稳定币监管元年 美国立法冲击波 编者按赶在中国香港《稳定币条例》生效前，《指导与建立美国稳定币国家创新法案》被美国国会高效 通过，并经总统行政令签署生效。该法案一经出台，立刻受到全球市场高度关注--美国的战略意图何 在，是否会加速重构全球资本流动格局，能否推动国际货币规则演进，进而影响全球金融治理体系变 革，其背后的区块链等基础设施标准将如何上演大国博弈。对于这些扑朔迷离的问题，中国经济时报约 请该领域的专家为读者揭开稳定币的神秘面纱、梳理《美国稳定币法案》对各方影响的逻辑链条。 整体看，《美国稳定币法案》的核心逻辑在于：通过法律手段将稳定币锚定于美元，使其成为"数字美 元"的载体。法案明确规定，所有在美国境内发行或面向美国用户提供的稳定币，必须以1∶1比例持有美 元现金或短期美国国债作为储备，并接受美联储与财政部的定期审计。这一制度设计，本质上是将美元 信用嵌入区块链协议之中，实现"数字美元化"。这种"稳定币—美债"闭环机制，为美国财政提供了新的 融资渠道。在全球资本寻求安全资产的背景下，稳定币发行商对短期美债的持续购买，有助于压低美国 政府的融资成本，缓解财政赤字压力。正如20世纪70年代"石油美元"通过 ...

智通财经APP获悉，鉴于一项新的美国法律为稳定币确立了有史以来第一个监管规则，从华尔街金融巨 头美国银行(BAC.US)到美国中小型商业银行Fiserv(FI.US)等金融公司正准备推出其各自的基于美元支持 的"链上金融"体系，但有数字资产专家警告称，稳定币以及"链上金融"的未来之路可能并不简单。 《天才法案》(即GENIUS法案)为稳定币制定联邦规则，美国总统唐纳德·特朗普于7月18日签署《天才 法案》使之正式成为法律，为与美元挂钩、被称为"稳定币"的加密货币代币设定了联邦规则和官方指导 方针。这项旨在促进加密货币等数字资产使用规模的首部美国法律，可能为数字资产成为日常支付与跨 境转移资金的方式铺平道路。 稳定币旨在维持货币恒定价值，通常为与美元1:1挂钩。近年来，稳定币的使用激增，尤其是在加密交 易者在比特币与以太币等其他代币之间进出资金时，以及在跨境金融服务方面的渗透率加速增长。 稳定币也是一种特殊类型的加密货币，通过锚定美元、欧元、黄金等核心储备资产来维持稳定价值比 例。随着制定稳定币监管框架的关键立法在美国国会加速推进完成，这类维系价格稳定的加密货币开始 步入全球金融市场的主流资产领域。 稳定币的本 ...

智通财经APP获悉，有统计数据显示，包括摩根大通、高盛等华尔街金融巨擘在内的全球传统金融巨头 们在2020年–2024年间完成高达345起与区块链技术布局相关联的投资，其中G-SIB(即在全球金融体系具 备重大影响力的全球系统重要性银行)在代币化、加密货币金融产品托管以及区块链支付领域主导逾100 起重大交易。 据Ripple与CB Insights以及英国区块链技术中心联合发布的最新加密货币研究报告，花旗集团、摩根大 通、 高盛以及日本的金融巨头SBI集团已成为支持区块链类型初创企业的传统金融板块最活跃势力。根 据Ripple与波士顿咨询公司的预测数据，预计2033年实现代币化的现实资产规模(以RWA为核心)或将超 过18万亿美元，预计自2025年以来的复合年增长率(CAGR)有望达 53%。 报告称，2020年至2024年间，全球传统银行参与了345笔针对区块链公司的投资项目，其中多数处于早 期融资阶段。花旗和高盛各以18笔重大交易领跑全球传统金融巨头，摩根大通与三菱日联紧随其后，各 完成15笔重大投资。 据了解，价值一亿美元及以上的"巨额区块链融资"是市场关注焦点。四年间，这些传统银行巨头参与了 33轮 ...

