Core Viewpoint - Circle's Asia-Pacific Vice President expressed an open attitude towards future collaboration on Hong Kong dollar stablecoins, indicating ongoing discussions with multiple companies to share expertise and experience [1] Group 1: Company Insights - Circle is the second-largest issuer of stablecoin USDC and is actively exploring partnerships for the issuance of Hong Kong dollar and other stablecoins [1] - The collaboration model is expected to resemble bank operations across regions, allowing companies to make payments in local currencies while settling in different currencies across jurisdictions, with the US dollar often serving as a reference currency [1] Group 2: Market Trends - Currently, stablecoins pegged to the US dollar account for 98% of the market, highlighting a significant dominance of dollar-linked stablecoins [1] - The Vice President anticipates that more stablecoins denominated in various currencies will emerge in the future, although this development may take time [1]

Core Viewpoint - Circle's Vice President for Asia-Pacific, Chen Qinqi, expresses an open attitude towards future collaboration with Hong Kong dollar stablecoins, indicating ongoing discussions with multiple companies to share expertise and experience [1] Group 1: Market Trends - Currently, stablecoins pegged to the US dollar account for 98% of the market, highlighting the dominance of dollar-linked stablecoins [1] - Chen anticipates a future increase in stablecoins denominated in various currencies, although he acknowledges that this transition will take time [1] Group 2: Collaboration and Operations - The collaboration model proposed resembles how banks operate in different regions, where companies make payments in local currencies and then transact in different currencies across jurisdictions, with the US dollar often serving as the reference currency [1]

想到了bybit在被盗15亿刀以后，我问了个很蠢的问题，为什么不多分几个钱包。网友写了一大堆理由，最后benzhou亲口说以后会多分几个钱包....只能说，这世界就是个巨大的草台班子，大量简单的事情没人考虑到。憨巴龙王 (@dotyyds1234):一个疑问，既然币安出了事就要赔付，那为什么没有一个专门的组织机构，在usde usdc weth这种稳定币以及自我包装的币上在市场护盘？这样不是亏的更少吗？因为只要护盘了，就不会引发连锁爆仓。是币安不允许这么做？ ...

Market Stability & Risk Management - The question is raised about the absence of a dedicated organization for market making in stablecoins like USDE, USDC, WETH, and other self-packaged cryptocurrencies to prevent cascading liquidations [1] - The potential benefits of market making are highlighted, suggesting it could minimize losses compared to the costs associated with widespread liquidations [1] - A question is posed regarding whether Binance prohibits such market making activities [1]

10月11日凌晨，加密货币市场遭遇了一场史诗级大跌。比特币在24小时内重挫逾13%，最低触及约 10.59万美元。这一跌幅使其瞬间从本周初创下的历史高点12.625万美元回撤高达两成，成为今年4月以 来加密市场最大规模的抛售潮。一夜之间，超过160万投资者爆仓离场，加密货币市场的剧烈动荡让人 不禁联想起此前几轮典型的崩盘事件。中国人民大学重阳金融研究院国别研究部研究员刘英向记者指 出，储备资产需要的是稳定性，比特币的高杠杆、高风险、高波动性不支持它成为储备货币。另外，比 特币还存在交易结构风险和流动性问题。这场风暴还波及到了稳定币，在10月11日的加密货币大跌中， Ethena Labs发行的合成稳定币USDe价格一度与美元严重脱锚，在部分去中心化交易所最低跌至0.62美 元，脱锚幅度高达38%。CoinPedia创始人Qadir指出，交易员和机构资金从现货市场转向高杠杆合约仓 位，试图博取空投收益，从而掩盖了真实的市场风险。脆弱的山寨币流动性、过度的杠杆以及估值错 配，共同酿成了剧烈的"去杠杆"踩踏行情。"交易机器人和算法加剧了混乱，加速了崩盘。"（每经） ...

Core Viewpoint - The temporary decoupling of stablecoins can significantly shake market confidence, leading to potential liquidations and broader cryptocurrency volatility [1][4]. Market Impact - USDe, a synthetic dollar token, briefly dropped to $0.65 on Binance before recovering, currently offering a 5.5% yield with a market cap of $14 billion, making it the third-largest stablecoin [2]. - The market downturn was triggered by Trump's tariff threats, prompting investors to seek refuge in gold and U.S. Treasury bonds, resulting in over $19 billion in long cryptocurrency positions being liquidated within 24 hours, affecting more than 1.6 million traders [2]. Response from Exchanges - Binance is conducting a thorough review of affected users, liquidation details, and appropriate compensation measures [3][4]. Mechanism Vulnerability - The USDe token's unique yield generation mechanism, based on basis trading strategies, faced severe tests during market sell-offs, highlighting the fragility of new stablecoin mechanisms under extreme market conditions [6][7]. - The funding rates for Ethereum have dropped to their lowest levels since August 2024, threatening USDe's return rates [9]. Competitive Landscape - USDe's yield generation structure differentiates it from competitors USDT and USDC, which are primarily backed by high liquidity assets like U.S. Treasury bonds [10]. - Despite structural differences, USDe is still classified as a stablecoin by cryptocurrency data tracking agencies, reflecting market acceptance but also the challenges of maintaining stability in extreme conditions [10].

