Group 1: CIPS Developments - The Renminbi Cross-Border Payment System (CIPS) signed agreements with six foreign institutions, marking the first coverage of direct foreign participants in Africa, the Middle East, Central Asia, and Singapore [1] - CIPS officially launched its international letter of credit business, which is significant for optimizing bilateral Renminbi trade settlements globally [4] Group 2: Central Bank Initiatives - The People's Bank of China has signed bilateral currency swap agreements with over 30 countries and regions, enhancing the global financial safety net [3] - The central bank is exploring the possibility of increasing the regular issuance of Special Drawing Rights (SDR) to enhance its role as an international reserve asset [5] Group 3: Technological Advancements - The application of new technologies such as blockchain is accelerating the development of central bank digital currencies and stablecoins, reshaping traditional payment systems [2] - Huawei's executive highlighted that the proportion of 5G-connected vehicles in China's passenger car sales is expected to rise to 95% by 2030, indicating a significant growth opportunity in the smart connected vehicle sector [6] Group 4: Regulatory Changes - The China Securities Regulatory Commission (CSRC) announced the reintroduction of listing standards for unprofitable companies on the Sci-Tech Innovation Board, aiming to enhance inclusivity for quality tech firms [9] - The CSRC is implementing new measures to facilitate mergers and acquisitions, including a phased payment mechanism for share consideration [10] Group 5: Market Trends - Market research indicates that Samsung's reduction in DDR4 supply may lead to a shortage, with prices for DDR4 components significantly increasing, which could accelerate the transition to DDR5 [8]

华夏时报（www.chinatimes.net.cn）记者 卢梦雪 北京报道 6月18日，在2025年陆家嘴论坛上，中国人民银行行长潘功胜宣布了八项金融开放举措，其中包括，将设立数字人 民币国际运营中心，推进数字人民币的国际化运营与金融市场业务发展，服务数字金融创新。 上海金融与发展实验室首席专家、主任曾刚向《华夏时报》记者分析指出，设立数字人民币国际运营中心是增强 人民币国际化，推动跨境支付和跨境贸易发展的重要举措，对于设立地上海的金融市场发展将起到积极作用。 今年4月21日，中国人民银行、上海市人民政府等4部门联合印发的《上海国际金融中心进一步提升跨境金融服务 便利化行动方案》指出，支持在沪数字人民币运营试点银行积极参与多边央行数字货币桥项目，探索创新特色场 景；支持外汇交易中心为多边央行数字货币桥提供外汇流动性管理及兑换服务。 "中国经济已经走到了资本输出和人民币国际化的关键时点，离岸贸易看似是单一试点，实则牵动人民币国际化、 全球供应链重组、金融开放三盘大棋。"张林向《华夏时报》记者分析认为，在上海开展的离岸贸易金融服务综合 改革试点也将成为数字人民币跨境应用的良好试验田，比如在试点内探索比如用数字货 ...

Core Insights - The 2025 Lujiazui Forum highlighted the focus of Chinese financial authorities on cross-border payment systems, emphasizing the need for innovation and efficiency in this area [1][2] Group 1: Digital Currency and Cross-Border Payments - The People's Bank of China announced the establishment of a digital RMB international operation center in Shanghai to promote the internationalization of the digital currency and financial market development [1] - The rise of central bank digital currencies (CBDCs) and stablecoins is reshaping traditional payment systems, significantly reducing the cross-border payment chain [1][2] - The RMB has become the second-largest trade financing currency and the third-largest payment currency globally, reflecting its increasing international status [2] Group 2: Challenges and Innovations in Cross-Border Payment Systems - Traditional cross-border payment systems face challenges such as low efficiency and high costs, prompting a global call for improvement and diversification [2] - The multilateral central bank digital currency bridge project has shown promising results, with payments processed in 6 to 9 seconds, compared to 2 to 5 days for traditional methods, and nearly halving transaction costs [3] - The interoperability of payment systems is improving, with countries extending operational hours and adopting international messaging standards to enhance cross-border payment efficiency [4] Group 3: Regional Cooperation and Future Trends - The renewal of the bilateral currency swap agreement between the People's Bank of China and the Central Bank of Turkey supports the use of local currencies for cross-border settlements [2] - The trend towards a more efficient, secure, inclusive, and diversified global cross-border payment system is expected to continue [4]