Core Insights - PayPal is set to allow businesses to accept over 100 types of cryptocurrencies at checkout, aiming to enhance cross-border transaction efficiency and reduce fees significantly [1][2] - The new feature, "Pay with Crypto," will enable instant settlement with a fee of only 0.99%, contrasting sharply with traditional international card networks that charge 4%-10% [1][2] - PayPal's stablecoin, PYUSD, will facilitate automatic conversion of cryptocurrency payments into fiat currency or PYUSD, providing businesses with an opportunity to earn approximately 4% on their balances [1][2] Company Strategy - PayPal aims to tap into the growing cryptocurrency market, which has 650 million users and a market size of $3 trillion, by providing small businesses access to this customer base [1] - The company is actively working on integrating digital assets and blockchain technology into its payment platform, indicating a long-term commitment to the cryptocurrency sector [3] - PayPal's strategy includes addressing the pain points of high cross-border fees, slow transaction times, and fragmented payment channels, thereby significantly reducing transaction costs and improving efficiency [1][2] Industry Context - The rise of stablecoins, which are pegged to assets like the US dollar, is becoming mainstream in global financial markets, especially as regulatory frameworks are being developed in the US [2] - Stablecoins are seen as a new payment medium that combines the stability of fiat currencies with the efficiency of blockchain technology, presenting significant commercial potential [2] - The current high-interest rate environment is benefiting stablecoin issuers, allowing them to earn substantial profits akin to banking-level returns [2]

Core Viewpoint - Interactive Brokers Group is considering issuing stablecoins for its clients as the U.S. government relaxes regulations on the cryptocurrency industry, betting on the digital token trend [1][2] Group 1: Company Developments - The founder of Interactive Brokers, Thomas Peterffy, stated that the company is exploring the possibility of issuing stablecoins but has not made a final decision on how to provide this service to clients [1][2] - Interactive Brokers has a market capitalization of approximately $110 billion and is a leading discount brokerage firm, currently collaborating with crypto platform Paxos and is a major investor in cryptocurrency exchange Zero Hash [1] - The trading platform plans to allow clients to use stablecoins issued by other companies, provided the issuers have a reliable reputation [2][4] Group 2: Market Context - Stablecoins are a type of cryptocurrency that maintains a stable value by being pegged to assets like the U.S. dollar or gold, facilitating rapid cross-border transactions without interacting with the banking system [2][3] - The U.S. Congress is accelerating the establishment of a regulatory framework for stablecoins, which is pushing these assets into the mainstream of global financial markets [2][3] Group 3: Financial Performance - As of June 30, Interactive Brokers had approximately 3.87 million client accounts, a year-on-year increase of 32% [4] - The company has benefited from unprecedented trading activity among retail and institutional investors due to market volatility caused by U.S. tariff policies, with its stock price rising about 47% since the beginning of the year, outperforming the S&P 500 investment banking and brokerage index, which increased by about 20% during the same period [4]

Core Viewpoint - The passage of the GENIUS Act marks a significant regulatory shift for stablecoins in the U.S., establishing a unified framework that enhances transparency and integrates stablecoins into the global dollar clearing network [1][4]. Group 1: Regulatory Developments - The GENIUS Act requires stablecoin issuers to allocate at least 90% of their reserve assets in U.S. dollar cash and short-term U.S. Treasury securities, with monthly audit reports mandated [1]. - Circle announced it will adjust its USDC reserve model to comply with the GENIUS standards, while platforms like Coinbase and Robinhood are removing unregistered stablecoins from their offerings [2]. - The Federal Reserve Chairman emphasized that regulated stablecoins would extend the U.S. dollar settlement system rather than pose a threat, welcoming innovation under controlled risks [2]. Group 2: Market Impact - The global stablecoin payment transaction volume is projected to approach $3 trillion in the first half of 2025, with cross-border business growth exceeding 40% [3]. - Major U.S. brokerages have adopted zero-commission trading policies and streamlined account opening processes, lowering barriers for cross-border capital investment in U.S. assets [3]. - The stablecoin's role is evolving beyond the crypto market, contributing to upgrades in global financial infrastructure for cross-border clearing and asset pricing [2][3]. Group 3: Industry Adaptation - Major Wall Street banks, including Morgan Stanley and Citibank, are developing stablecoin product plans in anticipation of the regulatory framework [4]. - The XBIT decentralized exchange platform is designed to support multi-chain assets and ensure user privacy through on-chain identity protocols, adapting to compliance changes effectively [4]. - The number of global stablecoin-related regulatory updates has surged by 170% year-on-year, indicating a rapid acceleration in the market's compliance practices [5].

