Core Insights - The recent cryptocurrency sell-off has highlighted the instability of stablecoins, particularly USDe, which briefly lost its peg to the dollar during market turmoil [1][2] - USDe's underlying mechanism has come under scrutiny, with concerns about its ability to maintain stability in extreme market conditions [1][4] - The incident has raised calls for caution regarding stablecoins as regulatory pressures increase [1][5] Group 1: Market Dynamics - A significant sell-off led to the liquidation of $19 billion in leveraged positions, causing volatility in altcoins and a drop in USDe to $0.65 on Binance [2] - Binance acknowledged operational issues affecting multiple tokens, including USDe, and compensated affected users with approximately $283 million [2] Group 2: USDe's Mechanism - USDe operates more like a tokenized hedge fund, generating returns through staking Ethereum and hedging crypto derivatives, unlike Circle and Tether, which resemble tokenized money market funds [3][4] - USDe's market capitalization has grown to $14 billion, with a reported yield exceeding 20% last year and a 12% annual yield offered to users last month [3] Group 3: Stability Concerns - S&P Global Ratings has assessed USDe's ability to maintain its peg as "weak," citing its reliance on a functioning cryptocurrency exchange ecosystem [4] - The recent sell-off has raised valid concerns about potential systemic risks in the crypto industry, particularly regarding the perception of USDe as a simple 1:1 stable asset [5]

智通财经APP获悉，隶属于二十国集团(G20)的风险控制与监察机构周四警告称，各成员国在监管快速增长的稳定币以及比特币等高 波动加密货币主导的加密市场方面存在"重大缺口"，这可能对全球金融稳定造成潜在伤害。 金融稳定委员会(FSB)是在全球金融危机后成立的机构，该机构此前于2023年就加密货币规则提出了一系列建议，试图使其与全球 主流金融部门保持一致。FSB是2009年6月二十国集团(即G20)设立的全球性金融监管机构，总部位于瑞士巴塞尔，现任主席为英国 央行行长安德鲁·贝利。 在周四的回顾与审查中，FSB专员们表示，尽管已取得一些积极进展，但具体规则的国际实施与协调仍然过于"碎片化、不一致，且 不足以应对加密资产市场的全球性质特征"。 该机构经过评估之后认为，目前的金融市场稳定风险"仍有限"，但随着比特币和其他高波动加密货币的价值飙升，在过去一年里全 球加密货币市场的价值翻倍至4万亿美元，导致全球金融风险正在上升。 上述的统计图表显示，过去一年全球加密市场规模几乎翻番。 FSB的审查报告回顾了包括美国、欧盟、中国香港和英国在内的29个司法管辖区对于高波动加密货币以及稳定币建议的实施情况， 不过美国仅参与了稳 ...

Group 1 - Major global economies are attempting to curb the spread of US stablecoins, with a consortium of nine European banks announcing plans to launch a euro-denominated stablecoin to create an alternative to the US-dominated market [1][2] - The rapid response from Europe follows the passage of the US stablecoin bill, with concerns that widespread use of US stablecoins in the Eurozone could undermine the European Central Bank's control over monetary policy [2][3] - A significant statistic indicates that all top ten stablecoins in the global stablecoin system are backed by the US dollar [2] Group 2 - China has also taken swift action by launching the Digital Renminbi International Operation Center in Shanghai, along with cross-border digital payment and blockchain service platforms [4][5] - The internationalization of the renminbi has been primarily driven by trade and cooperation along the Belt and Road Initiative, but progress has been slow due to traditional settlement system inertia and capital controls [5][6] - The dominance of US stablecoins in the digital finance space highlights the competitive landscape for financial rules, with China needing to actively participate to avoid being sidelined [6][10] Group 3 - The article discusses the historical context of the US dollar's dominance, which was established through the Bretton Woods system and further solidified by the petrodollar system [8][9] - Currently, over 90% of global crypto trading volume relies on stablecoins, predominantly pegged to the US dollar, reinforcing the dollar's role as a universal currency [9][10] - The potential risks of relying heavily on the US dollar for China include systemic impacts if the dollar system restricts access to financial resources [11][12] Group 4 - The article emphasizes the urgency for China to promote the internationalization of the renminbi, particularly through the central bank-issued digital renminbi, as a means to enhance financial security [12][18] - The digital renminbi is positioned as a sovereign digital currency that does not rely on external assets, unlike private stablecoins, which could lead to increased financial risks [16][18] - The digital renminbi can facilitate faster and cheaper cross-border payments, addressing inefficiencies in traditional payment systems [18][19] Group 5 - Trust and compliance challenges are highlighted as significant barriers to the global acceptance of the digital renminbi, particularly regarding privacy and regulatory frameworks [21][22] - The article points out that the depth and liquidity of China's bond market are still insufficient compared to the US, which affects international confidence in holding renminbi assets [22][23] - To become a reserve currency, the digital renminbi must address issues related to asset security, exit mechanisms, and institutional transparency [23][24] Group 6 - The article suggests strategic scenarios for the digital renminbi's breakthrough, such as energy trade and regional payment corridors, to reduce reliance on the US dollar [26][27] - The overall conclusion is that the digital renminbi's path to becoming an international reserve currency will require overcoming significant challenges related to trust, liquidity, and regulatory alignment [26][27]

