来源：环球市场播报 意大利支付网络运营商 Bancomat 首席执行官法布里齐奥・布兰多表示，公司正与意大利主要放贷机构 及经济财政部合作，拟推出一款锚定欧元的稳定币，且该稳定币未来将对其他发行方开放。 欧洲银行业管理局上周表示，全球稳定币市场规模已从 2014 年的近乎零水平增长至 2025 年的约 3000 亿美元，同时该局敦促放贷机构 "审慎管理" 与稳定币市场互动所产生的各类风险。 欧洲银行业管理局在报告中指出，目前已有 27 种稳定币依据欧盟《加密资产市场监管条例》 （MiCA）在欧盟市场监管机构欧洲证券和市场管理局（ESMA）完成注册，这些稳定币由 10 个欧洲国 家的 17 家机构发行。 支付处理商 DECTA 的数据显示，自 2024 年年中 MiCA 规则生效以来，欧元锚定稳定币的市值已翻倍 至约 5 亿美元，月度交易量更是激增 10 倍，达到 38.3 亿美元。 意大利央行 9 月曾表示，美元锚定稳定币在市场中占据主导地位，其规模占稳定币总市值的 98%；其 中两大发行方泰达（Tether）和圆币（Circle）分别掌控着 56% 和 25% 的市场份额。 布兰多曾任职于万事达卡，2024 ...

Core Viewpoint - The stability of stablecoins, particularly Tether (USDT), is under scrutiny as S&P downgraded its rating from "4 (restricted)" to "5 (weak)", the lowest level in its rating system, due to increased high-risk asset exposure and ongoing information disclosure gaps [1][2][6]. Group 1: Rating Downgrade and Market Impact - S&P's downgrade of Tether's rating highlights rising high-risk assets in its reserves, including Bitcoin and gold, which could undermine USDT's asset coverage during market volatility [3][4][6]. - Despite the downgrade, USDT maintained a stable price around $1, indicating resilience in market confidence, with a total market capitalization of $185.3 billion and nearly 60% of the stablecoin market share [8][11]. - The stable price of USDT reflects a complex reality in the cryptocurrency market, where its status as a "hard currency" remains intact despite the downgrade [11][12]. Group 2: Regulatory Environment and Risks - The People's Bank of China defined stablecoins as a form of virtual currency, marking related activities as illegal financial operations, which could impact USDT's operations in China [2][18]. - The regulatory stance is influenced by concerns over money laundering and the potential for stablecoins to undermine the status of national currencies [18][19]. - Future developments may see a shift towards digital yuan as the primary focus in the domestic digital currency landscape, potentially sidelining stablecoins [19]. Group 3: Asset Composition and Transparency Issues - Tether's reserves include a significant portion of high-risk assets, with Bitcoin making up 5.6% of its total USDT circulation, raising concerns about liquidity during market stress [3][5][12]. - The lack of transparency in Tether's reserve assets has been a long-standing concern, with limited disclosure on the quality and structure of its holdings compared to competitors like USDC [16][17]. - Tether's asset composition, which includes a substantial amount of commercial paper and other high-risk securities, contrasts sharply with USDC's more secure asset base, leading to increased scrutiny from rating agencies [16][17].