Group 1 - The cryptocurrency industry has intensified lobbying efforts to ensure the passage of significant stablecoin legislation in the U.S. Congress, marking a major policy victory for the sector [1] - Lobbying expenditures by cryptocurrency companies and advocates reached $6.9 million in Q2, a 21% increase from the previous quarter, coinciding with the acceleration of industry-supported legislation [1][6] - The recently signed "Stablecoin Act" by President Trump is expected to expand the application of digital assets in global finance and maintain the dollar's status as the world's dominant currency [2][3] Group 2 - Standard Chartered Bank predicts that Bitcoin prices may exceed $135,000 in Q3 2024 and reach $200,000 by the end of 2025, with a potential surge to $500,000 by 2029 [2] - The "GENIUS Act" establishes regulatory rules for stablecoins pegged to the dollar, which advocates believe will enhance the integration of digital assets into everyday financial transactions [2] - The cryptocurrency industry is pushing for broader legislation to create a market structure for trading digital assets like Bitcoin and Ethereum, with additional measures awaiting Senate approval [2] Group 3 - Stablecoins are a type of cryptocurrency designed to maintain a stable value by being pegged to reserve assets like the dollar, and they are becoming mainstream in global financial markets [3] - The high interest rates and the current rate hike cycle are generating significant profits for stablecoin issuers, providing them with bank-level returns [3] - Coinbase Global Inc. is one of the largest spenders on lobbying, focusing on issues related to digital assets, including stablecoin legislation [6] Group 4 - The cryptocurrency industry's lobbying expenditures remain relatively small compared to other sectors, with major players like Pfizer spending $3.5 million on a wide range of issues [7] - The Fairshake Super PAC has raised $230 million to support candidates friendly to the cryptocurrency industry, with significant contributions from Coinbase [7][8] - New lobbying registrations have surged in 2025, indicating a growing commitment to influencing policy in favor of the cryptocurrency sector [8]

Core Viewpoint - Stablecoins have become a hot topic, with significant interest from various sectors, including finance and academia, as evidenced by the recent IPO of Circle, which saw its stock price surge over 530% within a month [1][2]. Group 1: Company Overview - Circle, the issuer of the USDC stablecoin, reported a total issuance of $60 billion as of March 28, indicating its strong position in the stablecoin market [2]. - The company connects traditional finance with digital assets and has gained the trust of leading financial institutions since its inception in 2013 [2]. Group 2: Market Dynamics - The global stablecoin market is valued at approximately $250 billion, with the two largest stablecoins, Tether (USDT) and USD Coin (USDC), accounting for about 90% of the total market capitalization [2]. - Stablecoins are primarily used for crypto trading, decentralized finance (DeFi), and collateral purposes, with last year's trading volume exceeding $20 trillion [2]. Group 3: Regulatory Environment - The U.S. Senate has passed significant legislation aimed at regulating stablecoins, which could solidify the dollar's status as a global reserve currency [3][4]. - Circle and Ripple have applied for U.S. national trust bank licenses, which would bring them under federal regulation and closer to the core of the U.S. financial system [6]. Group 4: Geopolitical Implications - The rise of stablecoins is seen as a tool in the geopolitical struggle between major powers, particularly in the context of U.S.-China relations [5][9]. - Hong Kong is positioning itself as a testing ground for stablecoin development, with new regulations set to take effect on August 1, aimed at enhancing its status as an international financial center [9]. Group 5: Future Outlook - Predictions suggest that the stablecoin market could reach $2 trillion by 2028, although current usage in payment applications remains limited [9]. - The global adoption of stablecoins faces challenges, including limited use cases and fragmented regulation, as most countries focus on their own digital currency developments [9][10].

