Group 1 - Hong Kong is positioned as a leading hub for financial technology and digital assets, leveraging its robust regulatory framework and vibrant financing market to integrate Web3 technologies [1][2] - The Legislative Council has established a Web3 and Virtual Assets Development Subcommittee to explore the application and development of digital asset technologies [1] - Hong Kong ranks as the third-largest international financial center globally and first in Asia, while also being the top in the financial technology sector [1] Group 2 - The Legislative Council passed the Stablecoin Bill in May, establishing a licensing regime for stablecoin issuers, making Hong Kong one of the first regions to regulate stablecoin issuance [2] - Amendments to the Stablecoin Bill allow licensed stored value payment tool providers to sell fiat-backed stablecoins, promoting broader adoption in Hong Kong [2] - The total amount of green and sustainable bonds issued in Hong Kong has reached approximately $43 billion, maintaining the top position in the Asia-Pacific market for seven consecutive years [2] Group 3 - Hong Kong has established multiple cross-regional financial cooperation platforms to enhance fintech innovation and connect with international markets [3] - The Hong Kong Fintech Week, held in November, is expected to attract over 30,000 participants from more than 100 economies, showcasing the city's fintech ecosystem [3] - Legislative Council members recommend optimizing the regulatory framework to encourage fintech trials and simplify licensing processes to support digital transformation in traditional industries [3]

Group 1 - The core viewpoint of the article emphasizes the rapid rise of stablecoins as a crucial element in reshaping financial infrastructure, particularly following legislative developments in the US and Hong Kong [3] - The book "Stablecoins: Reshaping the Global Financial Order" provides a comprehensive framework for understanding stablecoins, including their origins, business models, applications, risks, and global regulatory landscape [3] - The concept of "general equivalent" in currency is highlighted, indicating that the definition of money must evolve with time, as traditional commodity money has become obsolete [5] Group 2 - Keynes' contributions to monetary theory are discussed, particularly his views on deposits as a form of money and the concept of "endogenous money," which posits that money is created through the loan-deposit process [6] - The article argues against the notion of "supranational currency," asserting that currency is fundamentally tied to national sovereignty and cannot be eliminated as long as sovereign states exist [8] - The complexities of cross-border payments and the inherent exchange rate issues are acknowledged, emphasizing that currency remains a sovereign entity despite technological advancements [9] Group 3 - The article introduces the idea of "layered currency," referencing Marxist political economy to explain the different layers of money, from cash to various forms of digital currency [11] - The emergence of digital currencies complicates the traditional understanding of currency layers, with stablecoins adding a new dimension to the existing monetary hierarchy [12] - The discussion on the role of central banks in issuing currency and the implications of digital currencies on monetary policy and financial systems is presented [12]

Market Overview - The recent market crash resulted in over 1.6 million liquidations, totaling $19.3 billion, marking the highest single-day liquidation amount in history [1][7][24] - Major cryptocurrencies experienced significant declines, with Bitcoin (BTC) dropping to a low of $101,516, representing a 16% decrease within 24 hours, while Ethereum (ETH) fell by 22% to a low of $3,400 [2][7] - Altcoins suffered even more severe losses, with some experiencing declines of 80% to 90% [2][4] Liquidation Details - The liquidation breakdown showed that long positions accounted for $16.81 billion, while short positions totaled $2.495 billion, with the largest single liquidation occurring on Hyperliquid for ETH-USDT, valued at approximately $203 million [7][8] - The derivatives market amplified the crash, with a total of $19.3 billion liquidated in just 24 hours [7][8] Causes of the Crash - Analysts suggest multiple factors contributed to the crash, including geopolitical tensions related to U.S.-China trade tariffs, which heightened market fears [9][10][11] - The automatic liquidation of cross-margin positions by centralized exchanges (CEX) was also cited as a significant factor leading to the sharp decline in altcoin prices [11] - A large institution's massive liquidation on Binance was speculated to have triggered the market downturn, particularly affecting the price of USDe, which briefly fell to $0.65 [12][20] Winners and Losers - Some traders capitalized on the extreme market conditions, with a notable BTC whale reportedly making over $200 million by shorting BTC and ETH [15][26] - Conversely, many investors faced substantial losses, with some accounts being completely wiped out, including one individual losing $80 million [1][24] Recovery and Future Outlook - Despite the significant downturn, there are indications of recovery in some assets, with certain traders successfully bottom-fishing during the crash [17][20] - The market remains volatile, and liquidity issues are expected to persist, particularly over weekends [24][26]

Core Viewpoint - Circle's Asia-Pacific Vice President expressed an open attitude towards future collaboration on Hong Kong dollar stablecoins, indicating ongoing discussions with multiple companies to share expertise and experience [1] Group 1: Company Insights - Circle is the second-largest issuer of stablecoin USDC and is actively exploring partnerships for the issuance of Hong Kong dollar and other stablecoins [1] - The collaboration model is expected to resemble bank operations across regions, allowing companies to make payments in local currencies while settling in different currencies across jurisdictions, with the US dollar often serving as a reference currency [1] Group 2: Market Trends - Currently, stablecoins pegged to the US dollar account for 98% of the market, highlighting a significant dominance of dollar-linked stablecoins [1] - The Vice President anticipates that more stablecoins denominated in various currencies will emerge in the future, although this development may take time [1]

全球第二大稳定币USDC发行商Circle亚太区副总裁陈钦淇表示，对于与港元稳定币未来合作持开放态 度，已经和多间公司洽谈，分享专业知识和经验，期待看到港元稳定币以及其他稳定币在港发行；合作 方式就像银行在不同地区运作般，公司透过当地货币付款，然后于不同司法管辖区以不同货币付款，当 中美元往往是参考货币。现时美元挂钩的稳定币占市场高达98%，陈钦淇预计，未来将看到更多以不同 货币计价的稳定币，尽管需要时间，但最终会发生。 【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 ...

