Core Viewpoint - The rapid development and regulatory attention on stablecoins, particularly in the U.S. and Hong Kong, highlight their growing significance in the cryptocurrency market and the broader financial system [1]. Group 1: Development and Market Size - Stablecoins have experienced explosive growth, with the market size expanding from $5 billion in 2020 to $250 billion currently, reflecting a compound annual growth rate (CAGR) of over 100% [2]. - The transaction volume of stablecoins is approaching $37 trillion, and it is estimated that the market could reach $4 trillion in ten years, implying a CAGR of over 30% [2]. - Over 95% of stablecoins are currently dollar-pegged, indicating a strong reliance on the U.S. dollar [2]. Group 2: Factors Driving Growth - The rise of distributed ledger technology and the rapid development of digital currencies and virtual economies are key factors driving the growth of stablecoins [2]. - Stablecoins offer high payment efficiency, particularly in cross-border transactions, and can operate without the need for bank accounts, making them attractive in regions with underdeveloped banking systems [2]. - Issuers of stablecoins can retain interest income from reserve assets, contributing to increased profitability in recent years [2]. Group 3: Regulatory Impact - A clearer regulatory framework is expected to enhance the balance between efficiency and safety in stablecoin development, addressing risks related to compliance and redemption [3]. Group 4: Implications for Global Monetary System - The dominance of dollar-pegged stablecoins is expected to continue in the short term, but other currencies like the euro, yen, pound, and even the renminbi may gain traction in the medium to long term [4]. - If stablecoins include assets beyond fiat currencies, such as credit-derivative bonds, they could lead to credit expansion similar to "shadow banking," potentially increasing overall liquidity [4]. - The U.S. GENIUS Act mandates that dollar stablecoin reserves must be held in cash and short-term U.S. Treasury securities, which could distort yield curves and impact financial conditions [4]. Group 5: Development of Local Stablecoins - The development of a Hong Kong dollar stablecoin requires a robust reserve asset pool, particularly focusing on high-liquidity assets beyond cash [5]. - In the context of global de-dollarization, promoting offshore renminbi stablecoins could be essential for enhancing their usage and supporting cross-border business [5]. - Supporting Chinese enterprises in expanding overseas and increasing the use cases for stablecoins are critical for the success of Hong Kong's stablecoin market and could further the internationalization of the renminbi [5].

报道称，这些公司的相关计划仍处于早期阶段，部分讨论集中在推出该公司自己的代币用于在线购物。即使决定不发行自有稳定币，这些公司也 在权衡如何使用外部稳定币，比如通过由某个稳定币发行方领导的商户联盟。 这一动向并非心血来潮。随着特朗普政府放松加密货币监管，推进GENIUS法案为稳定币建立监管框架，稳定币正迎来前所未有的发展机遇。稳 定币本质上是与美元、法币等保持一对一兑换比例的数字代币，由现金或国债等现金类资产储备支持。 彭博最新分析指出，这些公司发行稳定币的动机并不是拥抱加密货币创新，而是为了在与Visa、万事达卡的长期费用争议中获得新的谈判筹码， 甚至完全绕过传统支付网络。每年，这些零售商在传统支付系统中支付数十亿美元的手续费，包括客户使用银行卡购物时产生的交换费。支付结 算往往需要数天时间，延迟了商户收到销售收入的时间。稳定币则提供了更快速结算的可能性，对于拥有海外供应商的商户尤其具有吸引力。 因此，商业集团自行发行稳定币的举动，可能会影响传统支付营运商的收入。受此影响，Visa及万事达上周五美股股价分别收跌4.99%和4.62%， American Express（美国运通）股价下跌3.42%。 接受度挑 ...

