智通财经7月21日电，中国平安在互动平台表示，公司留意到香港市场稳定币相关的行业监管变化。平 安在区块链技术上有深厚的积累，我们保持高度关注并积极研究。 中国平安：积极研究香港市场稳定币相关行业监管变化 ...

Core Insights - The company Yuanmu Capital's Green Core Intelligent Technology Co., Ltd. announced the internal testing of its online brand "Green Core" set to begin on July 20, 2025, using a limited user invitation system to gather feedback and optimize platform features [1] - The "Green Core" platform aims to leverage its dual compliance qualifications and partnership with AIA Insurance to establish a foothold in the AI energy service sector amid the accelerating global energy digital transformation [1] - The AI energy management system will utilize big data and AI algorithms for intelligent analysis of energy projects, providing scientific references for investment decisions, while the online transaction process has been optimized for ease of use [1] - The platform has obtained ICP and EDI certifications, ensuring compliance across all business scenarios, and incorporates blockchain technology for transparent fund management [1] Industry Implications - The internal testing presents a unique opportunity for investors to engage in energy digitalization investments, allowing participants to experience cutting-edge energy investment services and contribute feedback for platform development [2] - As the "Green Core" platform continues to improve and expand in the market, its potential in the energy digital investment sector is expected to gradually unfold, potentially ushering in a new era of investment [2]

Group 1 - The core point of the article is the signing of the "Genius Act" by Trump, which focuses on the promotion of stablecoins in the United States [1][20] - Stablecoins are virtual currencies that utilize blockchain technology and are pegged to the US dollar at a 1:1 ratio, making them essentially a digital representation of the dollar [3][16] - The introduction of stablecoins aims to simplify transactions by enabling peer-to-peer transfers without relying on traditional banking systems, thus reducing transaction times and costs [16][19] Group 2 - The article discusses the potential impact of stablecoins on the dominance of the US dollar in global transactions, suggesting that increased convenience could solidify its status [19][49] - It contrasts stablecoins with cryptocurrencies like Bitcoin, emphasizing that stablecoins are designed for transactional efficiency rather than as independent currencies [18][17] - The article also highlights China's efforts in digital currency, noting that the country has been developing its digital yuan since 2014 and is exploring stablecoin options [25][30] Group 3 - The significance of the developments in stablecoins and digital currencies is framed as a competition for convenience in monetary transactions, which is crucial for maintaining currency leadership [53][54] - The article concludes with a perspective on the ongoing competition between the US and China in the realm of digital currencies, indicating that the outcome will depend on practical implementation and user adoption [51][52]

事件 2025年7月10日，上海市国资委党委召开中心组学习会，围绕加密货币与稳定币的发展趋势及应对策略开展学习。 核心观点 上海国资学习加密货币与稳定币，上海数交所首提RDA，产业催化不断，具备数据资源储备的公司数据价值将被进一 步释放。同时，国资背景的可信技术服务商以及数商有望成为构建金融创新"中国方案"过程中的中坚力量。建议关 注：1、稳定币相关企业；2、数据产品与运营相关企业。 参考来源： 2025年7月15日 华龙证券 孙伯文 朱凌萱 计算机行业点评报告：稳定币持续"升温"，关注RDA相关投资机会 上海市国资委党委围绕加密货币与稳定币召开学习会，数字货币持续"升温"。会上，上海市国资委党委书记、主任贺 青提出要加强对数字货币的研究探索；探索区块链技术在跨境贸易、供应链金融、资产数字化等领域的运用。我们认 为，上海国资委学习加密货币与稳定币具有"风向标"意义，内容上更聚焦于技术创新与应用场景。香港发布的《稳定 币条例》将于2025年8月1日正式生效，在立法监管阶段之后，产业层面将更为重视应用场景的探索和拓展。 本报告由国诚团队投资顾问 王志起 执业证书编号A1290625030016 整理。同时，本公司 ...

