Core Viewpoint - Federal Reserve Governor Milan suggests that the rise of stablecoins may lower the U.S. neutral interest rate, known as "r-star," and advocates for interest rate cuts to avoid hindering economic growth [1][3]. Group 1: Impact of Stablecoins - The proliferation of stablecoins could lead to a decrease in the Federal Reserve's benchmark interest rate by approximately 0.4 percentage points [1]. - Stablecoins are increasing the demand for U.S. Treasury securities and other dollar-denominated liquid assets, a trend expected to continue [1][2]. - Even conservative estimates of stablecoin growth indicate an increase in the net supply of lendable funds in the economy, which would further lower the neutral interest rate [3]. Group 2: Monetary Policy Implications - Milan has consistently advocated for a series of rapid interest rate cuts, suggesting a reduction of 50 basis points to align the policy rate closer to his estimate of the neutral rate [3]. - He believes the current neutral interest rate is significantly lower than most of his colleagues' estimates, indicating that the Federal Reserve's current policy stance is overly restrictive and burdensome for the economy [3]. - Milan cites various factors, including changes in immigration policy and tariffs, as additional evidence supporting his view that the neutral interest rate has declined [3].

Core Viewpoint - Federal Reserve Governor Milan is scheduled to deliver a speech regarding stablecoins and monetary policy at approximately 3 PM Eastern Time [1] Group 1 - The speech will focus on the implications of stablecoins within the context of current monetary policy [1]

Core Viewpoint - The article discusses the rise of Tether (USDT) as a dominant stablecoin, highlighting its significant user base, market valuation, and the unique strategies that have contributed to its success in emerging markets, particularly in the context of high inflation and currency devaluation in countries like Argentina [3][10][34]. Group 1: Tether's Market Position - Tether has over 500 million "real users," representing approximately 6.25% of the global population, with a market capitalization exceeding $180 billion [9][10]. - Tether's net profit for 2024 is projected to reach $13 billion, surpassing that of some of the largest global banks [11]. - Tether is seeking to raise $15 billion with a target valuation of $500 billion, comparable to major tech companies like OpenAI and ByteDance [12][13]. Group 2: User Adoption and Growth - The adoption of stablecoins, particularly USDT, has surged in regions like Africa and South America, driven by the need for wealth preservation and efficient cross-border payments [5][6][51]. - In Argentina, approximately two-thirds of the cryptocurrencies purchased are stablecoins pegged to the US dollar, primarily USDT [6]. - The user base of Tether has grown from around 3 million in 2020 to 500 million in recent years, indicating a significant increase in demand for stablecoins [23]. Group 3: Competitive Landscape - Tether holds a dominant market share of approximately 59% in the stablecoin market, with its closest competitor, Circle's USDC, holding about 24% [34]. - The stablecoin market is expected to grow significantly, with projections suggesting it could exceed $2 trillion by 2028 [33]. - Tether's success is attributed to its ability to operate in a regulatory gray area, allowing for rapid expansion without the constraints faced by more compliant competitors like Circle [56]. Group 4: Strategic Partnerships and Innovations - Tether has invested in over 100 companies globally to establish a wide distribution network, particularly in emerging markets [49]. - The company has developed innovative projects, such as solar-powered service kiosks in Africa, to enhance its presence and utility in local markets [50]. - Tether's approach to market entry involves grassroots education and partnerships with local businesses, contrasting with competitors that focus on large institutional partnerships [48]. Group 5: Regulatory Challenges and Future Outlook - Tether faces potential regulatory scrutiny as the stablecoin market matures, with increasing emphasis on compliance and transparency [58][60]. - The competitive landscape is shifting, with regulatory compliance becoming a critical factor for success, potentially impacting Tether's market share in the long term [62]. - Despite these challenges, Tether's established liquidity and network effects may help it maintain its leading position in the short to medium term [62].

来源：滚动播报 美联储理事沃勒：稳定币引入了支付领域的竞争。 ...

