryptocurrency prices creates a demand for more stable digital currencies, akin to cash [1][2] - Stablecoins are designed to maintain a stable value, typically pegged to real-world assets like the US dollar, providing benefits such as fast global payments and reduced price volatility [2][7] Types of Stablecoins - **Fiat-backed stablecoins**: These are backed 1:1 by actual money held in reserves, with Tether's USDT and Circle's USDC being prominent examples [4] - **Crypto-backed stablecoins**: These utilize cryptocurrency as collateral, often requiring overcollateralization to mitigate volatility, with DAI from MakerDAO as a notable example [5] - **Algorithmic stablecoins**: These rely on algorithms and incentives to maintain their value peg, but can fail under extreme market conditions [6] Importance of Stablecoins - Stablecoins have become essential in the crypto ecosystem, driven by their real-world utility rather than speculation, enabling users to conduct cross-border transactions quickly and earn yields in decentralized finance markets [7][8] - They serve as a financial lifeline for individuals in regions experiencing rapid currency depreciation or inflation [8][9]

Core Insights - Tether, a major player in the cryptocurrency market, has emerged as a significant buyer of gold, holding 116 tons valued at approximately $14 billion, surpassing some national central banks [3][4] - The price of gold has surged by 56% in 2025, with Tether's purchases coinciding with this increase, particularly during the second wave of price growth from mid-August to mid-October [3][4] - The rise of gold-backed stablecoins is gaining traction, with Tether's USDT and XAUt contributing to this trend, reflecting a shift in the stablecoin market [4][7] Tether's Gold Purchases - Tether's gold purchases accounted for about 2% of global gold demand in Q3 and 12% of known central bank purchases during the same period [3] - In Q2, Tether's gold buying represented 14% of global central bank purchases, indicating its growing influence in the gold market [3] - Tether holds 104 tons of gold as reserves for USDT and an additional 12 tons for XAUt, suggesting a strategic move to bolster its asset backing [4] Market Dynamics - The gold price increase has occurred in two phases, with the first phase seeing a nearly $1,000 rise before April and the second phase mirroring this increase from August to October [3] - Tether's demand for gold may have tightened supply and influenced market sentiment, driving speculative investments into gold [4][6] - The stablecoin market is evolving, with gold-backed stablecoins becoming a new category, currently valued at $1.6 billion, representing 0.67% of the total stablecoin market [7] Regulatory Considerations - Tether's use of gold as a reserve asset contrasts with new U.S. regulations that prohibit compliant issuers from using gold as backing, leading Tether to plan a new stablecoin, USAT, that will not be gold-backed [5] - The intertwining of gold and cryptocurrency ecosystems raises questions about the stability and regulatory compliance of such assets [5][6] Future of Digital Gold - The development of digital gold is seen as timely, with potential for innovation in financial products, provided regulatory frameworks are established [7][8] - Challenges remain in ensuring transparency and security in the issuance and tracking of digital gold, as well as maintaining sufficient physical gold reserves [8] - The future landscape may see digital gold complementing physical gold rather than replacing it, enhancing the overall gold market [8]