加密货币（稳定币）特征与主要类型 加密货币是一种基于区块链技术、使用加密算法保护交易安全并由去中心化网络维护的数字资产。它不 依赖中央银行或政府发行，而是通过分布式账本（区块链）记录交易，实现点对点的价值转移。 一是了解核心特征。首先是去中心化，无单一机构控制，由全球节点共同维护网络（如比特币、以太 坊）。其次是加密安全，使用密码学（哈希函数、数字签名）确保交易不可篡改和匿名性。再次是限量 或算法发行，如比特币，总量2100万枚，通过"挖矿"递减发行；以太坊，无上限，但通过销毁机制控制 通胀；稳定币（如USDT），由美元储备1:1锚定发行；此外公开透明，所有交易记录在区块链上，任何 人可查询（如比特币区块浏览器）。 二是认识主要类型。首先是公链币。如比特币（BTC）、以太坊（ETH），特点是原生代币，用于支付 矿工费或参与网络治理。其次是稳定币。主要有USDT、USDC、HKDG，特点是锚定法币（美元/港 元），价格稳定，用于支付或交易。再次是央行数字货币（CBDC）。如数字人民币（e-CNY），特点 是由央行发行，法律地位等同现金，非完全去中心化。然后是交易所平台币。如币安币（BNB）、 OKB，特点是由交 ...

Risk Control & Systemic Issues - Binance's internal risk control system has significant issues, particularly regarding the management of circulating loans for assets like USDe, WBETH, and BNSOL [1] - The de-pegging of WBETH and BNSOL, assets that should be redeemable 1:1, highlights flaws in Binance's risk management [1] - The market's reliance on Binance's pricing creates systemic risk, as other exchanges and market makers are overly confident in Binance's stability [1] - The lack of immediate action or a post-incident report by Binance following the liquidations is unreasonable [1] Binance's Responsibility & Accountability - Binance should be held accountable for the volatility caused by assets that rely on its reputation, such as WBETH and BNSOL [1] - The issues leading to the liquidations should have been addressed six months prior, suggesting a failure to learn from past events like the FDUSD incident [1] - The author questions whether temporary control or suspension of trading for abnormal assets could have mitigated losses during the liquidation event [1] Market Impact & Solutions - The market impact of Binance's issues is greater than historical de-pegging events like USDC during the Silicon Valley Bank collapse [1] - The industry needs better solutions to address the current situation, rather than engaging in meaningless emotional venting [2] - Individual users should learn from this event, improve their risk management, and protect their capital [2]

根据最新发布的全球金融中心指数（GFCI），迪拜正式跻身全球四大金融科技中心之列，成为中东、 非洲和南亚地区（MEASA）唯一入榜的全球领军金融中心。 这一成就的背后，迪拜国际金融中心（DIFC）功不可没。作为该地区首屈一指的全球金融枢纽，DIFC 目前汇聚超过8000家企业和48000名专业人士。 过去十年间，DIFC首席执行官阿里夫·阿米里（Arif Amiri）带领DIFC实现了历史性的高速增长，推动 迪拜成为面向未来的金融发展引擎。同时，作为"未来技术与数字经济高级委员会"成员，阿米里正致力 于将DIFC打造为区域内人工智能（AI）、金融科技与数字资产的核心枢纽。 近日，阿米里在接受《国际金融报》记者的专访时表示，人工智能对金融业的改造将远不止"自动化"。 它将彻底重塑机构评估风险、服务客户、设计产品的底层逻辑。此外，他强调中国机构在DIFC的快速 集聚，正是双方共享发展机遇的有力体现。 目前，DIFC已成为阿联酋境内最受中国金融机构青睐的聚集地，中金公司（601995）、中国银行、工 商银行等多家头部机构均在此设立分支机构，以辐射中东、非洲及南亚等高增长市场。作为区域内唯一 实现全业态、规模化运营的 ...

