Core Insights - The recent passage of the stablecoin bill in the U.S. Senate and the approval of the Hong Kong stablecoin regulation have made stablecoins a hot topic, with expectations of a significant explosion in the blockchain digital economy [1] - Dr. Xu Gang, founder and chairman of Digital Capital Group (DCG), believes that stablecoins and the tokenization of real-world assets (RWA) are innovating the global financial system through blockchain technology, enhancing efficiency and promoting social equity and economic inclusion [1][6] - The concept of asset tokenization emerged with the development of blockchain technology, initially focusing on cryptocurrencies like Bitcoin and later expanding to various financial instruments and services [1] Tokenization Trends - Other asset classes such as commodities, bonds, and funds are also being tokenized, driven by the widespread adoption of decentralized finance (DeFi) protocols [3] - The market for tokenized assets is projected to reach between $30 trillion and $50 trillion by 2030, indicating a transformative trend in the financial industry [3] - Over 1,200 unique security tokens are currently trading across various platforms, covering debt, equity, real estate, and commodities, with a monthly trading volume reaching a peak of $14 billion in December [3] Real Estate and Bonds - Real estate dominates the tokenization landscape, with $24 billion in tokenized projects announced, of which $5.4 billion are live on-chain [3] - Tokenized bonds have gained attention, with a total issuance of $12.8 billion across Germany, China, Hong Kong, and other European markets [4] - The adoption of liquidity funds is accelerating, with Franklin Templeton's on-chain U.S. government money fund accumulating $375 million in assets under management within six weeks [4] Efficiency and Transparency - Tokenization enhances transparency and simplifies the securitization process, reducing costs associated with traditional methods that rely on intermediaries [5] - JPMorgan Chase's initiative to tokenize auto loan receivables demonstrates how blockchain can bring efficiency and transparency to the securitization market [5] - Early adopters of tokenization are expected to gain competitive advantages, capturing new revenue streams and reshaping the global financial market [6]

图片来源：视觉中国 有这样一种数字资产，既能媲美法币的稳定性，也能搭上区块链的"高速列车"。它的价值与美元等法币 紧紧挂钩，所以不太会像比特币那样大起大落。同时，它利用了区块链技术安全、快速转账的优势，不 受银行上下班或国界的限制。而且它还能被"编程"，预设一些规则，让付款、转账等操作在满足条件时 自动完成，让金融服务变得更聪明、更高效。 这种资产就是最近爆火的稳定币。继新加坡和欧盟推出针对稳定币的监管框架之后，中国香港和美国近 期都紧锣密鼓地对其予以"收编"：中国香港的《稳定币条例》5月30日正式刊宪，为法币稳定币发行人 设立发牌制度，并将在8月1日生效，而在十天前的5月20日，美国参议院通过了《引导和建立美国稳定 币国家创新法案》（GENIUS Act）。 抢在美国之前，中国香港成为全球首个对法币稳定币实施全链条监管的司法管辖区，宣告一场新的围绕 数字货币世界话语权的全球竞赛正式开始。同时，商业层面的机会也初露峥嵘。 在6月17日的一场分享会上，京东创始人刘强东谈及京东的六个创新项目，其中之一就是稳定币。他表 示，希望在全球主要货币国家都申请稳定币牌照，借此实现全球企业之间的汇兑，能把全球的跨境支付 成本 ...