Group 1: International Monetary System - The discussion on reforming the international monetary system has two main directions: reducing reliance on a single sovereign currency and promoting a few strong sovereign currencies to create healthy competition [2] - The second direction involves the potential for a supranational currency, such as the IMF's Special Drawing Rights (SDR), to become the international dominant currency, though it faces political consensus challenges and limited market depth [3] Group 2: Cross-Border Payment System - There is a growing demand for improvements in the cross-border payment system, with emerging payment infrastructures and settlement methods driving it towards greater efficiency, security, inclusiveness, and diversity [4] - The cross-border payment system is diversifying, with more countries using local currencies for settlement, and new payment systems emerging alongside traditional models [4] - The interoperability of payment systems is improving, with countries extending operational hours and adopting international messaging standards to enhance efficiency and reduce costs [5] Group 3: Global Financial Stability System - The global financial stability system faces new challenges, including fragmented regulatory frameworks and insufficient oversight in emerging digital finance sectors [6] - A strong IMF is essential for building a diverse and efficient global financial safety net, maintaining consistency and authority in global financial regulatory rules [6] Group 4: Governance of International Financial Organizations - The IMF plays a central role in global economic governance, with its quota system determining crisis response capabilities and member voting rights [7] - Current IMF quotas do not reflect the relative positions of member countries in the global economy, and adjusting these quotas is crucial for enhancing the IMF's governance legitimacy and representation [8]

徐刚博士，这位数字资本集团（DCG）的创始人兼董事局主席，在长期研究和实践中认为稳定币和现 实世界资产（RWA）代币化正通过区块链技术革新全球金融体系，不仅提升效率，还推动社会公平与 经济包容。他结合技术特性、经济影响及社会价值，分析其变革潜力。 一、降低金融门槛，推进普惠金融 1. 跨境贸易效率革命稳定币规避汇率波动，缩短企业回款周期。例如，京东计划发行港元稳定币优化大 湾区汇兑；Stripe通过收购Bridge实现101个国家稳定币支付覆盖，打通传统与加密金融。 1. 资产碎片化与投资民主化RWA代币化将高价值资产（如房地产、黄金、艺术品）分割为小额代币， 降低投资门槛。例如，DCG打造的澳大利亚数字资产交易所AUDX，通过资产上链等技术手段将价值 1000万美元的房产可拆分为1000万个1美元代币，普通投资者以100美元即可参与。2025年，商品代币化 市场预计达45亿美元。 社会意义：缩小财富差距，为中低收入群体提供资产增值机会。 2. 稳定币的金融包容性 在银行服务不足的新兴市场（如非洲、拉美），稳定币对抗通胀并支持小额信贷，跨境支付成本仅为 SWIFT系统的0.1%，结算时间从3-5天缩短至分钟级 ...

本次大会上，孙宇晨也在多个场合强调波场TRON在稳定币基础设施建设中的角色，并指出下一步的发 展重心是通过波场TRON网络拓展更多结算应用场景，例如与新兴市场的银行、支付机构、企业合作， 实现稳定币的本地化清算和国际结算连接。USDT作为最具流动性的稳定币，其在波场TRON链上的成 功，不仅巩固波场TRON的网络地位，也推动了整个去中心化金融体系向更广泛、更实用的方向演进。 随着全球金融对链上结算需求的持续增长，波场TRON网络正在成为数字金融世界的基础设施中枢。孙 宇晨所描绘的"全球结算层"不再只是前瞻性的愿景，而是在USDT流通和现实应用中逐步落地，助力全 球用户享受更加便捷、公平和普惠的数字经济服务。 孙宇晨早在公开场合中就多次提出"波场TRON将成为全球结算层"的愿景，认为区块链的发展不应仅局 限于技术创新，而要服务于实际的金融需求，尤其是在跨境支付、链上清算和稳定币结算等关键场景中 展现落地能力。如今，USDT的大规模部署正在波场TRON网络上加速实现这一目标，波场TRON已经 成为许多新兴市场、加密交易平台和DeFi协议首选的稳定币承载平台。 相比于其他网络，波场TRON链在稳定币应用上拥有更高的 ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收跌，纳指跌0.5%，标普500指数跌0.27%，道指微跌1个点；大型科技股多数下 跌，英特尔跌超6%，创2个月以来最大单日跌幅；亚马逊跌超2%，苹果、Meta跌超1%，英伟达、谷歌 小幅下跌；奈飞涨超1%，特斯拉、微软小幅上涨；Oklo涨近30%，创历史收盘新高；空间技术公司 Voyager Technologies（VOYG）美国IPO首日涨超82%。中概股涨跌不一，纳斯达克中国金龙指数涨 0.08%，哔哩哔哩涨超8%，富途控股、叮咚买菜涨超6%，向上融科涨超3%；阿里巴巴跌超1%。 2、美国劳工统计局公布5月CPI数据全线低于预期：总体CPI环比仅上涨0.1%，不及预期的0.2%。国际 金价反弹，现货黄金涨0.97%，报3355.01美元/盎司；COMEX黄金期货涨0.98%，报3376.00美元/盎司； COMEX白银期货跌0.77%，报36.36美元/盎司。国际油价大幅走高，美油主力合约收涨5.11%，报68.30 美元/桶；布伦特原油主力合约涨4.58%，报69.93美元/桶。 （二）行业掘金 1、近期蚂蚁国际与德意志银行在 ...

