Core Insights - The synthetic stablecoin USDX issued by Stable Labs has experienced a significant de-pegging from its $1 value, raising concerns about potential cascading effects on decentralized finance (DeFi) protocols [1][3] - Major DeFi protocols, including Lista DAO and PancakeSwap, have initiated emergency measures to monitor the situation and mitigate risks associated with the USDX crisis [1][3] Group 1: Market Reaction - Following the de-pegging of USDX, Lista DAO launched an emergency governance vote (LIP 022) to authorize forced liquidation of assets linked to MEV Capital and Re7 Labs [3][4] - Lista DAO executed a flash loan to recover over 2.9 million USD1 tokens, aiming to contain the crisis before it escalated further [1][3] - PancakeSwap has alerted users to monitor their positions in affected liquidity pools, indicating the widespread impact of the USDX situation [5][6] Group 2: Underlying Issues - Speculation regarding the cause of USDX's de-pegging includes a potential link to a $128 million theft from Balancer, which may have forced Stable Labs to liquidate its Bitcoin and Ethereum short positions [7][8] - Concerns have been raised about the management of USDX, with questions about the lack of active portfolio management and the apparent failure of major borrowers to repay loans [7][8] Group 3: Company Background - Stable Labs, the issuer of USDX, claims to comply with EU MiCA regulations and has a notable investment background, having raised $45 million at a $275 million valuation [8] - Despite its significant backing from well-known investors, Stable Labs has remained silent regarding the USDX crisis, contributing to market uncertainty [8]

【导读】本周美股三大股指累跌，走出4月以来最糟糕一周；科技股拖累纳指走低，微软8连跌；美政府停摆影响进一步扩大，在大量官方数据真空下，美 联储12月降息争论愈发激烈 美东时间11月7日周五，美国三大股指低开后延续跌势，尾盘拉升，科技股拖累纳指走低，微软录得8连跌。本周，三大指数均累跌，走出4月初贸易政策 冲击以来最糟糕的一周。 黄金市场本周延续剧烈震荡，在美国政府长期停摆和规避美股风险等背景下，11月7日金价有所反弹，现报4000美元/盎司，本周累计微跌0.06%。 美政府"停摆"进入第39天。大量官方数据无法按计划公布，民主党和共和党双方分歧导致谈判陷入困境。当日，民主党提出结束美国政府停摆新方案，但 遭共和党人拒绝，政府停摆影响进一步扩大。 在数据真空的背景下，美联储内部关于12月是否降息的争论愈发激烈。分析师预测降息概率出现分歧，最新数据显示，美联储12月降息25个基点的概率为 66.5%，维持利率不变的概率为33.5%。 本周美国三大股指累跌 板块方面，科技股回调拖累纳指，万得美国科技七巨头指数跌0.56%，特斯拉跌3.71%，英伟达尾盘转涨，此前一度跌近5%。本周，万得美国科技七巨头 指数已累跌3. ...