Core Viewpoint - The article highlights Tether, a controversial stablecoin issuer in the cryptocurrency world, as a significant buyer of gold, reshaping the supply-demand dynamics of traditional safe-haven assets [1][2]. Group 1: Tether's Gold Holdings - As of September 30, Tether holds 116 tons of gold valued at approximately $14 billion, making it the largest single holder of gold outside of major central banks [2]. - In Q3 alone, Tether purchased about 26 tons of gold, accounting for 2% of global gold demand during that period and 12% of known central bank purchases [3][11]. Group 2: Impact on Gold Prices - The article suggests that Tether's gold purchases have contributed to a 56% increase in gold prices by 2025, with gold prices rising by about $2000 this year [5][11]. - Tether's demand has potentially tightened supply and influenced market sentiment, driving speculative funds into the gold market [6]. Group 3: Future Gold Purchases - Tether plans to purchase approximately 100 tons of physical gold by 2025, supported by an expected profit of nearly $15 billion this year [12][11]. - The strategy involves using gold reserves to back two different tokens, USDT and Tether Gold (XAUt), with a total of 116 tons of gold backing these tokens [13]. Group 4: Regulatory Challenges - Tether's gold purchasing strategy conflicts with the recently passed GENIUS Act, which prohibits compliant issuers from using gold as reserve assets [14]. - Despite regulatory challenges, Tether has increased its gold reserves, indicating a long-term strategy focused on tokenized gold [14][17]. Group 5: Market Dynamics and Risks - The intertwining of cryptocurrency and traditional safe-haven assets raises concerns about the potential for speculative bubbles in gold [7][15]. - If demand for stablecoins reverses, the gold reserves supporting them may face selling pressure, impacting the gold market [7][15]. Group 6: Tokenized Gold Market - Tether's ambition in the tokenized gold market reflects a desire to provide a more accessible way for retail investors to hold gold without the high costs associated with physical ownership [17][18]. - However, demand for tokenized gold remains low, with Tether being one of the few issuers with significant holdings [19].

Core Insights - The cryptocurrency market is experiencing a significant downturn, with Bitcoin dropping 30% in less than two months, erasing all gains for the year, and other cryptocurrencies facing even steeper declines. This downturn poses unprecedented risks to the broader financial system due to the deep intertwining of digital assets with mainstream finance [1][2]. Group 1: Market Dynamics - The current sell-off is driven by excessive leverage and valuation bubbles, particularly highlighted by the collapse of the Singapore-based exchange Hyperliquid, which had a daily trading volume of $13 billion and experienced $10 billion in liquidations in October [3]. - Companies heavily invested in cryptocurrencies, referred to as "crypto bonds," are now facing significant losses as their stock prices have fallen below the value of their crypto holdings, leading to a self-reinforcing downward cycle [3]. Group 2: Stablecoin Expansion - Despite market turmoil, the stablecoin sector is expanding, bolstered by the "Genius Act," which provides legitimacy to these assets. Traditional companies like Klarna are entering the stablecoin market, indicating a growing connection between stablecoins and global business activities [4]. - The market is currently dominated by Circle and Tether, which together have a market capitalization of approximately $250 billion. The entry of new players like Klarna could further integrate stablecoins into global commerce, especially in countries with unstable currencies [4]. Group 3: Systemic Risks - Stablecoins, which typically maintain their value by holding short-term government bonds and other secure assets, face inherent risks of bank runs similar to traditional financial instruments. A recent collapse of a small stablecoin managed by Stream Finance, which resulted in a $93 million loss, underscores the fragility of these assets [6]. - The failure of Silicon Valley Bank (SVB) in 2023, which affected major stablecoin issuer Circle, revealed the vulnerabilities in the relationship between stablecoins and the banking system. If investors panic and sell stablecoins en masse, issuers may be forced to liquidate their reserve assets, potentially triggering broader financial instability [6][7].

