Core Insights - Stablecoins are emerging as a crucial bridge between traditional finance and the digital world, providing value stability by pegging to traditional assets like the US dollar, thus facilitating smoother transactions in the cryptocurrency market [1][25][26] Market Overview - As of June 2025, the global stablecoin market reached a total market capitalization of $262.9 billion, accounting for 7.7% of the entire cryptocurrency market. USDT (Tether) dominates with a market cap of $157.6 billion, representing 60% market share, followed by USDC (USD Coin) at $61.7 billion, or 23% [2][26] - The market is characterized by a high concentration, with USDT and USDC forming a "duopoly" due to their first-mover advantage and strategic partnerships [3][26] Applications and Use Cases - Stablecoins have expanded their applications beyond mere trading intermediaries, becoming integral in various sectors such as cryptocurrency trading and decentralized finance (DeFi). For instance, stablecoins account for over 60% of trading pairs on major exchanges like Binance [4][18] - In the DeFi space, stablecoins are essential for lending and borrowing, with USDC holding over $48 billion in total loans on platforms like Compound [4][16] Cross-Border Payments - Stablecoins are increasingly being utilized for cross-border payments, offering significant advantages over traditional systems like SWIFT, including faster transaction times (minutes instead of days) and lower fees (as low as 0.1%) [5][26] Industry Structure - The stablecoin industry consists of key players including issuers, exchanges, and custodians. Issuers like Tether and Circle earn profits through interest on reserve assets and transaction fees [6][30] - Tether's business model resembles that of a "crypto central bank," where users deposit equivalent assets to mint stablecoins, while Circle relies heavily on reserve asset interest for revenue [6][35] Regulatory Landscape - Regulatory frameworks are evolving globally, with the U.S. Senate passing the GENIUS Act to regulate stablecoins and ensure they are backed by cash or short-term U.S. Treasury securities. Similar regulations are being implemented in regions like Hong Kong [7][26] Future Potential - The growth trajectory of stablecoins remains strong, with USDT and USDC showing annual growth rates exceeding 50%. The increasing regulatory clarity and technological advancements suggest that stablecoins could play a pivotal role in reshaping the global payment system [7][26]

Core Viewpoint - Stablecoins are rapidly becoming a strategic focus for global fintech companies, with significant developments in tokenization and cross-border payments expected in July 2023 [1][2]. Group 1: Market Developments - The financial technology ETF (516860) has seen a rise of over 13% year-to-date and more than 117% over the past year, indicating strong market interest [1]. - Major stocks within the financial technology ETF, such as Xinyada and Dazhihui, have experienced significant price increases, reflecting positive market sentiment [1]. - The Hong Kong government has announced a policy to promote the tokenization of various assets, including precious metals and renewable energy, establishing a stablecoin ecosystem anchored by high-quality Chinese assets [1][2]. Group 2: RWA and Stablecoins - Real World Assets (RWA) refer to the tokenization of physical or intangible assets through blockchain technology, aiming to enhance liquidity and reduce investment barriers [4][6]. - Stablecoins serve as a trading tool for RWA, providing a stable value and facilitating easier transactions, especially in international trade [6][7]. - The regulatory framework for stablecoins is expected to bolster the development of RWA by providing a legitimate payment and settlement framework [6][7]. Group 3: Future Prospects - The integration of stablecoins and RWA is anticipated to break traditional financial barriers, enabling more efficient transactions and lowering investment thresholds in sectors like real estate and private credit [7][9]. - The expansion of RWA into various asset categories, including securities and real estate, is expected to create new growth opportunities for financial institutions [9]. - The financial technology ETF is positioned to benefit from the growing RWA market, with its components actively participating in tokenization services [9][10]. Group 4: Financial Technology ETF Insights - The financial technology ETF comprises 57 stocks, focusing on the electronic and non-bank financial sectors, with a significant portion of its weight in leading companies [10]. - The average R&D investment of the ETF's components exceeds 15%, indicating a strong commitment to innovation within the sector [10]. - The current price-to-earnings ratio of the index is at 79 times, suggesting a valuation that is within the historical upper range [11].