Core Insights - Conflux Tree Graph Technology and Ecological Development Conference was held in Shanghai from July 18 to 20, where Conflux Tree Graph Public Chain 3.0 was announced [1] - The official launch of Conflux Tree Graph Public Chain 3.0 is scheduled for August this year [1] - Strategic partnerships were established with AnchorX and Dongxin Peace (002017) to promote offshore RMB stablecoin issuance, cross-border settlement, and RWA applications in countries involved in the Belt and Road Initiative [1]

Core Viewpoint - The signing of the "Genius Act" by President Trump establishes a regulatory framework for digital stablecoins in the U.S., aiming to extend the global influence of the U.S. dollar in the digital realm [1][4]. Group 1: Motivations Behind the Stablecoin Legislation - The legislation is driven by four main considerations: personal interests of Trump, national interests of the U.S., the issue of U.S. national debt, and the promotion of digital financial infrastructure [3][4]. - Trump's personal interest is highlighted by his shift in attitude towards cryptocurrencies post-2020 election, as he seeks funding through NFTs and support from the crypto community [3]. - The U.S. national interest is served by reinforcing the dominance of the dollar in the international market, with stablecoins currently holding a significant market share [3][4]. - The stablecoin market, with reserves exceeding $250 billion, is projected to potentially reach $2 trillion in the next 3-5 years, which could significantly impact U.S. Treasury yields and government interest costs [4]. - The development of stablecoins is expected to enhance blockchain technology and digital finance in the U.S., positioning the country favorably against emerging market central bank digital currencies [4]. Group 2: Impact on the Monetary System - The impact of stablecoins on the existing monetary system is expected to be gradual, with no immediate significant changes, as the current global monetary order remains dollar-centric [6]. - Long-term, stablecoins could disrupt the monetary system as their integration with real-world economies deepens [6]. Group 3: Risks and Challenges - If the regulatory framework of the "Genius Act" is effectively implemented, the risk of shadow banking may be mitigated due to the requirement for 100% reserves [7]. - However, the interconnectedness of stablecoins with cryptocurrencies poses risks, as market downturns in cryptocurrencies could lead to systemic issues [7]. - Emerging markets may face challenges from a potential "dollar-dominated + multinational corporations" model, which could threaten financial security and monetary sovereignty [9][10].

Group 1 - Shenzhen Furong Extreme Intelligent Technology Co., Ltd. was recently established with a registered capital of 5 million RMB [1] - The company is co-owned by three shareholders: Guangzhou Xifili Technology Co., Ltd. (50%), Hangzhou Furong Extreme Technology Co., Ltd. (30%), and Shenzhen Fenda Acoustic Technology Co., Ltd. (20%) [1] - The business scope includes internet sales, engineering and technical research and development, software development, technical services, import and export of goods, and various sales of consumer electronics and household appliances [1] Group 2 - The company is classified under the national standard industry of scientific research and technical services, specifically in engineering and technical research and development [1] - The legal representative of the company is Liu Fuyu Jie, and the business address is located in the Fenda Technology Park, Baoan District, Shenzhen [1] - The company is registered with the Shenzhen Market Supervision Administration and has an operating period until July 18, 2025, with no fixed term thereafter [1]

Core Viewpoint - The signing of the "Genius Act" by President Trump marks the beginning of a federal regulatory framework for stablecoins in the U.S., enhancing the legitimacy of the cryptocurrency industry and providing clearer rules for its development [2][4]. Regulatory Framework - The "Genius Act" establishes a legal framework for the issuance and regulation of stablecoins, including requirements for reserve assets, information disclosure, and auditing mechanisms [4][5]. - The act allows stablecoin issuers to hold reserve assets such as fiat currency, government bonds, and central bank reserves, aiming to ensure stable redemption of stablecoins [4][5]. Market Impact - Following the announcement of the act, the cryptocurrency market experienced a collective downturn, with Bitcoin dropping from $120,000 to around $117,000, reflecting a 1.85% decline within 24 hours [2]. - The total market capitalization of stablecoins has surpassed $260 billion, with Tether's USDT leading at over $160 billion, followed by Circle's USDC at over $64 billion [5]. Competitive Landscape - Circle's USDC is positioned to benefit significantly from the new regulations, as 80% of its reserves are in U.S. government bonds, aligning with compliance requirements [5]. - Tether's USDT faces challenges due to its lack of compliance in the U.S. market, despite controlling over 60% of the stablecoin market [6]. Banking Sector Response - Major U.S. banks are increasingly entering the stablecoin space, with Bank of America and Citibank planning to launch stablecoin products, viewing them as crucial for future international payments [8][9]. - JPMorgan has already initiated a pilot for a deposit token named JPMD, which is pegged to U.S. dollar deposits and supports real-time transfers [8]. Systemic Risks - The rise of stablecoins may pose systemic financial risks similar to those of shadow banking, as issuers lack traditional banking constraints, potentially leading to vulnerabilities during market stress [9]. - The issuance of stablecoins by banks is seen as a strategy to maintain control over payment systems and mitigate the impact of financial technology disruptions [9].

