Core Insights - The asset size of money market funds has increased to $7.023 trillion [1] Group 1 - The data is provided by the Investment Company Institute (ICI) [1]

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].

大类资产早报 研究中心宏观团队 2025/06/26 注：沪深300、上证50、中证500的10年利率用10年期AAA企业债利率，标普500用美国10年期国债利率，德国DAX用德国10年期国债利率 国 债 期 货 交 易 数 据 国债期货 T00 TF00 T01 TF01 收盘价 108.995 106.190 109.010 106.275 涨跌（%） -0.12% -0.08% -0.12% -0.08% 资金利率 R001 R007 SHIBOR-3M 1.4402% 1.8593% 1.6300% 日度变化(BP) -38.00 4.00 0.00 货 币 市 场 国内货币市场 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何 ...

美国众议员弗伦奇.希尔表示，美国需要一个全面的数字金融监管框架，超越参议院本月通过的稳定币 立法。希尔正在推动"清晰法案"(CLARITY Act)的通过，以建立清晰的加密货币市场结构，并协调参议 院的"天才法案"(GENIUS Act)和众议院的"稳定法案"(STABLE Act)。纽约州金融监管机构艾德里安.哈 里斯警告称，联邦政府对加密货币的过度干预可能会削弱州监管机构的作用，她强调了"有意义的州级 途径"在数字资产监管中的重要性。(新浪财经) ...

Crane Data LLC.董事长Peter Crane称，货币市场基金 资产规模到2025年年底将"轻而易举地"达到8万亿 美元。 ...

Crane Data LLC.董事长Peter Crane：货币市场基金资产规模到2025年年底将"轻而易举地"达到8万亿美 元。 ...

新华财经北京6月25日电（高二山）人民银行25日开展3653亿元7天逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有1563亿元 逆回购到期，公开市场实现净投放2090亿元。 上海银行间同业拆放利率（Shibor）短期品种均小幅上涨。具体来看，隔夜Shibor上涨0.10BP，报1.3710%；7天Shibor上涨4.20BP，报 1.6710%；14天Shibor上涨2.50BP，报1.7220%。 | | | | 2025-06-25 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | t | O/N | 1.3710 | 0.10 | | t | 1W | 1.6710 | 4.20 | | � | 2W | 1.7220 | 2.50 | | t | 1M | 1.6220 | 0.20 | | ↑ | 3M | 1.6300 | 0.10 | | fr | 6M | 1.6390 | 0.00 | | ゃ | 9M | 1.6520 | 0.30 | | � | 1Y | 1.6590 | 0.30 | 上海银行 ...

Group 1: Money Market Overview - The average daily trading volume in the money market increased, with a total transaction volume of 136.5 trillion yuan in May, reflecting a 4.6% decrease month-on-month, while the average daily transaction rose by 10.4% to 7.2 trillion yuan [2] - The overall liquidity in the market remained balanced and loose, with the central bank implementing a 10 basis point interest rate cut and a 0.5 percentage point reserve requirement ratio reduction, releasing 1 trillion yuan in funds [3] - The average daily balance in the money market increased to 11.7 trillion yuan, up 1.2% month-on-month, while the average net lending balance of large commercial banks rose by 20.4% [4] Group 2: Bond Market Dynamics - The issuance of bonds decreased to 4.48 trillion yuan in May, down 9.8% month-on-month but up 18.8% year-on-year, with net financing increasing by 68% to 2.11 trillion yuan [6] - The trading volume of bonds increased, with a total of 30 trillion yuan traded in May, reflecting a 6.7% month-on-month increase and a 5.5% year-on-year increase [8] - Bond yields experienced fluctuations, with the 10-year government bond yield ranging between 1.63% and 1.73%, indicating a steepening yield curve [10] Group 3: Interest Rate Swaps - The interest rate swap curve shifted upward overall, with slight increases in the swap prices for various maturities [11] - The average daily transaction volume for interest rate swaps saw a minor increase, with a total nominal principal amount of 3.2 trillion yuan traded in May [11]

| | 纽元/美元 NZDUSD | 0.590 | -1.05% | | --- | --- | --- | --- | | 机 | 英镑/日元 GBPJPY | 197.732 | +0.67% | | | | 虚拟货币 VIRTUAL CURRENCY | | | 1 | 比特币 11 | | | | | BTC | 101999.990+1036.120 | +1.03% | | 1 | 菜特币 LTC | 81.820 +1.610 | +2.01% | | | 以太坊 ETH | 2289.400 +61.700 | +2.77% | | | 瑞波币 | 2.024 +0.007 | +0.35% | | | XRP | | | TREASURY BONDS 金十图示：2025年06月23日（周一）美盘市场行情一览 | 现货铂金 XPTUSD | 1287.270 | +17.640 | +1.39% | | --- | --- | --- | --- | | 现货钮金 XPDUSD | 1072.851 | +28.742 | +2.75% | | 黄金(COMEX) GC | 3398.000 ...

6 月 22 日晚间，伊朗议会国家安全委员会委员库萨里表示，议会已得出结论认为应关闭霍尔木兹海峡，但最终决定权在伊朗最高国家安全委员会手中。消 息一经公布，BTC 从 102810 美元一路下滑，最终跌破 10 万美元下探至 98200 美元，现已回升至 100800 美元附近。ETH 则一度跌至 2111 美元，日线再度 四连跌。SOL 跌至 126 美元，24 小时跌幅 3.45%，其他山寨币普跌。 合约数据方面，据 coinglass 数据显示，全网未平仓合约 24 小时爆仓 6.58 亿美元，其中多单爆仓 5.26 亿美元，最大单笔爆仓单发生在 HTX - BTC-USDT 价 值 3545.03 万美元。 市场风云突变，BTC 短时跌破 10 万美元，伊朗最终真会关闭霍尔木兹海峡吗？ 美国副总统万斯表示「伊朗封锁霍尔木兹海峡的企图将对他们的经济带来自杀式的效果。在他看来，伊朗不太可能决定这么做。」 特朗普北京时间 6 月 23 日凌晨在其社交平台 Truth 表示，「使用「政权更迭」这个术语在政治上是欠妥的，但如果当前的伊朗政权无法让伊朗再次变得伟 大，为什么不能发生一场政权更迭呢？MIGA」 霍尔 ...