Core Insights - OKX has launched OKX Pay and OKX Card in Brazil, providing users with access to USD-denominated stablecoin savings and payment solutions, addressing the demand for inflation-resistant financial options [1][8] Group 1: Rising Demand for Dollar-Based Finance - Stablecoins represent over 90% of cryptocurrency transaction volume in Brazil, driven by ongoing inflation and currency volatility [2] - Brazil is the leader in Latin America for crypto transactions and ranks fifth globally in adoption, with households and small businesses seeking financial stability through USD savings [2] Group 2: Transaction Efficiency - OKX Pay and OKX Card allow users to convert Brazilian reais (BRL) to USD stablecoins instantly via PIX integration, eliminating intermediaries and traditional banking delays [3] - The platform can save users up to $39 in fees and taxes on a $1,000 transaction compared to conventional services, with costs as low as $17.30 for transfers [4][5] Group 3: Earning and Spending in USD - OKX Pay offers users up to 10% annual percentage yield (APY) on stablecoin balances, with daily calculations and weekly distributions, and supports both domestic and international transfers [6] - OKX Card functions as an international USD Mastercard debit card, allowing users to make payments globally through Mastercard's network and integrates with Apple Pay and Google Wallet [7] Group 4: Company Vision - The CEO of OKX Brazil emphasizes the goal of making crypto practical and accessible, providing seamless and cost-efficient access to the global economy without hidden fees or conversion costs [8]

Group 1 - The company, Huazhong Securities (600909.SH), stated on its interactive platform that it has not engaged in stablecoin business [1] - The specific business development situation will be based on the company's disclosed periodic reports [1]

Core Insights - The article discusses the increasing adoption of stablecoins, particularly USDT, in countries like Argentina, where citizens use it to hedge against local currency devaluation and inflation [2][3] - Tether, the issuer of USDT, has seen significant growth, with over 500 million users and a market cap exceeding $180 billion, making it the largest stablecoin provider globally [4][5] - Tether's valuation is projected to reach $500 billion, comparable to major tech companies, due to its dominant market position and profitability [6][9] Group 1: Market Dynamics - In Argentina, the inflation rate is projected to decrease from 211.4% in 2023 to 43.5% by mid-2025, yet remains high, driving demand for stablecoins [2] - Approximately two-thirds of the cryptocurrencies purchased in Argentina are stablecoins pegged to the US dollar, primarily USDT [3] - Tether's user base has grown from around 3 million in 2020 to over 500 million in 2023, indicating a significant increase in demand for stablecoins [13] Group 2: Competitive Landscape - Tether's market share is approximately 59% of the total stablecoin market, with USDC being its main competitor at 24% [21][24] - Tether's growth strategy has focused on emerging markets, where it has established extensive distribution networks and partnerships to facilitate the use of USDT [27][33] - The article contrasts Tether's approach with Circle's more compliance-focused strategy, suggesting that Tether's rapid growth stems from its ability to operate in regulatory gray areas [39][41] Group 3: Future Outlook - The stablecoin market is expected to grow significantly, with projections suggesting it could exceed $2 trillion by 2028, driven by improved regulatory frameworks [20] - Tether's competitive advantage lies in its liquidity, network effects, and established presence in emerging markets, although it faces increasing regulatory scrutiny [43][44] - The article suggests that while Tether may maintain its leading position in the short to medium term, its market share could decline as more compliant competitors emerge [43]

Role of Curator - Curator's decisions directly impact the security of the vault [1] - Curator's authority carries the potential for collusion with project teams for personal gain [1] - Curator is currently considered legally not liable [1] Market and Project Selection - Multiple stablecoin projects have privately approached the company for liquidity [1] - All market selections are actively chosen by the company, with no instances of conflicts of interest or providing funds to unreliable projects [1] - The company commits to avoiding providing funds to unreliable projects in the future [1] Risk Management and Investor Protection - If projects/markets invested in encounter issues, the company will attempt early detection and rapid response, including joining collective rights protection efforts if necessary, sharing losses in case of failure [1] - All actions will be traceable on-chain [1]

Core Viewpoint - HNA Technology clarified that its main business involves dry bulk shipping and commodity trading, and it does not engage in blockchain or stablecoin activities [2] Company Summary - HNA Technology's primary operations focus on dry bulk shipping and commodity trading [2] - The company has no involvement in blockchain technology or stablecoin business [2]

Core Insights - Visa is integrating stablecoin functionality into its existing payment network, focusing on cross-border payment scenarios [1] - The initiative aims to enhance payment efficiency and inclusivity by allowing consumers to purchase stablecoins domestically and exploring their use in cross-border payments and e-commerce settlements [1] Group 1 - Visa's Asia-Pacific digital currency head announced the integration of stablecoin features at the Finternet2025 Asia Digital Finance Summit [1] - The company is promoting the purchase of stablecoins by consumers within their domestic markets [1] - Visa is exploring the application of stablecoins in various payment scenarios to improve overall payment processes [1]