内容提要 近年来稳定币市场规模快速增长，应用场景不断丰富，相关风险也受到监管部门的重视。近期一些国家和地区加快了监管立法进程，稳定币将由货币局制度 下的"挂钩货币"转为"狭义银行"发行的"代币化存款"。文章对这些监管举措的影响进行了初步分析，对稳定币和稳定币监管的未来发展方向进行了展望。 一、稳定币的市场规模与监管情况 能够维持相对稳定的币值是稳定币不同于其他加密资产的最重要特征。稳定币是一种币值与法定货币挂钩的加密资产，币值稳定的核心机制是投资者对稳定 币发行方持有资产的认可以及区块链技术带来的透明性。从规模看，截至2025年6月末，稳定币市场规模已超过2200亿美元，泰达币（USDT）和美元硬币 （USDC）合计占比90%左右，前者在加密资产中市值仅次于比特币和以太坊,而后者因为更强调透明度和安全性而受部分投资者青睐。此外，PayPal在2023 年8月发行了稳定币PYUSD，目前规模约9亿美元；特朗普家族支持的加密资产机构"世界自由金融"（World Liberty Financial）2025年4月也推出了稳定币 USD1,目前以21亿美元的规模成为第三大稳定币。从使用主体看，自2024年6月以来活跃 ...

近段时间以来，数字货币领域里以"稳定币"为代表的相关概念热度一度飙升，引发市场持续聚焦。 日前，包括北京、深圳、苏州、重庆、宁夏等在内的多地机构接连发布风险提示，严肃指出这一新兴概念正被 不法分子当作"障眼法"，肆意用于非法集资、诈骗等违法犯罪活动，危害不容小觑。 深圳：增强理性投资意识 进入7月份，最早的一份关于警惕稳定币所涉相关风险的提示出自深圳。 7月7日，深圳市委金融办官网显示，深圳市防范和打击非法金融活动专责小组办公室（"专责小组"）就稳定币 涉及的相关风险发出风险提示。 据专责小组监测发现，一些不法机构以"金融创新""数字资产"等为噱头，利用社会公众对稳定币等了解不足的 特点，通过发行所谓"虚拟货币""虚拟资产""数字资产"等方式吸收资金，诱导社会公众参与交易炒作，扰乱经 济金融秩序，滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪活动，严重危害社会公众财产安全。 深圳市防范和打击非法金融活动专责小组办公室提示：此类不法机构未经国家金融管理部门依法许可或者违反 国家金融管理规定，不具有公开吸收公众存款的资质。 该类机构利用稳定币等新概念进行炒作，编造所谓的"虚拟货币""虚拟资产""数字资产"等投资项 ...

近段时间以来，数字货币领域里以"稳定币"为代表的相关概念热度一度飙升，引发市场持续聚焦。 该类机构利用稳定币等新概念进行炒作，编造所谓的"虚拟货币""虚拟资产""数字资产"等投资项目，公开虚假 宣传并吸收公众资金，滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪活动。 "请广大群众增强理性投资意识，不要盲目相信天花乱坠的承诺，树立正确的货币观念和投资理念，切实提高 风险意识，避免上当受骗。"风险提示称，若发现相关机构以投资稳定币等名义从事非法集资行为，请及时向 市、区处非牵头部门或公安部门举报。 实际上，在深圳市防范和打击非法金融活动专责小组办公室发布风险提示之后，"宁夏防非打非办""重庆打 非"等微信公众平台陆续发布类似的关于警惕以稳定币等名义实施非法集资的风险提示。 苏州：虚拟货币相关业务活动属于非法金融 日前，包括北京、深圳、苏州、重庆、宁夏等在内的多地机构接连发布风险提示，严肃指出这一新兴概念正被 不法分子当作"障眼法"，肆意用于非法集资、诈骗等违法犯罪活动，危害不容小觑。 深圳：增强理性投资意识 进入7月份，最早的一份关于警惕稳定币所涉相关风险的提示出自深圳。 7月7日，深圳市委金融办官网显示，深圳市 ...