Core Insights - Tether, a major stablecoin issuer, has emerged as a significant buyer of gold, holding 116 tons valued at approximately $14 billion, making it the largest single holder of gold outside of central banks [1][3][5] - Tether's gold purchases have influenced gold prices, contributing to a 56% increase in gold prices in 2025, with its buying activity aligning closely with price surges [3][5] - The intertwining of cryptocurrency and traditional safe-haven assets like gold raises concerns about potential market volatility and the risk of speculative bubbles in gold [3][7] Group 1: Tether's Gold Holdings and Market Impact - As of September 30, Tether's gold holdings are comparable to the official reserves of countries like South Korea and Hungary, with its purchases accounting for 2% of global gold demand in Q3 [1][5] - Tether's gold buying activity has increased significantly, with its purchases representing 14% of central bank gold purchases in Q2 and 12% in Q3 [5][6] - The demand from Tether is expected to continue, with plans to purchase an additional 100 tons of gold by 2025, supported by its projected profits of nearly $15 billion this year [5][6] Group 2: Regulatory and Strategic Considerations - Tether's strategy involves using gold to back two different tokens, USDT and Tether Gold (XAUt), with a total of 116 tons of gold in reserves [6][10] - The recent GENIUS Act prohibits stablecoin issuers from using gold as reserve assets, yet Tether has increased its gold reserves, raising questions about its long-term strategy [6][10] - Tether's ambition to create a gold-backed cryptocurrency aims to provide a more accessible way for retail investors to hold gold, despite current regulatory challenges [10][11] Group 3: Speculative Risks and Market Dynamics - The relationship between gold and cryptocurrencies reflects concerns over currency devaluation, but the volatility of cryptocurrencies poses risks to the stability of gold as a safe-haven asset [7][11] - Jefferies predicts increased demand for gold from the stablecoin sector, but the unpredictable nature of the crypto market could lead to significant pressure on gold prices if demand shifts [7][11] - Tether's efforts to promote a gold-backed value exchange system face skepticism, particularly regarding the transparency and security of its gold reserves [11]

Core Viewpoint - S&P has downgraded Tether's asset quality assessment to the lowest rating of "weak," highlighting an increase in high-risk assets backing its stablecoin from 17% a year ago to 24% as of September [1] Group 1: Asset Quality and Risk - The proportion of high-risk assets, including corporate bonds, precious metals, Bitcoin, and secured loans, has significantly increased in Tether's reserves [1] - S&P warns that a decline in the prices of Bitcoin or other high-risk assets could weaken collateral coverage, leading to insufficient backing for USDT [1] Group 2: Transparency and Regulatory Concerns - S&P points out limited transparency in Tether's reserve management and risk appetite, along with a lack of a robust regulatory framework and asset segregation mechanisms to protect investors from issuer bankruptcy [1] - Tether has not disclosed information regarding its custodians, bank account providers, and counterparties [1] Group 3: Company Response - Tether strongly opposes the report's characterization, asserting that its stablecoin has maintained resilience during banking crises, exchange failures, and extreme market volatility [1] - The company claims to have provided real-time data and quarterly independent audits since 2021, stating that its transparency standards exceed those of many regulated financial institutions [1]