Group 1 - Stablecoins are a type of cryptocurrency designed to maintain value stability by pegging their price to external assets such as fiat currencies or commodities, addressing the volatility issues of cryptocurrencies like Bitcoin [1][5] - The essence of stablecoins is the tokenization of real-world fiat currencies or assets on the blockchain, representing a fusion of traditional financial assets and blockchain technology [1][5] - The recent introduction of stablecoin regulatory frameworks in the US and Hong Kong signifies a formal acceptance by regulators, providing new investment opportunities and revitalizing the stablecoin market [5][6] Group 2 - Stablecoins can be categorized into fiat-collateralized, crypto-asset/collateralized, and algorithmic stablecoins, with fiat-collateralized stablecoins currently dominating the market [5][6] - The primary uses of stablecoins include serving as a trading medium in the crypto market, core assets in decentralized finance, new financial infrastructure, and tools for asset allocation and wealth preservation [6][9] - The regulatory frameworks in the US, Hong Kong, and the EU share common principles such as fiat currency anchoring, licensed issuance management, and customer protection, while also having unique characteristics [6][7] Group 3 - The US stablecoin legislation aims to maintain the dollar's dominance in the digital economy, positioning dollar stablecoins as global digital payment tools [9] - Hong Kong's stablecoin framework seeks to enhance its status as an international financial center, potentially leading to the issuance of offshore RMB stablecoins to promote the internationalization of the RMB [9] - The growth of the stablecoin market is expected to significantly benefit decentralized application service providers and their native tokens, as stablecoins play a crucial role in decentralized finance [9][10]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The successful IPO of stablecoin giant Circle on June 5, 2025, marked a significant milestone, with a first-day increase of 168.48% and a market capitalization of $18.4 billion [4] - Circle's USDC has become the second-largest dollar-pegged stablecoin globally, with a market cap of approximately $60.9 billion as of April 2025, narrowing the gap with Tether (USDT) [4] - The report emphasizes the growing opportunities in the digital currency market, particularly in decentralized finance (DeFi), cross-border payments, and digital asset trading [5][7] Summary by Sections Industry Overview - The report highlights the positive outlook for the computer industry, with a projected growth trajectory [1][2] Circle's Business Model - Circle's revenue model is primarily based on the yield from reserves invested in U.S. Treasury bonds, with total revenue reaching $1.676 billion by the end of 2024, a 15.57% increase from 2023 [6] - The majority of Circle's revenue (99.1%) comes from reserve income, although net profit has decreased to $156 million due to rising distribution and transaction costs [6] USDC Applications - USDC is widely used in various applications, including: 1. Decentralized Finance (DeFi): Dominating stablecoin trading volume (approximately 69%) on platforms like Ethereum and Solana [5] 2. Cross-Border Payments: USDC offers fast (settlement in seconds) and low-cost (less than $0.01) transactions, making it ideal for global remittances [5] 3. Digital Asset Trading: USDC serves as a key liquidity source in cryptocurrency trading, particularly in centralized exchanges like Coinbase [5] Investment Recommendations - The report recommends several companies that are expected to benefit from the digital currency market, including Langxin Group, Jingbeifang, and others [7]

Core Viewpoint - The Financial Conduct Authority (FCA) in the UK has proposed to lift the ban on offering crypto exchange-traded notes (cETNs) to retail investors, which is expected to enhance digital asset adoption in the UK [1][2][3] Group 1: Regulatory Changes - The FCA's proposal aims to support innovation and competitiveness in the UK's digital asset sector while ensuring robust investor protection [2] - This change aligns the UK with global best practices, as crypto ETNs are already accessible to retail investors in other major European jurisdictions [2] Group 2: Company Response - 21Shares, a leading issuer of cryptocurrency ETPs, supports the FCA's move, emphasizing the need for cost-effective and regulated access to the digital asset economy for UK retail investors [3] - The announcement marks a reversal of the FCA's initial 2021 ban on retail access to crypto derivatives and ETNs, allowing retail investors to participate through trusted and transparent instruments [3] Group 3: Company Background - 21Shares has a significant track record, having listed the first physically-backed crypto ETNs on the London Stock Exchange in 2024, providing regulated access to digital assets for professional investors [3][4] - The company offers a comprehensive suite of physically backed ETPs, including exposure to Bitcoin and Ethereum, and is committed to engaging with the FCA and market stakeholders during the consultation process [4]