Group 1: International News - The U.S. Senate failed to advance the Specific Federal Employee Appropriations Act (S.3012) with a vote of 53 to 43, leading to continued furloughs for federal employees as bipartisan disagreements persist over government shutdown issues [1] - The U.S. Transportation Secretary warned that flight reductions could reach 15% to 20% if the situation worsens [5] - The Federal Reserve's financial stability report highlighted political uncertainty, geopolitical risks, and artificial intelligence (AI) as major stability concerns, with respondents worried about a reversal of AI optimism potentially impacting risk assets and labor markets [6] - The widespread use of stablecoins may lower neutral interest rates and increase the risk of hitting the zero lower bound, potentially prompting the Federal Reserve to cut rates and raise the value of the dollar [7][8] Group 2: Market Performance - U.S. stock indices showed mixed results, with the Dow Jones up 0.16%, the Nasdaq down 0.21%, and the S&P 500 up 0.13%; major tech stocks experienced divergence, with Intel rising over 2% while Google and Tesla fell over 2% and 3%, respectively [9] - The Nasdaq China Golden Dragon Index dropped approximately 1%, with Xpeng Motors falling over 6% [10] - Cryptocurrency performance was strong, with Bitcoin surpassing $103,000 and $104,000, gaining 1.67% and 2.70% respectively, while Ethereum rose above $3,400 with a daily increase of 2.59% [11][12][13] - Spot gold prices exceeded $4,020 per ounce, and New York futures surpassed $4,030 per ounce, with daily gains of 1.12% and 0.98% respectively [14][15] Group 3: Corporate Developments - Tesla's shareholder vote revealed that an alternative compensation plan for Elon Musk received 1.94 billion votes in favor, while Musk's original compensation plan garnered approximately 1.89 billion votes; a proposal for the board to authorize investment in xAI received 473.1 million abstentions [16][17] - OpenAI requested the U.S. to expand the tax credit scope of the Chips and Science Act to include data centers, while Samsung is in talks with Barclays to launch a credit card in the U.S. [18][19] Group 4: Domestic News - China's first electromagnetic catapult aircraft carrier was officially commissioned, with President Xi Jinping attending the flag-raising ceremony and inspecting the ship [26] - In the first ten months, China's goods trade imports and exports grew by 3.6%, indicating sustained resilience in foreign trade [27] Group 5: Market Dynamics - Coking coal futures fell by 2% to 1,252.50 yuan per ton [28] - Five New Tunnel Equipment stated in an investor relations event that its products have been applied in small quantities for hydropower projects downstream of the Yarlung Tsangpo River, positioning the hydropower market as a key growth area [29]

智通财经APP获悉，周五，美联储理事米兰在一场活动上发表称，稳定币的持续增长可能在未来显著压 低"中性利率"。这一变化意味着美联储的政策利率也应相应下调，否则将对经济形成收缩性压力。 米兰表示，即便按"相对保守"的预测，稳定币规模扩张也会提升经济中的可贷资金净供给，从而对中性 利率形成向下压力。他指出："如果中性利率下降，政策利率也应该同步降低以维持经济健康运行。如 果央行在中性利率下降后仍拒绝降息，就是一种紧缩行为。" 作为特朗普政府任命的联储理事，米兰近期多次呼吁美联储迅速实施连续数次50个基点的降息，以使政 策利率回到他认为的"更接近中性"的水平。他强调，移民政策调整、关税政策变化等多项因素都在推动 中性利率下降，而美联储当前政策利率"远高于中性水平"，对经济施加了"沉重的限制"。 稳定币是一类与主权货币(通常为美元)锚定、价值相对稳定的数字货币。根据美国最新立法，稳定币发 行人必须以现金及现金等价物(包括美债)按 1:1比例进行储备。这意味着随着稳定币规模扩张，市场对 美国国债的需求也将同步上升。 ...

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]

以下文章来源于虎嗅APP ，作者刘国辉 当地民众购买USDT并不是像币圈人士那样为了进一步购买加密资产获利，而是用持币来实现了对美元的间接持有，以抵御本币贬值带来的财富缩水。在 一些当地消费场景如咖啡店，也开始支持USDT等稳定币支付。 这是由于，即便通过努力的治理，在米莱担任总统的阿根廷，其年通货膨胀率从2023年的211.4%下降到2025年中期的43.5%，该国的通胀还在较高水平。 现在，非洲、南美等多国民众，都在广泛使用稳定币。 这其中，除了有保持财富稳定的需求，这些国家的民众也在通过稳定币来进行跨境支付，基于区块链技术，不仅到账迅速，成本也远低于传统银行体系的 跨境转账。 在阿根廷通过交易所购买的加密货币中，约三分之二是与美元挂钩的稳定币，其中主要是Tether发行的稳定币USDT。 出品 | 妙投APP 作者 | 刘国辉 编辑 | 关雪菁 头图 | 视觉中国 虎嗅APP . 从思考，到创造 稳定币正在越过法币，成为很多阿根廷民众的选择。 USDT的全球辐射能力，不容小觑。 Tether首席执行官Paolo Ardoino 10月22日表示，其"真实用户"数量已超过5亿，这一数字相当于全球约6.25 ...

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]