中经记者郑瑜北京报道 今年5月，中国香港通过《稳定币条例草案》，在香港设立法币稳定币发行人的发牌制度，引发稳定币 概念走热。 需要指出的是，在中国内地市场，目前开展任何形式的虚拟货币业务和相关投资均被禁止。而截至目 前，香港稳定币发行人沙盒计划还在测试阶段，因此还未有成功发行的稳定币项目。 真正的稳定币发行、运营需符合严格监管，而市场上许多"伪币"只是借壳行骗。密码学博士、安徽栈谷 科技有限公司董事长高承实向《中国经营报》记者强调，除了机构，稳定币对个体来讲不具有投资价 值。所谓高收益稳定币、区块链互助基金等项目，基本可以判断其为骗局。 事实上，对于当前不法机构和个人的炒作，北京互金协会指出，已经具有显著的非法集资风险特征： 一是资质缺失。这些机构或个人未经国务院金融管理部门依法批准或备案，不具备面向社会公众吸收存 款、销售理财产品或发行证券的合法资质。 近期，以稳定币为代表的数字货币受到市场广泛关注，但相关骗局也有抬头迹象。 继深圳市防范和打击非法金融活动专责小组办公室发布《关于警惕以稳定币等名义实施非法集资的风险 提示》后，日前，北京市互联网金融行业协会（以下简称"北京互金协会"）也发布《关于警惕利用"稳 ...

Core Viewpoint - The article discusses the increasing attention and varied responses of different cities in mainland China towards stablecoins, highlighting a divide between cities focusing on exploration and those prioritizing risk warnings [1][3][5]. Group 1: City Responses to Stablecoins - Over the past month, more than five cities have mentioned stablecoins, with Shanghai, Wuxi, Qingdao, and Chengdu focusing on research and learning, while Beijing and Shenzhen have issued risk warnings [1][3]. - Wuxi is exploring the application of stablecoins to enhance foreign trade, with a reported foreign trade volume of 318.98 billion yuan from January to May, marking a historical high for the same period [3]. - Shanghai's State-owned Assets Supervision and Administration Commission held a meeting to discuss the development trends of cryptocurrencies and stablecoins, emphasizing the integration of blockchain technology in various sectors [3][4]. Group 2: Risk Warnings and Regulatory Focus - Shenzhen and Beijing have raised alarms regarding illegal fundraising activities associated with stablecoins, warning that such activities often lack proper regulatory approval and can lead to significant financial risks for investors [5][6]. - The regulatory approach in mainland China is currently focused on risk prevention, with strict oversight on trading, issuance, and circulation of stablecoins, while leaving room for future policy exploration [6][7]. Group 3: Implications for Market Participants - The differing attitudes of cities towards stablecoins provide a warning and preparation window for market participants, encouraging them to identify compliance risks and avoid regulatory pitfalls [7]. - The upcoming implementation of the Stablecoin Regulation in Hong Kong on August 1 is expected to enhance cross-border regulatory cooperation, prompting mainland companies to pay attention to regulatory alignment to avoid risks [8].