Core Insights - The concept of "stablecoins" has gained significant attention in the financial sector due to the ongoing development of global fintech [1] - Stablecoins are a type of cryptocurrency that maintains price stability by being pegged to specific assets, commonly fiat currencies like the US dollar [3] - The rise of stablecoins is attributed to their utility in mitigating risks for cryptocurrency traders, their essential role in decentralized finance (DeFi), and their efficiency as a payment tool [5] Group 1: Understanding Stablecoins - Stablecoins are fundamentally different from traditional cryptocurrencies like Bitcoin and Ethereum due to their inherent stability [3] - The most common type of stablecoin is fiat-collateralized, such as USDT, which is backed by a dollar for every token issued, ensuring a 1:1 peg to the US dollar [3] Group 2: Functions and Applications - For cryptocurrency traders, stablecoins serve as a safe haven during volatile market conditions, allowing them to convert high-risk assets into stablecoins [5] - In the DeFi sector, stablecoins are crucial for lending, mining, and derivatives trading, providing a stable value reference and liquidity support [5] - Stablecoins facilitate efficient and low-cost transactions for cross-border payments and on-chain payments, leveraging blockchain technology [5] Group 3: Regulatory Developments - Increasing global attention on stablecoins has prompted various countries to develop regulatory frameworks, such as the US Senate's passage of the Stablecoin Innovation Act and Hong Kong's Stablecoin Regulation Draft [7] - The establishment of regulatory policies is expected to lead to a more standardized and orderly development of the stablecoin market, protecting investor rights [7]

Core Insights - The recent surge in interest around stablecoins is attributed to their potential to bridge traditional finance and the digital economy, with a market size exceeding $250 billion and annual transaction volume reaching $35 trillion, double that of Visa [7][10] - Regulatory frameworks are rapidly evolving, with significant legislation passed in both the US and Hong Kong, enhancing the legitimacy and operational framework for stablecoins [8][10] - The integration of stablecoins into traditional financial systems is accelerating, with major companies like Visa and PayPal adopting stablecoins for transactions, showcasing their practical utility [10][11] Group 1: Market Dynamics - Stablecoins are gaining traction as a critical component in the financial ecosystem, with their market size projected to grow significantly due to increasing demand from both retail and institutional investors [7][8] - The market experienced explosive growth post-2019, particularly during the DeFi boom, which highlighted the utility of stablecoins as both a valuation and payment tool [5][6] - The collapse of TerraUSD (UST) in 2022 raised concerns about the stability of stablecoins, prompting regulatory scrutiny and the introduction of new legislation aimed at enhancing market stability [6][12] Group 2: Regulatory Developments - The passage of the Stablecoin Regulation in Hong Kong and the introduction of the GENIUS Act in the US are pivotal in establishing a clear regulatory framework for stablecoins, which is expected to attract institutional investment [8][10] - These regulations require stablecoin issuers to maintain strict reserve requirements and undergo regular audits, thereby increasing transparency and trust in the market [7][8] - The establishment of a licensing system in Hong Kong sets a precedent for other jurisdictions, potentially leading to a more standardized global approach to stablecoin regulation [7][10] Group 3: Technological Advancements - Advances in blockchain technology, particularly the adoption of Layer 2 solutions, have significantly reduced transaction costs and improved processing speeds, making stablecoins more competitive against traditional payment systems [8][10] - The efficiency of stablecoin transactions is evidenced by the substantial increase in on-chain transaction volumes, surpassing traditional payment networks like Visa [8][10] - The technological evolution of stablecoins is expected to facilitate their integration into various financial applications, enhancing their role as a foundational component of the digital economy [13] Group 4: Market Sentiment and Investment Trends - The interest from institutional investors in stablecoins is rising, with numerous brokerages hosting discussions focused on stablecoin investments, indicating a shift towards mainstream acceptance [10][11] - Companies involved in stablecoin initiatives have seen significant stock price increases, reflecting market optimism and investor interest in the sector [11] - The potential for stablecoins to serve as a strategic asset in global monetary policy and economic strategy is becoming increasingly recognized, positioning them as a key player in the future of finance [13]

