2025年6月份，美国境外投资者持有的美债规模再创新高，达到创纪录的9.1277万亿美元，较上月增加802亿美元，环比上涨1.11%；较上年同期净增8284亿 美元，同比增长率接近10%。 这一数据看似印证了全球资本对美国资产的持续青睐，但若细究持有者结构的变化，便会发现一场静默的资本变局正在上演。首先是三大债主对美债持有政 策的"战略性分野"。 | | | | 2025年6月，外国（地区）投资者持有的美债数据 | | | | --- | --- | --- | --- | --- | --- | | | | | 由【南生】整理 | | | | 国家/地区 | 6目 | 5月 | 去年6月 | 环比 | 同比增 | | 日本 | 11476 | 11350 | 10914 | 1.11% | 562 | | 英国 | 8581 | 8094 | 7465 | 6.02% | 1116 | | 中国大陆 | 7564 | 7563 | 7802 | 0.01% | -238 | | 开曼群岛 | 4427 | 4430 | 3263 | -0.07% | 1164 | | 加拿大 | 4385 | 4301 | ...

Group 1: International Monetary System - The international monetary system is evolving towards a multipolar structure, which can enhance the resilience of the system and maintain global economic stability [2][3] - Discussions on reforming the monetary system focus on reducing reliance on a single sovereign currency and exploring the use of a supranational currency, such as the IMF's Special Drawing Rights (SDR) [2][3] - SDR is seen as a potential solution to the inherent issues of a single sovereign currency, offering greater stability and the ability to better fulfill global public goods functions [3] Group 2: Cross-Border Payment System - The cross-border payment system is crucial for international trade and financial stability, but traditional systems face challenges such as inefficiency and high costs [4][5] - There is a growing trend towards diversification in the cross-border payment system, with more countries using local currencies for settlements and new payment systems emerging [4] - Emerging technologies like blockchain and distributed ledger technology are reshaping the payment landscape, enabling faster and more efficient cross-border transactions [5] Group 3: Global Financial Stability System - The global financial stability system has evolved post-2008 financial crisis, but it faces new challenges such as fragmented regulatory frameworks and insufficient oversight of emerging financial sectors [6][7] - There is a need for stronger international cooperation to prevent regulatory arbitrage and enhance the stability of the financial system [6] - Strengthening the IMF as a core institution for global financial safety is essential for crisis prevention and resolution [7] Group 4: Governance of International Financial Organizations - Calls for reform in international financial organizations are increasing, as current governance structures do not reflect the economic realities of emerging markets and developing countries [8] - Adjusting the voting rights and quotas in organizations like the IMF is crucial for enhancing the representation and voice of these countries [8] - The legitimacy and effectiveness of international financial organizations depend on their ability to adapt to the changing global economic landscape [8]

Core Insights - The upcoming Token2049 summit in Dubai will feature a notable fireside chat between Sun Yuchen, founder of TRON, and Eric Trump, highlighting the connection between TRON and prominent business families in the crypto space [1][3] - The discussion will focus on blockchain technology, the future of crypto assets, and the transformation of the global financial system, symbolizing the integration of blockchain with traditional business [3][4] - Sun Yuchen's investment of over $75 million in the WLFI project, supported by the Trump family, positions him as a significant player in the crypto investment landscape [3] Group 1 - TRON has surpassed 300 million global users and maintains a leading daily transaction volume, showcasing its strong position in the blockchain industry [4] - The submission of the TRX ETF application to the SEC is seen as a major milestone for TRON's integration into traditional financial markets, potentially unlocking $70 billion in new capital for the crypto market [5] - The Token2049 event is expected to attract thousands of industry leaders and will feature discussions on the intersection of Web3, AI, and blockchain, further enhancing TRON's visibility [5] Group 2 - Sun Yuchen emphasizes that blockchain is not just a technological revolution but a catalyst for reshaping global finance and business landscapes [4] - The collaboration between TRON and the Trump family’s crypto project adds an element of intrigue and potential for future partnerships in the crypto space [3] - The participation of industry giants at Token2049, including Ethereum co-founder Vitalik Buterin, underscores the event's significance in the blockchain ecosystem [5]