第三项测试是货币体系抵御非法活动的完整性。这一要求源于以下认知：若货币体系易受欺诈、金 融犯罪和其他非法活动广泛滥用，则无法赢得社会信任，也无法经受时间考验。 BIS在报告中指出，稳定币未能满足货币的单一性、弹性和完整性测试。从单一性而言，作为数字 无记名工具，稳定币缺乏央行提供的结算功能。稳定币持有量标注着发行方名称，类似19世纪美国自由 银行时代流通的私人银行券。因此，稳定币常以不同汇率交易，破坏单一性，也无法满足银行发行货 币"不问缘由"的原则。 稳定币旨在作为进入加密生态的入口，承诺相对于法定货币（绝大多数是美元）保持稳定价值，并 运行于公共区块链。公共区块链的匿名性（用户身份隐藏在地址背后）虽能保护隐私，却也便利了非法 活动。缺乏传统金融体系的"了解你的客户"（KYC）标准，更加剧了这一问题。稳定币的无记名性质使 其流通无需发行方监督，引发对其用于洗钱、恐怖主义融资等金融犯罪的担忧。尽管稳定币需求可能持 续，但BIS认为其在货币体系层面的完整性测试中表现糟糕。 在全球热炒稳定币的当下，有着"央行的央行"之称的国际清算银行（BIS）给稳定币"祛魅"。BIS在 近日发布的年度经济报告中指出，稳定币在代币 ...

BIS表示，稳定币在代币化方面有一定潜力，但在单一性（singleness）、弹性（elasticity）和完整性（integrity）三大关键标准上未达要求，无法成为货币体 系的支柱。目前，以央行为核心的现行双层货币体系仍是最优选。 | 核心标准 | 解释 | 稳定币的问题 | | --- | --- | --- | | Singleness (单一性) | 所有货币单位必须具有统一价值,用户 | 不同稳定币之间可能不能1：1兑换， ' | | | 不会区分是来自哪个发行者（例如不会 | 偏离锚定目标（如USDT vs USDC | | | 区分你用的是工商银行的人民币还是建 | DAI）、就像19世纪美国的私人银行! | | | 设银行的人民币) | 自为政,缺乏统一性 | | Elasticity (弹性) | 货币供应应该能根据经济需要灵活扩张 | 稳定币通常采取"资产100%抵押"机 | | | 或收缩，支持信贷扩张和经济发展 | 须预先拿出真金白银才能发行代币, | | | | 银行贷款那样"凭空创造"货币,弹忧 | | | | RES | | Integrity（完整性 / 可信性） | 货币体 ...

Core Viewpoint - The article discusses the limitations and challenges of interposer line lengths in advanced packaging, highlighting the differences between electrical and optical interposers and the implications for signal integrity and transmission efficiency [1][11]. Group 1: Interposer Types and Challenges - There are two main types of interposers in production: organic interposers (RDL) and silicon interposers, with organic interposers being significantly cheaper to produce but having larger feature sizes [2]. - The use of silicon does not necessitate narrow lines, as wider signal lines require more signal layers, which is undesirable for manufacturers [2][3]. - The resistance of narrow lines in organic interposers leads to significant insertion loss, which is a major concern for clients [3][5]. Group 2: Signal Integrity and Grounding - Signal integrity is heavily reliant on good grounding, typically provided by ground layers, which can serve multiple functions including power delivery and impedance control [7]. - Controlled impedance is crucial for maintaining signal quality, and even short lines can suffer from interference or crosstalk [7][8]. - Designers strive to minimize loss and maintain grounding around high-speed lines, which can be challenging due to manufacturing constraints [8][10]. Group 3: Optical Interposers and Future Directions - Optical interposers face fewer limitations compared to electrical ones, as optical signals can transmit over longer distances [1][11]. - The integration of optical devices into packaging is a growing trend, with technologies like Lightmatter's Passage aiming to combine CMOS and silicon photonics within an interposer [11][12]. - While photonics offers a potential long-term solution to line length limitations, it is not yet ready for mass production [14].

摩根大通全球固定收益负责人米歇尔：美联储主席鲍威尔将捍卫决策的"完整性"。 ...

巴西总统卢拉：美国需要明白，尊重其他国家机构的完整性是很重要的。 ...

齐鲁晚报·齐鲁壹点通讯员 宋丽君 临沂能源公司使用激光甲烷检测仪对所辖管道进行拉网式检测，对管道中心线两侧各5米范围内的建（构）物占压、堆放重物、深根植物等现象进行排查统 计，对"三桩"标志、三沟两井、水工保护、高后果区等重点部位进行重新识别和台账更新，累计完成322余公里管道泄露检测及2座天然气输气站SCADA系 统维保、19辆生产用车、6座长输支线阀室、345套阴保系统以及其他附属设施的检测和维护保养工作。 LIFER atist and 1 11 1 STREE 4 and real A = 0 res the t 15 1 10 10 10 r a local STERE Act 201 and and To A STAN The State - 17 TANK 199 TSTANT OSTER 1 2000 T 477 711 and The States t and the first and 705 4 422 - 1 0 t 24 armin 303 Supplier and and the TO KOLE A STESER K and and and and the state or has ...