Core Insights - The rise of blockchain technology has made digital currencies a significant part of the global financial landscape, leading to a booming market for domain names related to digital currencies [1] - Recent transactions on the platform "Youming.com" have seen multiple high-value sales of digital currency-related top-level domains, attracting widespread industry attention [1][3] Domain Transactions - Key domain names such as "BitcoinTrading.com" and "EthereumWallet.net" have become highly sought after, with "BitcoinTrading.com" reportedly selling for a price in the six-figure dollar range, indicating strong investor confidence in the potential of the digital currency market [3] - The emergence of decentralized finance (DeFi) has also led to increased interest in domains like "DeFiServices.org," reflecting a shift in industry trends and a forecast of future digital economic ecosystems [3] Security Measures - "Youming.com" has implemented various measures to ensure transaction security, including strict real-name authentication and fund escrow services, aimed at providing a fair, transparent, and secure trading environment for users [4] - Despite the opportunities in the digital currency and related domain markets, it is essential for investors to remain rational and assess risks, as both digital currencies and related domains exhibit volatility and uncertainty [4]

专题报告 2025-06-13 稳定币浅析 蒋文斌 国债研究员 从业资格号：F3048844 交易咨询号：Z0017196 0755-23375128 jiangwb@wkqh.cn 程靖茹（联系人） 宏观研究员 从业资格号：F03133937 chengjr@wkqh.cn 报告要点： 随着加密货币和数字资产经济的发展，稳定币市场在全球不断扩大，相应的监管措施也不断完 善。稳定币市场的持续增长引起市场关注，其内部结构性创新也不断发展，对当前全球的货币 框架体系的影响愈发深入。本文参考国际清算银行及美国财政部等相关研究，试图回答以下问 题：何谓稳定币？稳定币法规的出台意义何在？稳定币对现有银行存款及货币体系有何影响？ 稳定币是否有助于缓解美国国债市场流动性，又对美元信用有什么启示？ 图 1：当前主流稳定币市场规模占比 2025-06-13 2 宏观金融研究|国债 稳定币浅析 一、 何谓稳定币？ 稳定币是一种旨在通过与储备资产挂钩来保持价值稳定的数字资产。相较于其他加 密货币的价格波动较为频繁，稳定币通过与储备资产挂钩维持币值的相对稳定，使 其作为支付手段或价值储存手段更具吸引力。从实际用途上，稳定币可充当支付 ...

据智通财经6月12日报道，针对有报道称蚂蚁国际正计划在香港和新加坡申请稳定币牌照一事，6月12 日，蚂蚁国际回应称，正在全球财资管理方面加速投资、拓展合作，将我们的AI、区块链和稳定币创 新投入真实可靠的大规模应用。 蚂蚁国际表示："我们欢迎香港立法会通过《稳定币条例草案》，将于法案8月1日生效、相关通道开启 后尽快提交申请，希望为香港建设未来国际金融中心贡献更多力量。" 受消息带动，港股云峰金融等尾盘大涨。 华西证券指出，稳定币是指价值与某种法定货币或资产锚定的加密货币。其基于区块链技术发行，具有 很好的开放性，支持可控匿名，可以直接点对点交易，天然具有跨境属性。 根据DEFILLAMA数据，截至2025年6月8日，全球稳定币总市值已攀升至约2503.05亿美元（约合人民 币1.8万亿元），较2019年末的约50亿美元增长了约50倍，呈现出爆发式增长态势。这一趋势不仅彰显 了稳定币在加密货币生态中的迅猛扩张，也凸显了其在支付、交易及去中心化金融（DeFi）等领城日益 不可替代的地位。 其表示，展望未来，稳定币可能会深度融入全球金融体系，最可能的情况是，稳定币将与传统金融体系 互补，成为银行和支付平台(如Vi ...

美国国债市场迎来千亿级标售考验，总计1190亿美元的三年、十年、三十年期国债发行，在36万亿美元 债务阴影下成为全球投资者信心的"压力测试"。币界网数据显示，三十年期国债收益率上月飙升至 5.16%，创2023年10月以来新高，而XBIT去中心化交易所平台凭借其抗审查性和低交易成本，正成为传 统金融动荡中的重要避险选择。 热点概况：传统金融体系的信任危机 从标售结构看，短期和中期债券需求相对稳定，例如三年期债券上个月间接投标比例达62%，与历史平 均水平持平。但长期债券的表现却令人揪心：4月和5月的三十年期国债标售均出现得标收益率高于预期 的情况，反映出投资者对美国财政可持续性的担忧正在加剧。Credit Sights分析师Zachary Griffiths指 出，外国投资者对三十年期国债的需求已进入"瓶颈期"，这背后是对美国债务雪球越滚越大的深层焦 虑。 这种焦虑并非空穴来风。美国财政赤字高企、特朗普时代的减税政策叠加贸易战推高的关税成本，正在 侵蚀债券投资者的信心。更值得警惕的是，全球长期债券市场普遍疲软，若此次美国标售失利，可能引 发"多米诺骨牌效应"，加剧国际资本对主权债务的避险情绪。 图片来源：币界 ...