Core Viewpoint - The article discusses the recent significant decoupling of USDe, the third-largest stablecoin, during a cryptocurrency liquidation event, raising concerns about its stability and the mechanisms behind it [1][5]. Group 1: USDe Overview - USDe is a synthetic dollar stablecoin launched by Ethena Labs, ranking third in market capitalization among stablecoins, with a market cap exceeding $12 billion [1]. - Unlike traditional stablecoins like USDT and USDC, USDe is not backed by fiat currencies or hard assets but is a combination of crypto assets and derivatives, designed to hedge against price risks [6]. Group 2: Market Events - On Saturday morning, USDe's price dropped to a low of $0.65 within half an hour, leading to a significant liquidation event in the cryptocurrency market, with nearly $19 billion in long positions liquidated and over 1.6 million accounts affected [4][7]. - The liquidation event was exacerbated by a collective downturn in the cryptocurrency market, causing a massive sell-off of USDe as leveraged users faced automatic liquidations [7][9]. Group 3: Mechanisms and Risks - The mechanism behind USDe allows users to mint it by collateralizing their crypto assets, while the project simultaneously establishes short positions in the derivatives market to hedge risks [6]. - A dangerous "USDe circular lending" strategy emerged, where speculators borrowed other stablecoins against USDe to mint more USDe, creating a cycle that became unsustainable during market stress [6][9]. Group 4: Response and Future Outlook - Following the incident, Ethena Labs asserted that USDe remained over-collateralized and that the minting and redemption mechanisms were functioning correctly [9]. - The affected exchange announced compensation for impacted users and implemented a minimum price threshold for USDe to enhance price stability [9].

Group 1: Economic Strategy and Investment Focus - The core focus for China in the next five years will be on three key sectors: circular economy, AI computing power chips with advanced processes, and new materials such as solid-state batteries and rare earths [3][14][16] - A significant amount of capital will be invested in AI computing, emphasizing the need for breakthroughs in the processing system to achieve independence in the entire semiconductor industry [3][14] - China has a strategic advantage in the supply chain, particularly in rare earths, which are critical for modern industrial systems [16][18] Group 2: Currency and Financial Strategy - The competition between the Renminbi and the US Dollar is inevitable, with a focus on establishing a new financial ecosystem that could potentially allow the Renminbi to capture 20% of the Dollar's market share in five years [5][21][30] - The establishment of a stablecoin based on the Renminbi is seen as crucial for creating a new financial cycle, leveraging China's trade and supply chain strengths [26][29] - The transformation of data into a new economic factor is essential for restructuring China's fiscal foundation and tax base, moving away from reliance on land as a production factor [31][34] Group 3: Circular Economy and Resource Management - China aims to develop a circular economy to reduce dependency on non-renewable resources, particularly oil, by finding technologies that can convert waste back into usable resources [10][12][13] - The focus on circular economy is not just an environmental strategy but also a means to overcome geopolitical vulnerabilities related to resource supply [12][13] Group 4: Market Dynamics and Future Outlook - The upcoming five years will see a systematic approach to understanding and capitalizing on the strategic initiatives outlined in the "15th Five-Year Plan," which will influence market sentiment and investment opportunities [9][36] - The shift towards a digital economy and the capitalizing of data as a new production factor will create significant opportunities in the market [34][36]

#CryptoEthena 是做了充足准备，并且这次也被验证有效的。但其他杂牌稳定币呢？他们不需要做准备，只需要等惨案发生，然后自己吃客损。这里的区别是 USDe 我敢接，因为机制合理、准备金充足，其他的不敢。这个行情了，建议撤吧。 ...

市场概述 受特朗普关税威胁影响，美股重演4月暴跌，标普收跌近3%、纳指跌超3%，均创半年最大跌幅，道指五连跌。 芯片指数跌超6%，AMD跌近8%，高通跌超7%，英伟达跌近5%。特斯拉跌超5%，苹果跌超3%。稀土矿股USA Rare Earth盘中涨超20%，盘后曾涨超10%。 中概指数收跌超6%，阿里、百度跌超8%。 美元跌，日元扭转五连跌，反弹超1%。加密货币重挫，美股盘后一度加速跌， 比特币曾跌超13%，以太坊曾跌超20%。 避险资产美债和黄金拉升。 10年期美债收益率跳水超10个基点。 期金一度涨近2%，连涨八周。 盘中美油和纽铜跌超5%。原油收创五个月新低，并创三个多月最大日跌幅。伦钴涨超2%，刚果宣布出口配额制以来，本周涨超20%。 华见早安之声 亚洲时段，AH股大调整， 创业板跌超4%，芯片半导体、锂电池集体调整， 恒科指跌逾3%，科网股普跌，国债、商品齐跌。 要闻 商务部新闻发言人就 中方宣布针对美对华造船等行业301调查限制措施实施反制答记者问。 交通运输部：对美船舶收取船舶特别港务费。 高通公司 涉嫌违反反垄断法，市场监管总局依法决定立案调查。 报道： 美联储主席候选人名单缩小至五人， 贝莱 ...