Summary of U.S. Bancorp Conference Call (December 10, 2025) Company Overview - **Company**: U.S. Bancorp (NYSE: USB) - **Key Speakers**: Gunjan Kedia (President and CEO), John Stern (CFO) Strategic Priorities - **Focus Areas**: - Expenses management - Organic growth - Payments transformation - **Progress**: - Expenses have remained flat for eight quarters, contributing positively to operating leverage and efficiency ratios [3][4] - Achieved mid-single-digit fee growth targets, with strong performance in fees [3][4] - Mixed results in net interest income (NII) with a focus on consumer and operational deposits [3][4] Economic Insights - **Consumer Trends**: - Strong delinquencies and healthy spending observed, despite bleak sentiment [6][7] - **Corporate Sentiment**: - Improved sentiment compared to earlier in the year, with cautious optimism in M&A-driven loan appetite [6][7] - **Impact of Tariffs**: - Clients report tariffs are not significantly impacting their operations [8] Financial Performance - **Fourth Quarter Expectations**: - NII expected to remain stable with potential upside; fees projected around $3 billion [10][11] - Continued growth in capital markets and impact finance areas [10][11] - **Fee Income**: - Strong growth in trust and investment fees, capital markets, and payments expected to drive revenue [12][14] - Consumer fees anticipated to be a smaller part of revenue due to regulatory pressures [15] Payments Business - **Strategic Importance**: - Payments transformation is a key focus, with initiatives in embedded payments and differentiated distribution [17][18] - **Growth Expectations**: - Anticipated steady growth in the payments sector, with inflection points expected in 2027 and beyond [22][23] Loan Growth and Balance Sheet - **Loan Demand**: - Strong growth in commercial and card loans; slight growth expected in commercial real estate [25][26] - **Balance Sheet Repositioning**: - Focus on operational deposits and strategic portfolio sales to enhance NII growth [31][33] - **Net Interest Margin Target**: - Aiming for a 3% net interest margin by 2027, with ongoing adjustments to the balance sheet [31][33] Competitive Environment - **Deposit Competition**: - Competitive landscape remains challenging, with a focus on unique value propositions to attract deposits [36][38] - **Investment in Technology**: - Maintaining a $2.5 billion investment budget for technology to enhance operational efficiency [40][42] Cryptocurrency and Digital Assets - **Emerging Opportunities**: - Establishing a unit for Digital Assets and Money Movement to explore cryptocurrency and tokenization [46][47] - **Client Interest**: - Growing curiosity among clients regarding cryptocurrency, with ongoing pilots and experiments [48][50] Credit Quality - **Delinquency Trends**: - Credit quality remains stable, with expected seasonal patterns in consumer credit [52] - **NDFI Monitoring**: - No significant stress observed in C&I portfolios; strong credit underwriting practices in place [52][54] Capital Management - **CET1 Ratio**: - Current CET1 ratio at 10.9%, with a target of approximately 10% [54][56] - **Buyback Strategy**: - Plans to increase buybacks as capital levels improve [56] M&A Strategy - **Acquisition Focus**: - Interest in bolt-on acquisitions primarily in payments and institutional sectors [58][59] Medium-Term Targets - **Performance Goals**: - Aiming for high teens return on tangible common equity (ROTCE) and efficiency ratio in the high 50s [60][61] - **Execution Confidence**: - Confidence in achieving targets through consistent execution of strategic priorities [62]

Core Insights - Donald Trump Jr.'s wealth has significantly increased, primarily due to investments in cryptocurrency, with his net worth rising from approximately $50 million to around $300 million in one year, largely attributed to the success of World Liberty Financial [1][2]. Cryptocurrency Investments - World Liberty Financial has sold tokens worth approximately $1.4 billion, contributing to the Trump family's wealth, with Donald Trump Jr. estimated to have received around $80 million from this venture [2]. - The launch of a stablecoin by World Liberty Financial has added an estimated $19 million to Donald Trump Jr.'s wealth, alongside an additional $34 million in unliquidated World Liberty tokens [2]. - His stake in American Bitcoin, a cryptocurrency mining company he co-founded, could potentially add another $8 million to his wealth, although the exact percentage of his holdings remains unclear [3]. Non-Cryptocurrency Ventures - Donald Trump Jr. has also seen success in non-cryptocurrency investments, including a significant increase in wealth from shares in New America Acquisition I Corp, which recently went public [4]. - He holds stakes in several politically connected companies, valued at approximately $10 million, including Dominari Holdings and Trump Media and Technology Group [4]. - Real estate investments have appreciated, with properties in New York and Florida valued at around $12 million, and new agreements in the UAE, Saudi Arabia, and Vietnam expected to generate additional income [5]. Future Prospects - As the Executive Vice President of the Trump Organization, Donald Trump Jr. has considerable potential for further financial growth, especially with his recent partnership with 1789 Capital, which manages $1 billion in assets [6]. - The family's foray into cryptocurrency was driven by necessity after being shut out of traditional financial avenues, indicating a strategic pivot towards digital assets [6].