Core Viewpoint - Stablecoins are a strategic battleground for national digital financial discourse, serving as a bridge between traditional finance and the crypto economy, especially in the context of emerging regulations in the EU, the US, and Hong Kong [1][5][10]. Group 1: Stablecoin Mechanism and Application Scenarios - Stablecoins are categorized into three types based on their anchoring mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic, with fiat-collateralized stablecoins dominating the market [2][19]. - The stablecoin market exhibits a "one super, one strong, and a hundred flowers blooming" pattern, with USDT and USDC together accounting for 86% of the market share [2][36]. - Stablecoins are utilized in various scenarios including DeFi ecosystems, RWA transactions, value storage, cross-border payments, and retail payments, providing functions such as pricing benchmarks and real-time settlement [2][63]. Group 2: Impact on Banking Systems - Stablecoins pose significant implications for banking systems, affecting currency status, central bank policy tools, and potentially leading to systemic disturbances [3][9]. Group 3: Regulatory Developments - Recent regulatory frameworks in the US and Hong Kong mark a turning point for stablecoin development, emphasizing the need for compliance and stability in the financial system [5][10]. - Hong Kong's "Stablecoin Ordinance" introduces a comprehensive regulatory framework for fiat-backed stablecoins, focusing on strict entry requirements, robust reserve management, and unconditional redemption [13][14]. Group 4: Comparison of Regulatory Models - The regulatory approaches in Hong Kong, the US, and the EU differ significantly, with Hong Kong emphasizing openness and compatibility, the US reinforcing the dominance of the dollar, and the EU pursuing unity and security [16][18]. - The regulatory frameworks aim to balance financial stability and innovation while protecting investors and maintaining the integrity of financial markets [17][18]. Group 5: Stablecoin Market Dynamics - As of June 2025, the stablecoin market exceeds $250 billion, with USDT and USDC leading the market, accounting for 62% and 24% of the total market share, respectively [36][39]. - The market is characterized by a high degree of concentration, with USDT being the largest stablecoin by market cap, followed by USDC, which has gained traction due to its compliance and transparency [40][41].

Core Insights - Stablecoins are gaining mainstream recognition in the financial narrative, supported by regulatory frameworks like the GENIUS Act in the US and the Stablecoin Ordinance in Hong Kong [1] - Circle, as the first publicly traded stablecoin company, saw its market capitalization exceed $50 billion and a price-to-earnings ratio of 120, indicating high market expectations for growth [1][5] - The primary revenue model for major stablecoin issuers is interest arbitrage, with Circle projected to earn $1.56 billion in interest income in 2024, constituting 99% of its total revenue [3] Business Models - Major stablecoin issuers primarily profit from interest arbitrage by investing dollar reserves into low-risk, interest-bearing assets like US Treasury bonds [3] - Tether, the largest stablecoin issuer, reported profits exceeding $13 billion, primarily from similar investment strategies [3] Market Position - Tether holds a significant first-mover advantage, capturing 60%-70% of the market share since its launch in 2014, while USDC, launched in 2018, holds about 20%-24% [4] - USDC emphasizes compliance and transparency, which has attracted regulated entities, but its market penetration is limited in less regulated environments [4] Regulatory Environment - The scarcity of stablecoin licenses in Hong Kong may increase their value, similar to the experience with virtual bank licenses [6] - Over-regulation could stifle innovation and push issuers to less regulated regions, potentially limiting the value of licenses [6] Application Scenarios - The most promising application scenarios for licensed stablecoin issuers include cross-border payments and decentralized finance (DeFi), due to their scalability and cost-effectiveness [7] - Cross-border payments are highlighted as the most certain application, with USDC significantly reducing transaction times and costs compared to traditional methods [7] Impact on Financial Institutions - Traditional financial institutions, particularly banks, may face revenue restructuring as stablecoins could replace some cross-border payment services [9] - Stablecoins enhance financial inclusion, especially in developing regions, while market power may concentrate among compliant institutions due to regulatory barriers [10] Future Trends - The emergence of multi-currency and multi-asset stablecoins could lead to a digital currency exchange rate system, potentially replicating international monetary dynamics [11] - The dominance of the US dollar in stablecoins may persist unless non-dollar stablecoins achieve significant scale, with central bank digital currencies (CBDCs) adding complexity to the competitive landscape [11]

