Core Viewpoint - The stability of stablecoins is being questioned by major financial institutions, including the Bank for International Settlements (BIS) and the European Central Bank, due to concerns over their ability to serve as a pillar of the monetary system and their potential use in financial crimes [1][3][6]. Regulatory Concerns - BIS highlights that stablecoins have not met the necessary criteria of singularity, elasticity, and integrity to be considered a foundational element of the monetary system [3][4]. - The anonymity of stablecoins raises concerns about their use in money laundering and terrorist financing, as they lack the "Know Your Customer" (KYC) standards present in traditional finance [4][5]. - The Hong Kong Monetary Authority (HKMA) emphasizes the need for cautious regulation and has expressed a desire to temper public enthusiasm for stablecoins [6][8]. Market Reaction - Following regulatory warnings, stablecoin-related stocks have experienced significant declines, with Circle's stock price dropping from a peak of $299 to $199, reflecting a loss of over 10% in a single day [1][10]. - The market has shifted from a state of exuberance to one of caution, with investors becoming anxious and hesitant to engage [10][11]. Future Outlook - The future role of stablecoins remains uncertain, with potential implications for central bank digital currencies (CBDCs) and traditional financial systems [11][12]. - Analysts suggest that the rapid growth of stablecoins may lead to a reconsideration of the necessity for CBDCs in some countries, as stablecoins closely resemble them but are privately issued [11]. - The relationship between stablecoins and traditional financial markets is evolving, with increased risk correlation noted, particularly as traditional financial institutions begin to allocate investments in stablecoins [11][12].

Core Insights - The report highlights the dominance of stablecoins in the Real-world asset (RWA) tokenization market, while non-stablecoin RWA tokenization shows significant growth potential as regulatory barriers are removed [1][2][3] - The current market size for non-stablecoin RWA tokenization is $23 billion, representing only 10% of the stablecoin market [3][9] - Regulatory reforms in jurisdictions like Singapore, Switzerland, the EU, and Jersey are supportive, but inconsistencies, particularly regarding KYC requirements, remain a challenge [3][19] Market Overview - The non-stablecoin RWA tokenization market is primarily dominated by private credit ($13 billion) and U.S. Treasury bonds ($7 billion) [9] - The tokenization of U.S. Treasury bonds is relatively mature, attracting traditional finance participants [9] - The private credit market, led by Figure, is gaining traction by simplifying loan verification and approval processes [9][13] Growth Potential - Private equity and illiquid commodities are expected to be the next growth areas for non-stablecoin tokenization [4] - Successful tokenization projects often address unmet needs that traditional products do not fulfill, such as the yield from tokenized U.S. Treasury bonds [12][18] - The growth of on-chain private credit is driven by improved access for investors, enhancing liquidity [13] Regulatory Challenges - Regulatory frameworks are evolving, but inconsistencies across jurisdictions pose challenges for tokenization [19] - Inefficiencies in KYC requirements for fund holders create friction, limiting accessibility and scalability [19] Other Challenges - The gap between decentralized finance (DeFi) and traditional finance (TradFi) participants affects the potential scale and speed of non-stablecoin tokenization [20] - Solutions are needed to bridge this gap, including trusted third-party custodians and distribution solutions for tokenized digital assets [20]

上周的最大事件不是以伊冲突，而是稳定币发行商Circle上市和股价暴涨触发的稳定币生态圈爆发。 以色列和伊朗相互攻击，中东局势紧张，WTI原油价格再涨10%。美国、英国和日本央行均决定维持政 策利率水平不变，不过日本银行公告明年放缓削减购债规模的步伐。地缘政治局势不稳，上周全球多数 股市走弱。美联储降息机会增加，美债全线上涨。日本财务省调整发债结构，日债走强。黄金白银高位 整固，美元汇率略强。 美国联邦公开市场委员会（FOMC）作出了一致的政策决定，但也展现出罕见的分歧。美联储预测今年 经济增长1.4%，远远低过去年的增长数字和上次的预测。失业率从现在的4.2%走向年底的4.5%，通货 膨胀由4月的2.1%上调至3%。 美联储主席鲍威尔在记者会上表示，"在此一刻，我们等待了解经济未来走向，然后再考虑调整政策立 场"。"在此一刻"四字耐人寻味。会后发布的点阵图显示，FOMC成员预期中位数为今年会有两次降 息，其中10人预期两次降息，7人认为今年不必降息，2人估计今年降一次。决策者对通胀走势并无共 识，他们达成的共识仅是6月份暂时不降息。 FOMC会议后第二天，美联储理事沃勒在采访中表示，夏季就应该降息，"政策应 ...

摘要：规模护城河，不奏效了吗？（欢迎关注闺蜜财经） 01 先看A股营收降幅TOP10银行。 2025年1季度，营收下滑幅度最大的是厦门银行。作为福建省唯一上市城商行，厦门银行一季度营收同 比大跌18.42%，净利润下滑14.21%，成为下跌"重灾区"。 此前，厦门银行1季度不良贷款率攀升至0.86%，拨备覆盖率从391.95%降至313.57%，资产质量未见提 升。 厦门银行银行行长吴昕颢此前在业绩会上表示，一季度业绩波动的主要原因在于"银行间资金面收紧以 及资金中枢抬升，导致公司交易簿中相关资产的公允价值下降，进而产生账面损失"。他指出，报告期 内投资类相关业务收益显著下滑是导致同期营收下降的关键因素。 | | 序号 股票代码 股票简称 | | 相关 | 每股收 | | 营业总收入 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 益(工) | 黄业总收 | 同比增长 | 李唐环比 | | | | | | | △(エ) | (%) ( | 增长(%) | | 1 | 601187 | 厦门银行 | 详细 | 0.22 | 12.1 ...

《华尔街日报》报道称，最新的例证是几家加密初创公司，包括Circle、BitGo、Coinbase Global （COIN）和Paxos，它们都在考虑，甚至已经计划以某种形式申请美国的银行牌照。 Coinbase的一位发言人对媒体表示，"Coinbase正在积极评估这一选项，但目前尚未做出正式决定。"与 此同时，美国银行(BAC.N)则表示，如果国会出台相关立法，该行愿意发行自己的稳定币。美国银行是 全美第二大贷款机构，该行首席执行官布莱恩·莫伊尼汉在今年2月表示，"如果他们立法允许，我们就 会进入这一业务领域。" 特朗普2.0正在金融界催生出新的融合趋势：一些加密货币公司考虑申请银行牌照，一些传统银行则在 考虑发行自己的数字资产。随着特朗普政府放松了对加密业务和传统银行巨头的监管，这种融合正在加 速推进。 "部分传统银行会接纳这一趋势，并直接提供加密相关的产品，"BitGo首席执行官迈克·贝尔希（Mike Belshe）表示。"与此同时，加密公司也在向传统金融靠拢，比如BitGo会提供更多传统金融服务。" 上周，美联储撤销了此前警告银行不要涉足加密业务的指导意见，标志着银行与加密世界之间的这道屏 障被特朗 ...