一级市场的老股交易一直是一个刚需市场，特别是这几年二级 IPO 市场估值大幅回调，导致大量优秀创业公司即使体量很大也没有上市，进而老股交易 异常活跃，已经成为一级市场流动性的主要提供方式，以至于 JPMorgan 最近花了 7 亿美金收购了 EquityZen。 而老股交易的稀缺性和较高的投资门槛，使得普通人想要购买优质创业公司的老股几乎不太可能，虽然已经有一些 Web3 的交易所想通过代币化方式做 老股交易，但大部分本质上是一种永续合约，而非真正的老股交易。 于是，Uber 早期团队成员秦汉（Han Qin）等人创立了 Jarsy，希望 让普通人也可以合规投资类似 OpenAI、SpaceX、Cursor、Harvey 等优秀创业公 司，而且最低只需要 10 美金即可参与 ，相当于把之前只能在小圈子需要高门槛的老股交易直接在线上就可以很简单的进行。 最近 Jarsy 完成了 500 万美金的 Pre-seed 轮融资，由投资了 Circle 的 Breyer Capital 领投，以及一大堆企业高管和 CEO 跟投。我很看好他们的模式， 于是跟 Jarsy 创始人秦汉聊了一下。 Jarsy 设计了一个非常有 ...

币界网12月6日报道，美国《天才法案》实施五个月以来，稳定币市场正在经历一场深刻的定价机制重 构。尽管Tether、Circle等稳定币发行商目前持有约1250亿美元美国国债，但新法明确禁止稳定币向用户 付息，这一政策使得USDT资金费率的定价逻辑发生根本性转变——从传统的"利息锚定"模式转向"流动 性溢价"模式，投资者持有稳定币的成本收益结构面临重新计算。 储备盈余68亿美元，用户却无法获得利息收益 币界网消息，CoinShares研究主管James Butterfill近期在市场动态报告中披露，根据Tether最新审计报 告，该公司拥有1810亿美元储备资产，负债约1744.5亿美元，盈余接近68亿美元。更引人注目的是， Tether今年前三季度创造了100亿美元的利润，成为该领域盈利能力最强的公司之一。 然而，《天才法案》明确规定稳定币发行商禁止向用户付息，这意味着Tether持有的1250亿美元美国国 债所产生的利息收益，以及高达100亿美元的年度利润，均无法分配给USDT持有者。这一政策造成了 显著的收益权矛盾：发行商通过国债储备获得稳定收益，而用户持有USDT的机会成本却在持续上升。 XBIT去中 ...

目前来看两个稳定币公链就是垃圾Stable从一开始就是老鼠仓，没开盘就准备割韭菜完全没有任何格局@Plasma 的核心团队来自blur，看看blur跟blast就知道了高FDV开盘，然后一直卖卖，然后做下一个项目目前只能寄希望于ARC跟temp了，至少是牛逼的背景跟团队亲自下场干 ...

Summary of Coinbase Global Conference Call (December 09, 2025) Industry Overview - **Industry**: Cryptocurrency and Digital Assets - **Company**: Coinbase Global (NasdaqGS:COIN) Key Points and Arguments Regulatory Environment - The regulatory landscape is evolving with the introduction of the Genius Act, which has provided market rules around stablecoins, leading to increased market activity in this area [5][6] - The Clarity Act, also known as the Market Structure Act, aims to clarify asset taxonomy and delineate regulatory oversight between the SEC and CFTC, fostering innovation in the U.S. crypto market [5][6][7] - Bipartisan support for regulatory clarity is noted, with optimism for progress in early 2026 [7] Market Activity and Performance - A significant sell-off in the crypto market has been observed, with industry trading volumes down 27% quarter-to-date annualized, compared to a 25% decline in the first three quarters of the year [8][9] - Coinbase maintained operational stability during market volatility, highlighting effective risk management and robust controls [9][10] Competitive Landscape - The competitive environment for retail trading has intensified, with more fintech and traditional financial services entering the crypto space [12][13] - Despite increased competition, Coinbase remains confident in its diverse product offerings and customer trust, which are key factors for consumer choice [15][16] Revenue Diversification - Coinbase has focused on diversifying revenue streams, with non-trading revenue growing significantly from 4% of total revenue at IPO to over 50% in some quarters [17] - The company is actively expanding its subscription and services revenue, particularly in staking, lending, and digital asset treasuries [28][30] Derivatives and Product Integration - The integration of Deribit is expected to enhance Coinbase's derivatives trading capabilities, with plans to offer a unified interface for spot, futures, and options trading [20][21] - The company is optimistic about the growth potential of derivatives, particularly in the U.S. market [25] Staking and New Opportunities - Staking has become a $700 million business for Coinbase, with opportunities for further growth as new blockchains and regulatory approvals emerge [28][29] - The company is also exploring the potential of tokenized equities, although regulatory clarity is still needed [49][50] Base Layer 2 Protocol - The Base protocol aims to provide a fast, low-cost infrastructure for transactions, with over $15 billion of USDC already on the platform [33][34] - Coinbase is focused on reducing transaction fees to encourage adoption and increase volume, similar to the evolution of texting services [34][35] Future Outlook - Coinbase anticipates a transformative 2026, with expanded product offerings and continued regulatory clarity [57][58] - The integration of AI and crypto is seen as a significant opportunity for efficiency and innovation [58][59] Upcoming Developments - A product announcement event is scheduled for December 17, 2025, where Coinbase will unveil new asset categories and updates to its platform [51] Additional Important Insights - The Coinbase Card is viewed as a customer acquisition tool, offering unique Bitcoin rewards and driving engagement on the platform [45][46] - The company is committed to customer-led initiatives, aiming to list safe and legal assets while adapting to market demands [39][40] This summary encapsulates the key discussions and insights from the Coinbase Global conference call, highlighting the company's strategic direction, market dynamics, and future opportunities in the cryptocurrency space.