广东红山森林公 园首次发现珍稀 植物无叶美冠兰 _南方+_南方 plus 注。 在广东红山森林公园发现无叶美冠兰 潮州市生物多样 性研究中心张主 任指出，无叶美 冠兰的生存条件 极为严苛，通常 只在无污染的山 地林地中出现。 此次发现不仅证 明了红山森林公 园的生态环境和 生物多样性达到 较高水平，还表 明该公园的真菌 群落、传粉昆虫 及微气候条件之 间存在着高度的 协调与平衡。这 是生态系统完整 性的有力证明， 进一步巩固了红 山森林公园作为 2025年5月22日 是第25个国际生 物多样性日，今 年的主题为"万 物共生 和美永 续" 。 位于潮州市的广 东红山森林公园 传来好消息：两 株罕见的无叶美 冠兰（学名： Eulophia zollingeri）在该 公园内被首次发 现。这种淡紫色 花序的植物在茂 密的绿荫中显得 格外醒目，因其 独特的无叶特征 和依赖地下块茎 与真菌共生的生 存机制而备受关 机制、保护策略 以及生态系统的 整体稳定性具有 重要意义。 红山森林公园相 关负责人表示， 未来将持续加强 生态监测，探索 更多未知的自然 奥秘。同时，公 园计划联合高校 开展多形式的科 普活动，通过规 划科 ...

Financial Data and Key Metrics Changes - The company reported a normalized EBITDA of $266 million for the first quarter of 2025, indicating a solid financial start to the year [5][9] - The company reaffirmed its normalized EBITDA guidance for 2025 at $1.01 billion, with 90% of EBITDA contracted over the next seven years, minimizing commodity price and volumetric risks [9][16] Business Line Data and Key Metrics Changes - The company successfully completed the pipeline scope of the Blackrod Connection project, which is expected to contribute to future EBITDA growth [5][18] - The company maintained a system operating factor of 98% in the first quarter, demonstrating effective operations and strong system availability [13][75] Market Data and Key Metrics Changes - The company noted that 94% of its volumes are fully committed, with only 6% reserved for uncontracted volumes, indicating a stable market position despite headwinds [46] - The company experienced volatility in uncontracted capacity due to additional pipeline egress capacity and tariff uncertainties, but this was anticipated [46][48] Company Strategy and Development Direction - The company is focused on maintaining a risk-managed approach to capital allocation while strengthening its investment-grade financial position [20] - The management emphasized the importance of pipeline integrity and safety, committing to ongoing investments in integrity programs [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet its contractual commitments despite operational restrictions due to the Milepost 171 incident [12][34] - The management highlighted the importance of transparency with stakeholders as they navigate the aftermath of the incident and work on remedial actions [19][45] Other Important Information - The company declared a quarterly dividend of $0.50 per share, payable on July 15, indicating a commitment to returning value to shareholders [6] - The company is coordinating closely with regulators and third-party experts to investigate the Milepost 171 incident and implement enhanced integrity programs [13][14] Q&A Session Summary Question: Can you elaborate on the range of outcomes post-incident? - Management emphasized that 90% of EBITDA is contracted, reducing risk on the base business, and they are working closely with regulators to assess maintenance activities [24][26] Question: What are the expectations regarding pressure restrictions and their duration? - Management indicated it is too early to speculate on the timeframe for pressure restrictions, as investigations are ongoing [33][36] Question: How will the incident impact leverage and costs? - Management expects all costs related to the incident to be covered by insurance or through variable tolls, maintaining the debt to EBITDA ratio [42][43] Question: What is the outlook for uncommitted volumes? - Management noted that while there are headwinds against uncontracted barrels, the base business remains stable due to high contract commitments [46][48] Question: How does the company view long-term EBITDA growth? - Management remains optimistic about the Blackrod project contributing to future growth and sees potential tightening of egress volumes in 2026 [51][53] Question: What is the company's stance on potential asset sales and partnerships? - Management stated that all assets are core and while there are no current plans for asset sales, they remain open to partnerships, particularly with First Nations [59][60] Question: How is the company addressing the market interest post-election? - Management reported consistent interest from customers on both ends of the system, indicating a positive outlook for future business development [66][67]

巴基斯坦财政部：财政部长重申巴基斯坦的金融体系保持稳定、安全，相关当局正努力维护国家经济的 完整性。 ...