Core Viewpoint - The rise of "stablecoins" and related digital currencies has attracted significant market attention, but regulatory bodies are warning that these concepts are being exploited by criminals for illegal fundraising and fraud activities [1][2][3] Regulatory Warnings - Multiple regulatory agencies have issued alerts regarding the risks associated with stablecoins, highlighting that illegal entities are using these concepts to mislead the public and engage in fraudulent activities [1][2] - The Beijing Internet Finance Industry Association pointed out that some institutions and individuals are misusing terms like "financial innovation," "blockchain technology," and "digital economy" to attract investments under false pretenses [1] Characteristics of Illegal Activities - The illegal fundraising activities exhibit several risk characteristics: - Lack of qualifications: Many of these entities do not have the necessary approvals from financial regulatory authorities to solicit public deposits or issue financial products [1] - Conceptual packaging: They often use complex and emerging concepts like "stablecoins," "decentralized finance (DeFi)," and "Web 3.0" to create information asymmetry and confuse investors [1] - False promises: There is a prevalence of exaggerated claims and false guarantees, such as "guaranteed profits" and "high fixed returns," exploiting the public's desire for high yields [1] - Fund pool operations: These schemes typically rely on new investors' funds to pay returns to earlier investors, creating a risk of significant losses if the funding chain breaks [2] - Risk spillover: Such activities can easily evolve into illegal fundraising, financial fraud, money laundering, and other criminal activities, disrupting economic order and harming public trust [2] Consumer Advisory - Regulatory bodies are advising consumers to be cautious of high-return promises and to verify the qualifications of institutions and products through official channels [2][3] - The Shenzhen Anti-Financial Crime Task Force has echoed similar warnings, emphasizing that entities involved in stablecoin activities often lack the necessary legal permissions [2][3] Industry Response - On June 30, JD Coin Chain Technology issued a statement clarifying misinformation regarding its involvement in stablecoin issuance, warning the public against fraudulent claims made by unauthorized entities [3] - The Financial Action Task Force (FATF) reported a significant increase in the use of stablecoins by illegal actors, including those linked to North Korea and drug trafficking, indicating a growing trend in illicit activities involving stablecoins [3]

Core Insights - The rise of quantitative exchanges has fundamentally reshaped market structures, providing a high-speed, intelligent trading environment that processes millions of orders per second [1][8] - These exchanges serve as the core "nervous system" of financial markets, enabling efficient capital flow and pricing without predicting market movements [12] Group 1: Infrastructure and Functionality - Quantitative exchanges operate with microsecond-level order execution capabilities, allowing for rapid translation of strategy signals into trades [6] - They aggregate global buy and sell demands, ensuring that large trades can be executed smoothly without causing significant price fluctuations [6] - The built-in real-time monitoring systems act as a first line of defense against abnormal trading activities, contributing to market stability [6] Group 2: Resilience and Performance - During the March 2020 stock market "circuit breaker" events, major quantitative exchanges demonstrated their resilience by maintaining basic operational functions under extreme pressure [4] - The transparent operational mechanisms of these exchanges facilitate fair order matching and clear data flows, enhancing market efficiency [6] Group 3: Innovation and Future Prospects - The emergence of decentralized finance (DeFi) is leading to a diversification of technology-driven trading venues, combining traditional exchange performance with blockchain transparency [8] - Quantitative exchanges are seen as cost efficiency revolutionaries, significantly reducing manual and error costs through automation, benefiting the entire market [10] - They are also viewed as incubators for innovative technologies, fostering the integration of AI, big data analytics, and blockchain within the financial sector [10]

Core Viewpoint - The Beijing Internet Finance Industry Association warns the public to be highly vigilant against investment projects that promise high returns and capital protection, emphasizing that "high returns are always accompanied by high risks" [1][3] Group 1: Characteristics of Illegal Fundraising Activities - Lack of Qualification: These institutions or individuals lack the legal qualifications to absorb deposits, sell financial products, or issue securities, as they are not approved or registered by the State Council's financial management departments [2] - Concept Packaging: They exploit emerging and complex concepts like "stablecoins," "decentralized finance (DeFi)," and "Web 3.0" to create information asymmetry and confuse investors [2] - False Promises: There is a prevalence of exaggerated claims and false promises, such as "guaranteed profits," "high fixed returns," and "capital protection," which prey on the public's desire for high returns [2] Group 2: Operational Risks and Consequences - Fund Pool Operation: Their operational model often relies on attracting new investors' funds to maintain operations or pay returns to earlier investors, leading to significant risks if the funding chain breaks or the project fails [2] - Risk Spillover: Such activities can easily evolve into illegal fundraising, financial fraud, pyramid schemes, and money laundering, severely disrupting the economic and financial order and harming public property safety [2] Group 3: Consumer Warnings and Recommendations - The association urges consumers to recognize the nature of these investment projects and to verify the legal qualifications of related institutions and products through official channels before investing [3] - Consumers are advised to understand the complexity and volatility of "stablecoins" and related innovations, and to adopt a rational investment mindset [3] - The public is encouraged to resist and stay away from any form of virtual currency speculation, illegal token issuance, and unapproved "digital asset" investment projects to protect personal property [3]