国际货币体系的历史演变 国际货币是在国际市场上充当一般等价物或行使一般等价物职能的货币。国际货币体系的演变是不同时 期货币因素与非货币因素综合作用的结果。不同阶段的国际货币体系运行特征不尽相同，国际金本位 制、布雷顿森林体系、牙买加体系在一定程度上促进了国际经济社会发展，同时也暴露出各自存在的问 题，为未来改革提供了镜鉴。 作者：徐德顺，商务部国际贸易经济合作研究院研究员 国际货币因国际贸易而生，于15世纪地理大发现、国际贸易伙伴大扩容时为早期重商主义者所关注，迄 今已有数百年历史。国际货币体系是国际体系的重要组成部分，由一系列国际货币制度构成，其形成与 发展受到货币内在规律、市场经济需求和地缘政治博弈等多重因素影响。国际货币体系经历了二战前的 国际金本位制、二战后的布雷顿森林体系和牙买加体系三大阶段。其中，牙买加体系的主要特征是 以"脱锚"的主权信用货币为主要国际储备资产，其公平合理性一直以来受到广泛质疑。面对地缘政治博 弈加剧、市场创新加速的现实挑战，国际社会应凝聚共识，促进国际货币体系朝着更加稳健、更有效 率、更加公平合理的方向改革。 一、单一紊乱的国际金本位制 三、令人堪忧的牙买加体系 布雷顿森林体系 ...

记者丨张欣 编辑丨曾芳 190万枚泰达币（USDT）、价值超1300万元，如今正等待主人认领。近日，湖北省咸宁市嘉 鱼县公安局一则"无主财物处理公告"，让这笔涉案虚拟货币走进公众视野。 关于无主财物处理的公告 湖北省咸宁市嘉鱼县公安局在侦办一起敲诈勒索案和 一起侵犯公民个人信息案件过程中,从犯罪嫌疑人曾某家中 及租住房内搜查出部分涉案物品,并在该涉案物品中发现虚 拟货币钱包,钱包内共有 USDT 约 190万枚。上述物品目前 原主不明,现予公告,请上述物品所有人于公告发布之日起, 六个月内持合法证明材料、身份证等到我局认领。 联系人:邓警官:18807241618 李警官:17871139587 联系地点:湖北省咸宁市嘉鱼县发展大道 101 号 特此公告! 湖北省咸宁市嘉鱼县公安局 2025年12月3日 湖北省咸宁市嘉鱼县公安局 本公告自发布期限届满后,仍无人认领或无法提供合法 依据的,我局将依据相关法律规定,依法将上述涉案物品及 孳息上缴国库。 联系电话:0715-110,0715-6351250 他进一步解释，在虚拟货币领域，由于其匿名性强、权利凭证多以数字形式存在，权利人往往 难以在侦查初期明确，因此司 ...