Core Insights - Sun Yuchen delivered a speech on "Driving Decentralized Finance Scale with Stablecoins" at Istanbul Blockchain Week (IBW2025), highlighting TRON's latest achievements in the stablecoin ecosystem [1][3] - The dual approach of compliant stablecoin USD1 and decentralized stablecoin USDD is creating a comprehensive stablecoin ecosystem, providing diverse financial infrastructure for global Web3 users [1][4] Group 1 - USD1, issued by World Liberty Financial, has been natively minted on TRON, backed by 100% USD assets and short-term U.S. Treasury bonds, showcasing high standards of security, transparency, and compliance [3] - USD1's choice of TRON as its primary issuance platform is due to TRON's high throughput, low cost, and reliable on-chain performance, along with Sun Yuchen's influence in global blockchain policy [3] - USDD has rapidly expanded, with total locked value surpassing $400 million, making it one of the leading decentralized stablecoins globally [3] Group 2 - The integration of USD1's compliance and USDD's on-chain governance reflects TRON's mature capabilities in technology integration and scenario deployment [4] - Sun Yuchen emphasized that a single form of stablecoin cannot meet the diverse market demands, advocating for a financial system that accommodates various types of digital assets [4] - TRON is evolving from a traditional public chain platform to a core hub of global digital financial infrastructure, aiming to enhance the usability, security, and compliance of its stablecoin system [4]

2025年6月24日，万事达宣布与Chainlink（区块链预言机网络，旨在弥合链下数据与链上智能合约 之间的差距）建立战略合作伙伴关系。有分析认为，这意味着传统支付网络正主动上"链"，在不拆 解合规架构的前提下，将 DeFi（去中心化金融）纳入自身轨道。 现在，一个用户无需理解区块链即可体验链上经济价值、推动Web3.0（基于区块链去中心化的第 三代互联网）从"极客工具"向"大众金融基础设施"转型的支付裂变时刻已至。 金融业正在经历"链改"而非"被颠覆"，最终是否会形成一种 混合型金融服务生态：底层是区块链技术作为新金融基础设 施；中间层是合规框架下的加密资产纳入主流体系；应用层则 由传统金融机构主导。 作者：欧阳晓红 封图：图虫创意 想 象 一 下 ： 2025 年 的 夏 天 ， 在 纽 约 一 家 咖 啡 馆 ， 一 位 年 轻 的 软 件 工 程 师 用 手 中 的 万 事 达 （Mastercard）信用卡轻轻一刷，购买了0.25枚以太坊。他既没有登录加密货币交易平台Binance 或Coinbase，也无需复制粘贴复杂的钱包地址，只是在一个名叫Swapper Finance（兑换者金融） 的小程 ...

Core Insights - Mastercard is transforming the payment landscape by enabling users to purchase cryptocurrencies directly using their credit cards through a new service called Swapper Finance, in partnership with Chainlink [1][2][3] - This collaboration signifies a shift where traditional payment networks are integrating decentralized finance (DeFi) without dismantling existing compliance structures [1][5] Group 1: Strategic Partnerships - Mastercard has partnered with major cryptocurrency platforms like MetaMask, Crypto.com, and Kraken, allowing users to spend stablecoins at 150 million merchants globally [2][3] - The partnership with Chainlink aims to provide a secure bridge between off-chain data and on-chain smart contracts, facilitating seamless transactions [3][4] Group 2: User Experience and Accessibility - Users can now purchase cryptocurrencies like Bitcoin and stablecoins directly from decentralized exchanges (DEX) using their Mastercard, simplifying the process that previously required multiple steps [3][6] - The new system allows for a straightforward transaction process: input card number, select amount, and confirm payment, making it accessible to a broader audience [7][8] Group 3: Regulatory and Compliance Framework - The collaboration emphasizes compliance, consumer protection, and transparency, ensuring that on-chain activities are visible and off-chain identities are compliant [6][9] - The integration of stablecoins into mainstream payment channels represents a significant step towards bridging traditional finance and decentralized finance [5][10] Group 4: Future Implications - The partnership may signal a new era in digital currency competition, focusing on ecosystem connectivity rather than just payment efficiency [9] - The evolving landscape suggests a potential hybrid financial ecosystem where traditional financial services leverage blockchain technology for enhanced functionality [10]