Core Insights - The global cross-border e-commerce market is expanding, with a steady increase in the share of goods trade, and China remains a dominant player in the global cross-border e-commerce landscape, reinforcing an export-oriented structure [1][11][17] - The global cross-border payment market has entered an era characterized by real-time payments, stablecoins, and digital currencies, with a steady market expansion driven by small, high-frequency transactions [1][26] - The value of cross-border third-party payment services is becoming increasingly prominent, particularly in China's rapidly expanding cross-border export third-party collection service market [1][33] Global Cross-Border Trade Market Data - From 2020 to 2024, global import and export trade is expected to achieve an average annual compound growth rate of approximately 8%, reflecting strong industrial resilience and policy regulation capabilities [7] - The global trade landscape is shifting towards emerging economies, with Asia and Oceania leading growth, while developed economies face low or zero growth by 2024 [2] China Cross-Border Trade Market Scale - China's goods and services import and export trade is projected to grow at an average annual compound growth rate of about 8% from 2020 to 2024, maintaining a stable global trade share of around 11% [7] - The diversification of China's export markets is evident, with significant growth in Asia, Europe, and North America, despite ongoing trade tensions with the U.S. [7] Global Cross-Border E-Commerce Market Data - The global cross-border e-commerce market is expected to grow at a compound annual growth rate of 17% from 2020 to 2024, driven by consumer demand for diverse products and the digital transformation of traditional trade [11] - Cross-border e-commerce is increasingly contributing to the digitalization of global trade, with social commerce and digital platforms reshaping consumer engagement [11] Global Cross-Border Payment Market Size and Forecast - The global cross-border payment market is projected to grow from approximately $141.1 trillion to nearly $194.6 trillion between 2020 and 2024, with personal cross-border payments experiencing rapid growth [26] - By 2029, personal cross-border payment volumes are expected to significantly increase, driven by the demand for diverse, small, high-frequency payment solutions [26] Cross-Border Third-Party Payment Service Value - Cross-border third-party payment service providers are increasingly recognized for their efficiency, ecosystem integration, and cost-effectiveness, particularly for high-frequency transaction needs in cross-border e-commerce [28][29] - Compared to traditional channels, third-party payment services offer superior operational experience, faster transaction speeds, and lower costs [29] Global and China Cross-Border Third-Party Collection Service Market Size and Forecast - The global cross-border third-party collection service market is expected to grow from nearly $600 billion in 2024 to over $1 trillion by 2029, driven by the diversification of trade participants and the expansion of digital transaction scenarios [33] - In China, the cross-border export third-party collection service market is rapidly expanding, driven by the deepening of the outbound ecosystem and increasing demand for efficient payment solutions [36] Competitive Landscape of Cross-Border Third-Party Payment Services - The market for cross-border third-party collection services is becoming increasingly concentrated, with leading firms leveraging technology and scale to enhance payment efficiency and security [38] - The competitive advantages of top-tier service providers are expanding, reflecting a mature industry stage where smaller firms face greater survival pressures [38] Key Competitive Advantages of Payment Service Providers - The ability to offer modular and customizable payment solutions is becoming a critical competitive barrier for payment service providers [39] - Third-party payment institutions are effectively reducing foreign exchange costs and enhancing transaction confidence through multi-currency support and rate locking [40] Integration of Payment and Value-Added Services - Cross-border payment service providers are extending their value proposition by offering integrated solutions that help merchants lower operational barriers and enhance their growth potential [52]

Core Viewpoint - S&P Global has downgraded the rating of Tether's USDT stablecoin to "weak," the lowest tier in its five-level evaluation system, due to the increasing allocation of high-risk assets by Tether [1] Group 1: USDT Circulation and Reserves - As of the end of September, the circulating value of USDT was $174.4 billion, while the reported reserves were valued at $181.2 billion, resulting in a collateralization ratio decrease from 106.1% a year ago to 103.9% [3] - Only 64% of Tether's reserves are held in short-term U.S. Treasury bills, with an additional 10% in low-risk overnight reverse repos [3] - The "other assets" category, which includes Bitcoin, corporate bonds, gold, mortgages, and other unspecified assets, has increased to 24% of USDT reserves from 17% a year ago [3] Group 2: Concerns Raised by S&P - Bitcoin currently constitutes approximately 5.6% of USDT's reserve assets, exceeding the 3.9% excess collateralization rate, indicating that reserves may not fully absorb the impact of asset value declines [6] - S&P analysts expressed concerns regarding Tether's lack of audited reports, as the company only provides quarterly reserve snapshots prepared by BDO Italia without independent audits [6] - Following a restructuring last year, Tether has engaged in speculative investments in companies like Adecoagro and Rumble, with no public disclosure on how these activities are separated from its core stablecoin operations [6] Group 3: Regulatory and Operational Issues - Tether relocated to El Salvador this year and obtained a digital asset license, but the regulatory requirements in El Salvador are lower than those in Europe and the U.S., only requiring a 1:1 reserve support and that at least 70% of reserves be liquid within 30 days [6] - In response to S&P's report, Tether strongly denied the claims, stating that the report uses outdated analytical frameworks and fails to reflect the characteristics and macroeconomic importance of digital native currencies [7] - Tether emphasized that it has consistently published quarterly independent audit certification reports since 2021 and has never refused any verified user redemption requests [7]