股票研究 /[Table_Date] 2025.07.08 稳定币，看好场景拓展规模扩张 [Table_Industry] 综合金融 [Table_Invest] 评级： 增持 ——稳定币专题研究之二 | [table_Authors] 刘欣琦(分析师) | 孙坤(分析师) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号 S0880515050001 | S0880523030001 | 本报告导读： 稳定币应用场景持续拓展，未来规模有望达到 3.5 万亿美元。Circle 作为稳定币头部 企业，业务布局、生态构建与财务表现兼具成长势能与挑战。 投资要点： 股 票 研 究 行 业 专 题 研 究 1. 稳定币：应用场景持续拓展 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_Summary] 稳定币应用场景持续拓展。从 2014 年第一个稳定币 USDT 诞生、 聚焦加密货币交易起步，2019 年摩根大通 JPM Coin 入局，推动机 构跨境贸易结算；2020 年 DeFi 爆发叠加 PayPal USD 上线，让稳 定币 ...

Core Insights - Stablecoins are digital currencies designed to maintain value stability by anchoring to specific assets, addressing the volatility issues of traditional cryptocurrencies like Bitcoin [1] - The primary mechanism involves issuers holding sufficient reserve assets to ensure a 1:1 exchange with the anchored asset [1][3] Types of Stablecoins - Fiat-collateralized stablecoins (e.g., USDT, USDC) require a dollar or equivalent government bonds for each issued stablecoin, audited by third parties [3][4] - Crypto-collateralized stablecoins (e.g., DAI) are generated through over-collateralization of other cryptocurrencies, typically with a collateralization rate exceeding 150% [5] - Algorithmic stablecoins (e.g., the failed UST) rely on algorithms to adjust supply and demand without physical collateral, posing high risks [6] - Commodity-backed stablecoins (e.g., Tether Gold) are linked to physical assets like gold, but are smaller in scale [7] Core Functions and Value - Serve as a "safe haven" during cryptocurrency market downturns, allowing users to quickly convert assets to stablecoins to avoid losses [8] - Enhance cross-border payment efficiency, reducing transaction times to seconds and costs to 0.1% compared to traditional methods [9] - Act as foundational infrastructure for decentralized finance (DeFi), used as collateral, lending tools, and units of account [10] - Provide a means to hedge against fiat currency devaluation, particularly in countries with high inflation rates like Argentina [11] Global Competitive Landscape - The U.S. aims to reinforce the dollar's dominance through legislation mandating stablecoins to be dollar or U.S. Treasury-backed, converting global demand into U.S. debt purchasing power [12] - Hong Kong is promoting the internationalization of the yuan with regulations allowing companies like JD and Ant Group to explore offshore yuan stablecoins [13] - Regulatory discrepancies are evident, with the EU's MiCA legislation imposing strict controls on non-euro stablecoins, while China focuses on digital yuan and bans private cryptocurrencies [13] Controversies and Risks - The anonymity of stablecoin transactions has been linked to regulatory arbitrage and money laundering, with an estimated $51 billion in illicit on-chain flows in 2024 [15] - Lack of transparency in reserve assets can lead to misuse of funds, risking collapse during a bank run, as seen in the UST incident [16] - Vulnerable countries like Argentina face risks of currency substitution, accelerating the depreciation of local fiat currencies [17] - Technical security risks include vulnerabilities in smart contracts and potential 51% attacks that could lead to asset theft [18] Future Trends - The global stablecoin market is projected to exceed $238 billion by 2025, with expectations to reach $2 trillion by 2030 [19] - Applications are expanding from cryptocurrency trading to supply chain finance and tokenization of energy assets [20] - The competition between dollar-backed stablecoins and offshore yuan stablecoins may reshape the global payment system [21]