BTCFi：区块链金融的"收益革命" 此次活动汇聚了全球顶尖机构投资者、DeFi开发者及行业研究者，围绕比特币生态的金融化创新 （BTCFi）展开了深度探讨。 本次私享会以"BTCFi与新收益机遇"为核心议题，吸引了来自全球30余个国家的百余名行业精英。与会 者包括Bitwise、Grayscale等头部机构代表，以及Chainlink、Aave等DeFi协议核心开发者。活动旨在探 讨比特币生态与去中心化金融（DeFi）的融合路径，挖掘区块链技术驱动下的新型收益模式。 在主题演讲中，孙宇晨指出，BTCFi的兴起标志着区块链金融从"资产存储"向"收益创造"的转变。截至 2024年第三季度，全球BTCFi协议总锁仓量（TVL）已突破120亿美元，较年初增长300%；其中，基于 波场TRON网络的BTCFi协议TVL占比达28%，成为仅次于以太坊的第二大生态。这一数据印证了 BTCFi的爆发潜力，也凸显了波场TRON在其中的战略地位。 孙宇晨提出，BTCFi的核心价值在于"资产效率最大化"。他以传统金融为对比，指出比特币持有者长期 面临"资产闲置"的痛点，而在BTCFi生态中，用户可通过智能合约将比特币资产转化为可 ...

Core Insights - The 2025 Japan International Blockchain Technology Exhibition will take place in April and October, showcasing the latest advancements and applications in blockchain technology [1] - The event aims to provide a platform for communication and learning, promoting the dissemination and collaboration of blockchain technology [1] Group 1: Event Overview - The exhibition will be held in two phases at Tokyo Big Sight and Makuhari Messe in Chiba, scheduled for April 15-17 and October 8-10, 2025 [1] - RXJapan Co., Ltd., a reputable company in the exhibition industry, is the organizer of the event [1] Group 2: Exhibition Features - The exhibition will focus on showcasing the latest blockchain technologies and solutions, including innovations in smart contracts, decentralized finance (DeFi), and digital asset management [2] - Multiple forums and seminars will be set up, inviting industry experts to share insights on application cases, industry trends, and policy environments [2] - Networking opportunities will be provided for participants from various fields to establish connections and explore collaboration [2] - Startups will have a platform to showcase their products and services, attracting investor attention and promoting innovation in blockchain technology [2] - Training courses will be offered to enhance participants' understanding of blockchain technology, covering foundational knowledge, development skills, and market analysis [2] Group 3: Industry Impact - The exhibition is expected to attract a large number of exhibitors and attendees from around the world, enhancing Japan's influence in the blockchain sector [5] - Japan has made significant progress in blockchain research and application, with many companies actively involved in related projects [5] - The event aims to further develop Japan's blockchain ecosystem and attract more international investment and collaboration [5] Group 4: Event Management - RXJapan Co., Ltd. will implement advanced exhibition management systems to optimize processes such as exhibitor registration and attendee management [5] - The event will prioritize safety and health to ensure a secure environment for communication and learning [5] Group 5: Conclusion - The 2025 Japan International Blockchain Technology Exhibition is anticipated to be a significant industry event, offering valuable knowledge and experience sharing for both professionals and the general public [7] - The exhibition is expected to foster innovation and collaboration, injecting new vitality into the future development of blockchain technology [7]