想到了bybit在被盗15亿刀以后，我问了个很蠢的问题，为什么不多分几个钱包。网友写了一大堆理由，最后benzhou亲口说以后会多分几个钱包....只能说，这世界就是个巨大的草台班子，大量简单的事情没人考虑到。憨巴龙王 (@dotyyds1234):一个疑问，既然币安出了事就要赔付，那为什么没有一个专门的组织机构，在usde usdc weth这种稳定币以及自我包装的币上在市场护盘？这样不是亏的更少吗？因为只要护盘了，就不会引发连锁爆仓。是币安不允许这么做？ ...

Market Stability & Risk Management - The question is raised about the absence of a dedicated organization for market making in stablecoins like USDE, USDC, WETH, and other self-packaged cryptocurrencies to prevent cascading liquidations [1] - The potential benefits of market making are highlighted, suggesting it could minimize losses compared to the costs associated with widespread liquidations [1] - A question is posed regarding whether Binance prohibits such market making activities [1]

10月11日凌晨，加密货币市场遭遇了一场史诗级大跌。比特币在24小时内重挫逾13%，最低触及约 10.59万美元。这一跌幅使其瞬间从本周初创下的历史高点12.625万美元回撤高达两成，成为今年4月以 来加密市场最大规模的抛售潮。一夜之间，超过160万投资者爆仓离场，加密货币市场的剧烈动荡让人 不禁联想起此前几轮典型的崩盘事件。中国人民大学重阳金融研究院国别研究部研究员刘英向记者指 出，储备资产需要的是稳定性，比特币的高杠杆、高风险、高波动性不支持它成为储备货币。另外，比 特币还存在交易结构风险和流动性问题。这场风暴还波及到了稳定币，在10月11日的加密货币大跌中， Ethena Labs发行的合成稳定币USDe价格一度与美元严重脱锚，在部分去中心化交易所最低跌至0.62美 元，脱锚幅度高达38%。CoinPedia创始人Qadir指出，交易员和机构资金从现货市场转向高杠杆合约仓 位，试图博取空投收益，从而掩盖了真实的市场风险。脆弱的山寨币流动性、过度的杠杆以及估值错 配，共同酿成了剧烈的"去杠杆"踩踏行情。"交易机器人和算法加剧了混乱，加速了崩盘。"（每经） ...

Core Viewpoint - The temporary decoupling of stablecoins can significantly shake market confidence, leading to potential liquidations and broader cryptocurrency volatility [1][4]. Market Impact - USDe, a synthetic dollar token, briefly dropped to $0.65 on Binance before recovering, currently offering a 5.5% yield with a market cap of $14 billion, making it the third-largest stablecoin [2]. - The market downturn was triggered by Trump's tariff threats, prompting investors to seek refuge in gold and U.S. Treasury bonds, resulting in over $19 billion in long cryptocurrency positions being liquidated within 24 hours, affecting more than 1.6 million traders [2]. Response from Exchanges - Binance is conducting a thorough review of affected users, liquidation details, and appropriate compensation measures [3][4]. Mechanism Vulnerability - The USDe token's unique yield generation mechanism, based on basis trading strategies, faced severe tests during market sell-offs, highlighting the fragility of new stablecoin mechanisms under extreme market conditions [6][7]. - The funding rates for Ethereum have dropped to their lowest levels since August 2024, threatening USDe's return rates [9]. Competitive Landscape - USDe's yield generation structure differentiates it from competitors USDT and USDC, which are primarily backed by high liquidity assets like U.S. Treasury bonds [10]. - Despite structural differences, USDe is still classified as a stablecoin by cryptocurrency data tracking agencies, reflecting market acceptance but also the challenges of maintaining stability in extreme conditions [10].

Core Viewpoint - The article discusses the recent significant decoupling of USDe, the third-largest stablecoin, during a cryptocurrency liquidation event, raising concerns about its stability and the mechanisms behind it [1][5]. Group 1: USDe Overview - USDe is a synthetic dollar stablecoin launched by Ethena Labs, ranking third in market capitalization among stablecoins, with a market cap exceeding $12 billion [1]. - Unlike traditional stablecoins like USDT and USDC, USDe is not backed by fiat currencies or hard assets but is a combination of crypto assets and derivatives, designed to hedge against price risks [6]. Group 2: Market Events - On Saturday morning, USDe's price dropped to a low of $0.65 within half an hour, leading to a significant liquidation event in the cryptocurrency market, with nearly $19 billion in long positions liquidated and over 1.6 million accounts affected [4][7]. - The liquidation event was exacerbated by a collective downturn in the cryptocurrency market, causing a massive sell-off of USDe as leveraged users faced automatic liquidations [7][9]. Group 3: Mechanisms and Risks - The mechanism behind USDe allows users to mint it by collateralizing their crypto assets, while the project simultaneously establishes short positions in the derivatives market to hedge risks [6]. - A dangerous "USDe circular lending" strategy emerged, where speculators borrowed other stablecoins against USDe to mint more USDe, creating a cycle that became unsustainable during market stress [6][9]. Group 4: Response and Future Outlook - Following the incident, Ethena Labs asserted that USDe remained over-collateralized and that the minting and redemption mechanisms were functioning correctly [9]. - The affected exchange announced compensation for impacted users and implemented a minimum price threshold for USDe to enhance price stability [9].