Core Insights - The Financial Stability Board (FSB) is focusing on enhancing global policy responses to emerging threats from the increasing use of private finance and stablecoins [1] - There is a significant gap in addressing financial stability risks, with few countries or regions establishing comprehensive regulatory frameworks for global stablecoins [1] - Hong Kong is exploring the development of offshore RMB stablecoins and aims to act as a "testing ground" for stablecoins and digital assets [1] - A recent survey indicates that nearly 20% of local businesses have already adopted or are using stablecoins, with 62% planning to do so within two years, surpassing the average of 46% from four other surveyed countries [1] - Over 80% of local businesses are either using or planning to introduce stablecoin payments [1] Industry Developments - Stablecoins are recognized for their "fast, low-cost, and programmable" characteristics, making them an effective solution for cross-border payment challenges [3] - The remittance market, valued at nearly $1 trillion, incurs an average fee of 6.4% (approximately $64 billion) annually, while stablecoin transfers can cost just a few cents and are nearly instantaneous [3]

前天市场黑天鹅我还挺担心 Falcon 的情况，毕竟 FF 的稳定币也套费率，我还有一些钱在里面挖坑，但看币价表现和链上大户的质押情况资金还是安全的。最近有关 mm 出事的声音很多，看 FF 的情况估计这波 DWF 是非常稳健的刚 Pendle 的空投发了，Yap2FLY 和 Kaito 合作的，是根据徽章解锁的我领了下，大家记得去领下空投黑天鹅之后 @FalconStable 还趁势拉盘搞起了 Miles Season 2 与 NFT 积分加成活动，质押 1000 $FF 可以有机会拿 NFT 白名单。今天 TVL 加了几亿，整体代币交易量几十亿说实话挖矿还是挖一些能直接出来的矿比较安心，depeg 直接跑就完事，协议是不是安全也都能通过 USDf 直观看见。希望 FF 这波之后能做好预期管理吧，别的项目都是反撸或者坑钱了被骂，让用户明明大部分都赚到了但是被骂这么惨的项目确实不多 😂 ...

Core Viewpoint - The company has completed the acquisition of a property in Irvine, California, for $4.365 million, and established a wholly-owned subsidiary, ETHK BANK, to enhance its operations in the North American market, focusing on stablecoin and intellectual property securitization [1][2]. Group 1: Property Acquisition - The acquired property, located at 9840 Irvine Center Drive, spans approximately 4,960 square feet and includes a two-story office building of about 9,920 square feet, designed for both office and research purposes [2]. - This property will serve as the company's strategic headquarters in the U.S., supporting the development of stablecoin public chain technology and intellectual property securitization, creating a hub for connecting global innovative assets with capital markets [2]. Group 2: ETHK BANK - ETHK BANK will act as the global operational platform for the company's stablecoin and intellectual property securitization business, managing core business directions including stablecoin licensing and compliance framework establishment [3]. - The company is pursuing a federal payment stablecoin issuer license under the U.S. GENIUS Act and plans to apply for a national trust bank license to create a compliant operational system [3]. - The company is developing an innovative stablecoin architecture that supports the generation of stablecoins pegged to the U.S. dollar through real-world asset collateral, aiming to provide a transparent and sustainable digital asset yield solution [3]. Group 3: Key Project Cooperation - The company has signed a strategic cooperation agreement with Transcenta Holding Limited for the tokenization of innovative drug pipeline assets valued at approximately $1.5 billion, with ETHK BANK leading the initiative [5]. - This project focuses on cutting-edge research in cancer treatment, providing a transparent and professional channel for global investors to access medical assets [5]. Group 4: Future Outlook - The acquisition of the U.S. property and the establishment of ETHK BANK signify the company's strategic upgrade towards becoming a global leader in stablecoin and high-tech intellectual property capital operations [6]. - The company aims to integrate on-chain financial infrastructure with the real economy, aligning with global digital economy trends and potentially opening new growth pathways [6]. - The board believes these initiatives reflect the company's core philosophy of transforming knowledge into capital, ensuring long-term stable returns for shareholders through compliant capital operations and innovative practices [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責 任。 IVD Medical Holding Limited 華檢醫療控股有限公司 （於開曼群島註冊成立之有限公 司） （股份代號：1931） 收購美國物業及設立美國附屬公司ETHK BANK 於美國推進穩定幣及知識產權證券化新征程 本 公 告 乃 由 華 檢 醫 療 控 股 有 限 公 司（「本公司」或「華檢醫療」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，旨 在 向 股 東 及 潛 在 投 資 者 提 供 本 集 團 業 務 發 展 的 最 新 資 料。 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，本 公 司 已 於 近 期 完 成 收 購 位 於 美 國 加 利 福 尼 亞 州 奧 蘭 治 縣 爾 灣 市 一 處 物 業（「該物業」），總 代 價 為436.5萬 美 元。同 時， 本公司於美國科羅拉多州註冊成立全資附屬公 ...