Core Viewpoint - Tether Holdings SA has established its own vault in Switzerland to store approximately $8 billion worth of gold reserves, emphasizing that gold is logically "safer than any national sovereign currency" [1][4]. Group 1: Company Overview - Tether currently holds nearly 80 tons of gold, making it one of the largest holders of gold globally, alongside major banks and sovereign nations [1]. - The company's gold reserves are roughly equivalent to the total value of precious metals and other commodities held by UBS Group AG, accounting for nearly 5% of Tether's overall reserves [1][2]. - Tether issues the stablecoin USDT, which aims to maintain a 1:1 value with the US dollar, with a current circulation of approximately $159 billion [1]. Group 2: Market Context - The explosive growth of stablecoins has raised concerns among regulators and law enforcement, particularly regarding Tether's large scale and past questions about its reserve status [2]. - Stablecoins are digital currencies that maintain stable value by being pegged to core reserve assets like the US dollar, euro, or gold, and are becoming mainstream assets in the global financial market [2]. Group 3: Regulatory Environment - Recent regulations in the EU and proposed legislation in the US typically exclude gold and other alternative assets as suitable backing for stablecoins, allowing only sovereign cash and cash equivalents [3]. - If Tether aims to gain legal authorization in these markets, it may be required to sell the gold used to support USDT [3]. Group 4: Gold Market Insights - The price of gold has increased by approximately 25% this year, driven by investor demand for hedging against geopolitical tensions and trade wars [4]. - Central banks and sovereign institutions have shown strong purchasing demand for gold, contributing to the rising prices [4][5]. Group 5: Operational Strategy - Tether has opted to own its vault rather than using common vault operators in the precious metals industry, citing cost considerations [5]. - The company believes that as the scale of its gold-backed tokens increases, owning its vault will ultimately reduce gold storage costs significantly [5].

Core Viewpoint - The article discusses the international status of the euro and the potential for the renminbi (RMB) to increase its international role, particularly in light of recent U.S. tariff policies that have altered the dynamics of global financial markets [2][10][21]. Euro's International Role - The euro's international status has remained stable in recent years, with some progress in areas like "reverse Yankee" bonds due to U.S. tariff policies, which have prompted investors to seek alternative currencies [2][7]. - The "International Role Composite Index" introduced in the Lagarde report measures a currency's role in international bonds, cross-border deposits, global foreign exchange reserves, and international settlements [6]. - The euro's share in official foreign exchange reserves has remained around 20% since 2015, while the RMB's share was 2.2% in 2024, down approximately 0.4 percentage points from 2022 [6][17]. Impact of U.S. Policies - U.S. tariff policies have created opportunities for the euro to enhance its international role by breaking the traditional negative correlation between U.S. stocks and bonds, leading investors to diversify into other currencies [10][11]. - The report emphasizes that for the euro to capitalize on these opportunities, Europe must eliminate internal financial market fragmentation and establish a unified capital market [11] . Challenges from Digital Currencies - The rise of cryptocurrencies poses challenges to the international monetary system, with the U.S. actively developing policies around digital assets that could affect global financial stability [13][14]. - The report calls for Europe to accelerate the development of a digital euro and improve cross-border payment systems to strengthen the euro's international position [14]. Geopolitical Influences - Geopolitical factors are increasingly seen as significant in shaping the international monetary system, with a notable rise in gold's share in foreign exchange reserves attributed to concerns over geopolitical risks [16]. - The report indicates that military power is linked to a currency's international status, suggesting that the euro lags behind the dollar partly due to the latter's geopolitical security backing [17][18]. Recommendations for RMB - The article suggests that China should leverage its economic position to enhance the RMB's international role without compromising financial security, focusing on practical measures rather than a formal internationalization roadmap [20][21]. - It emphasizes the importance of maintaining economic growth to bolster the RMB's international status, as perceptions of slowing growth could diminish its appeal [21].