雷递网 雷建平 7月19日 硅谷投资大佬、亿万富翁Peter Thiel支持的数字资产交易所运营商Bullish（股票代码为BLSH）日前递交招股书，准备在美国纽交所上市。 Bullish曾计划与特殊目的收购公司Far Peak Acquisition(FPAC.US)合并，估值90亿美元，最终未能完成交易。 美国的加密货币公司受益于特朗普政府对加密货币行业的支持以及国会推进加密货币立法，最终促成《天才法案》(Genius Act) 的通过和签署，该法案旨 在监管稳定币。 早前，USDC稳定币发行商Circle在纽交所上市，共发售3400万股，募资总额为10.54亿美元；其中，Circle在此次IPO中出售了1480万股，获4.59亿美元； 包括CEO在内的现有股东减持了1920万股，套现近6亿美元。 Circle是继Coinbase后，成为少数几家在美国上市的纯加密货币公司之一。截至今日收盘，Circle市值达498亿美元。 Q1净亏3.48亿美元 Bullish成立于2020年，是一家专注于机构投资者的全球数字资产平台，目标是提供关键任务型产品和服务，帮助机构投资者拓展业务，赋能个人客户，并 推动稳定币、 ...

Core Insights - The pearl farming industry in China, as the world's largest freshwater pearl producer, is entering a critical phase of transformation and upgrading after decades of rapid development [1][10] - The import and export data of cultivated pearls in China shows a pattern of "import contraction and export expansion," with significant changes in both volume and value [12][14] Industry Overview - Cultivated pearls are formed through artificial intervention in bivalve mollusks, with a core made of implanted materials, primarily composed of calcite [2] - The cultivation cycle for freshwater pearls is typically 2-4 years, while seawater pearls take longer, around 3-5 years [2] Industry Development History - The industry has gone through four main stages: the embryonic stage before 1958, the scale development stage from 1958 to 1977, the industrial upgrading stage from 1978 to 2000, and the modernization and transformation stage from 2000 to present [4][5][6] Current Industry Status - In 2022, China's freshwater pearl production reached 697.39 tons, accounting for over 95% of global production, with major production areas in Zhejiang, Jiangsu, and Anhui [10] - The export volume of cultivated pearls increased by 49.85% year-on-year, while the import volume decreased by 34.64% [12][10] Key Enterprises - The competitive landscape of the pearl farming industry features leading enterprises like Nanzhu Palace, Ruan's Pearls, and Oushiman, which leverage full industry chain layouts and core technology patents [17] - Ruan's Pearls, located in Zhejiang, focuses on freshwater pearl procurement, processing, and sales, while Hainan Hairun Pearl integrates pearl research, farming, and sales [19][20] Industry Trends 1. **Technological Innovation**: The industry is shifting from traditional methods to technology-driven approaches, with smart farming systems becoming mainstream [24] 2. **Diverse Consumption Scenarios**: The market is witnessing a trend where younger consumers drive demand for personalized and high-end pearl products [26] 3. **Accelerated Globalization**: Chinese pearl enterprises are transitioning from product export to brand and standard output, with a focus on global resource control and market integration [27]