Core Insights - The cryptocurrency industry experienced significant growth in Q1 2024, continuing the momentum from Q4 2023, with a total market capitalization reaching $2.8 trillion, a 64.5% increase from the previous quarter [1][2][10]. Overall Market - The total cryptocurrency market capitalization surged by $1.1 trillion in Q1 2024, nearly double the previous quarter's increase, with an average daily spot trading volume of $109.2 billion, up 45.4% [2][16]. - Bitcoin maintained its dominant position with a market share of 49.4%, while Solana and BNB showed notable growth in market share, increasing by 0.7% and 0.5% respectively [2][18]. - The top 15 stablecoins saw a total market capitalization increase of $20.6 billion, with Ethena's USDe emerging as a new focus in the industry [2][23]. Head Assets - Bitcoin reached a historical high of $73,098 during the quarter, closing at $71,247, marking a 69% increase, driven by the approval of the U.S. spot Bitcoin ETF and its perceived scarcity [4]. - Ethereum's price rose to $4,000, closing at $3,507, with a 59.9% increase, supported by significant upgrades and increased transaction volumes on Layer 2 networks [5]. - Solana's token price doubled to over $200, with a 100.1% increase, largely fueled by the meme coin craze within its ecosystem [6]. Sector Trends - The industry narrative in Q1 2024 focused on three main areas: artificial intelligence (AI), meme coins, and real-world assets (RWA), capturing over one-third of market attention [3]. - Decentralized finance (DeFi) saw a 49.1% increase in total market capitalization, although its market share slightly declined due to the influx of funds into Bitcoin and meme coins [7]. - The NFT market rebounded with a 51.5% increase in trading volume, reaching $4.9 billion, with Ethereum still leading but facing competition from Bitcoin and Solana [8]. Trading Platforms - Centralized exchanges (CEX) and decentralized exchanges (DEX) both showed strong performance, with the top 10 CEXs achieving a total trading volume of $4.3 trillion, the highest since Q4 2021 [9]. - The perpetual contract market also reached historical highs, with the top 10 perpetual CEXs recording a trading volume of $13.5 trillion [9]. Industry Outlook - The cryptocurrency industry is expected to continue its growth trajectory, driven by traditional financial institutions entering the market, technological innovations, and the expansion of applications such as meme coins and NFTs [10].

宏观视点 2025年6月26日 稳定币的经济学分析 稳定币是锚定法定货币的私人货币，美元稳定币的运营模式类似狭义银行的 概念，发行人的负债端（稳定币）零付息，作为兑换保障的安全资产则生息。稳定 币的供给弹性大，近几年美元利率大幅上升带来的利差使得发行机构有增加供给 的动力，但零付息意味其流通量主要由需求决定。需求方之所以愿意放弃利息收 入是因为稳定币带来其他方面的便利收益，比如用于加密资产交易，在跨境支付 上比传统银行支付体系的成本低，其中监管套利是一个重要方面，另一个可能是 作为替代币值不稳货币的工具。理论上讲这些也可以通过其他货币的稳定币进行， 但美元作为国际储备货币有在位优势，其已经形成的网络和规模效应，使得其他 货币稳定币在与美元稳定币的竞争中处于劣势。这可能是为什么欧央行主张通过 发行数字欧元（央行数字货币）而不是利用欧元稳定币来应对美元稳定币的挑战。 对中国来讲，首先是应该大力促进第三方支付工具在跨境支付中的使用，从经济 机制看，微信支付和支付宝类的平台数字货币类似人民币稳定币，在本土已经形 成强大的网络和规模经济，而且和美元稳定币比较，人民币平台稳定币的经济属 性较强、金融属性较弱，更能发挥中国 ...

36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 A股新晋高弹性投资机会。 以下文章来源于36氪财经 ，作者丁卯 郑怀舟 文 ｜ 丁卯 编辑 ｜ 郑怀舟 来源｜ 36氪财经（ID：krfinance） 封面来源 ｜ 视觉中国 本周，受益于海外中东局势降温以及国内供给端金融支持消费政策等利好的催化，市场风险偏好显著回暖， A 股迎来强势反弹， 大盘指数突破 3400 点整数关口，其他关键指数也迎可观涨幅。具体来看，周内，上证综指收涨 1.91% ；深证成指收涨 3.73% ； 沪深 300 收涨 1.95% ；创业板指收涨 5.69% ；中证 1000 指数收涨 4.62% ；科创 50 收涨 3.17% 。 从具体表现上，在上半周情绪回暖带动下指数迎来快速上涨，实现"三连阳"，但下半周，受部分获利了结影响，波动性有所加 剧。不过整体市场成交仍维持在 1.5 万亿之上，显示资金活跃度较高，市场情绪乐观。 从板块来看，本周 31 个申万行业中 25 个实现上涨，涨幅前三为非银金融、计算机和通信；石油石化、煤炭、交通运输表现最 差。概念板块方面，炒股软件、金融科技、光模块和稳定币等板块录得较好 ...