Core Viewpoint - The article discusses the extensive shadow banking network in Iran, which is utilized by sanctioned individuals and entities to evade international sanctions and facilitate the funding of military and terrorist activities through the international financial system [1][2]. Group 1: Shadow Banking Network - The shadow banking system in Iran consists of numerous financial institutions that allow sanctioned individuals and military organizations to use the international financial system, facilitating Iran's international exports that fund military and terrorism [2]. - This system operates as a parallel banking system, with settlements conducted through exchange institutions in Iran, using front companies primarily located in Hong Kong and the UAE to represent sanctioned Iranian entities [2]. - Shadow banking brokers may generate false invoices or transaction details to legitimize payments for sanctioned goods, and these front companies are established in jurisdictions with low regulatory oversight to avoid scrutiny [2]. Group 2: Zarringhalam Brothers - The Zarringhalam brothers operate a network of front companies in the UAE and Hong Kong, assisting sanctioned regime officials and related merchants in purchasing oil and other goods from foreign buyers [3]. - Their network is utilized by major Iranian oil and petrochemical exporters and the Iranian military to evade sanctions and facilitate the transfer and receipt of funds related to oil and petrochemical sales [3]. Group 3: Front Companies in Hong Kong - The Zarringhalam brothers manage a network of front companies in Hong Kong and the UAE that conduct international transactions on behalf of Iranian entities [4]. - Companies such as Hero Companion Limited, Plzcome Limited, and Kinlere Trading Limited have facilitated millions of dollars in oil product sales for the National Iranian Oil Company (NIOC), with specific transactions including approximately $20 million in February 2025 and over $9 million in April 2024 [4]. - These front companies are used to obscure the fact that Iranian oil products are being delivered to end-users in China [4]. Group 4: Front Companies in UAE - The Office of Foreign Assets Control (OFAC) has designated several UAE-based companies that are either owned by the Zarringhalam network or support its operations, such as Wide Vision General Trading L.L.C and J.S Serenity FZE, which coordinate shadow banking transactions [7].

报告导读： 稳定币对美债的新增需求有望缓解短期债务，但对长期债务的影响不大。此 外，稳定币自身的"影子银行"属性及潜在风险不容忽视。 稳定币的本质与市场格局：数字锚定、规模激增与寡头格局。 稳定币作为数字金融基础设施的重要组成部 分，其核心功能是通过锚定法定货币、商品或其他资产，实现加密货币价格的稳定性。 2025 年以来，全 球稳定币市值已突破 2400 亿美元，链上交易量持续攀升，稳定币在加密交易、跨境支付、 DeFi 等场景 中的渗透率显著提升，成为数字经济体系中的"链上美元"和流动性枢纽。当前，全球稳定币市场呈现出高 度集中的寡头格局，以泰达币（ USDT ）和美元稳定币（ USDC ）为主。 稳定币相关政策：美国 GENIUS 法案和中国香港《稳定币条例》促进市场发展。 2025 年 5 月，美国参 议院通过 GENIUS 法案，标志着美国首次在联邦层面确立系统性稳定币监管框架。 Tether 和 Circle 两 大机构成为美国国债重要的新买家。 2025 年一季度， Tether 持有的美国国债规模已突破 1200 亿美 元，占其总储备的 66% — 81.5%； Circle 的 USDC 储 ...

美国财政部制裁伊朗的"影子银行机制"。 ...

美国财政部制裁伊朗"影子银行机制"。 ...

金十数据5月13日讯，在美国银行5月份的全球基金经理调查中，43%的投资者将贸易战列为最有可能引 发系统性信贷危机的因素。第二个最有可能的来源是美国的影子银行，25%的投资者认为是影子银行。 美国银行在调查的同时发布的一份新闻稿中说，中美经贸会谈成果"防止了经济衰退或信贷事件"。这项 调查是在周一宣布削减关税之前进行的。 美国银行调查：贸易冲突最有可能引发信贷危机 ...

//一 周头条// // 国内投资要闻 // 1 . 国务院关税税则委员会：对美加征关税税率提高至84% 。国务院关税税则委员会公告称，自4月10日12时01分起，调整《国务院关税税则委 员会关于对原产于美国的进口商品加征关税的公告》（税委会公告2025年第4号）规定的加征关税税率，原产于美国的所有进口商品的加征关 税税率由34%提高至84%。 2. 增持ETF等权益资产！多家万亿级理财公司出手 。面对关税冲击，4月以来全球资本市场大幅震荡。近几日，多家银行理财公司表示，通过直接 投资或间接投资方式持续增持ETF等权益类资产，并将进一步加大资本市场投资力度。本周，中银理财、交银理财、中邮理财、浦银理财等多家万 亿元级理财公司宣布增持ETF等权益类资产。 3. 央 行：坚定支持中央汇金公司加大力度增持股票市场指数基金 。央行坚定支持中央汇金公司加大力度增持股票市场指数基金，并在必要时向中央 汇金公司提供充足的再贷款支持，坚决维护资本市场平稳运行。 4. 建仓节奏各异，次新基金业绩首尾相差逾47个百分点 。A股市场近期持续震荡，次新基金业绩呈现显著分化。Wind数据显示，截至4月6日，去年 四季度以来成立的104 ...