1、 十四届全国人大四次会议3月6日举行经济主题记者会。央行行长潘功胜表示，今年央行将实施适度 宽松的货币政策， 灵活高效地运用降准降息等多种货币政策工具， 发挥增量和存量、货币政策和财政 政策的集成协同效应。在数量上，将综合运用短、中、长期的政策工具，保证市场的流动性充裕，使社 会融资规模、货币供应量增长，同经济增长、价格水平的预期目标相匹配。目前我国货币政策采用数量 型和价格型调控并行的方式，未来将逐步淡化数量型中介目标，把金融总量更多作为观测性、参考性、 预期性指标，为更好发挥利率调控的作用创造条件。 2、 证监会主席吴清表示，近期将推出两项新的措施。第一项是深化创业板的改革， 增设一套定位更精 准、更具包容性的上市标准，积极支持新型消费、现代服务业等优质创新创业企业登陆创业板。 此次 创业板改革将复制推广科创板的成熟有益经验，对符合条件的优质创新企业，尤其是在关键核心技术领 域实现突破的企业推行IPO预先审阅；允许符合条件的在审企业面向老股东增资扩股；优化新股发行定 价机制等。目前，深化创业板改革的总体方案已基本成型，待进一步完善后将择机发布。第二项是优化 再融资机制，将进一步在制度规则层面，优化再融 ...

Coupang Pay, the fintech arm of South Korean e-commerce giant Coupang, is actively recruiting in-house legal counsel specializing in stablecoins. The hiring signals a significant escalation in the company's digital asset ambitions. The move positions Coupang as one of Asia's most aggressive non-financial corporations to bet on stablecoin infrastructure ahead of imminent Korean legislation. Legal Team as Strategy Unit The company posted two simultaneous job listings on its careers page. One targets junio ...

Core Viewpoint - Mizuho Securities has raised its price target for Circle Internet Group stock due to a decreased likelihood of Federal Reserve rate cuts [1] Group 1 - The adjustment in the price target reflects a more favorable outlook for Circle Internet Group amid changing economic conditions [1] - The falling probability of rate cuts by the Federal Reserve is a significant factor influencing the revised price target [1]

货币的本质是一种集体信任，信任崩塌之处，便是财富重构之时。——中本聪 2026年的全球金融市场，正被一系列超预期的变局裹挟前行：国际现货黄金价格站上每盎司5000美元历史大关，创下单边飙升的纪录；美伊军 事冲突骤然升级，地缘政治的阴霾让全球资本避险情绪拉满； 《2028全球智能危机》 报告引发热议，AI浪潮下的金融体系脆弱性被推上风 口；而香港稳定币持牌上岗、各国央行加速布局数字货币，更让一场无声的货币战争，在数字时代悄然打响。 ▲ 戳蓝 色字关注我们！ 当黄金这个传统避险资产的价值被重新定义，当美元霸权遭遇通胀与制裁的双重挑战，当AI技术可能重构经济格局，一个核心问题摆在所有人面 前： 在全球金融秩序重构的当下，财富的底层逻辑正在发生怎样的改变？普通人又该如何抓住新的财富机遇，规避潜在的金融风险？ 杜雨新作 《 货币新秩序 ：稳定币如何重塑全球金融体系与财富逻辑？》 ，正是这场变局的破局之作。这本书以稳定币为核心线索，抽丝剥茧 解析数字时代货币战争的底层逻辑，从传统金融体系的裂缝到加密货币的进化，从稳定币的权力博弈到全球金融格局的重构，从个人财富的攻守 之道到国家金融主权的构建，为读者呈现了一幅清晰的数字金 ...

1. 公开市场操作 央行公告称，2月28日以固定利率、数量招标方式开展了1160亿元7天期逆回购操作，操作利率1.40%，投标量1160亿元，中标量1160亿元。Wind数据显 示，当日无逆回购到期，据此计算，单日净投放1160亿元。当周，央行公开市场净回笼6114亿元。 Wind数据显示，3月2日至6日当周，央行公开市场将有15250亿元逆回购到期。此外，3月6日还有1万亿91天期买断式逆回购到期。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 2月最后一个交易日，券商、基金等主要资金需求主体缺席，银行间资金市场周六波澜不惊，存款类机构隔夜回购加权利率续跌向1.31%；匿名点击系统 （X-repo）上，隔夜报价在1.3%低位。 海外方面，美国隔夜融资担保利率为3.67%。 // 债市综述 // （IMM） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.58%位置，较上日小幅下行。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） （*数据来源：Wind-同业存单-发行结果） | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各 ...

Summary of the Conference Call for LianLian Digital Company Overview - **Company**: LianLian Digital - **Industry**: Digital Payment and Financial Services Key Points Industry and Regulatory Environment - The first batch of stablecoin licenses in Hong Kong is expected to be issued in March 2026, providing a regulatory framework for RWA tokenization in mainland China, which is currently prohibited but allows compliant issuance in places like Hong Kong [2][4] - The regulatory approach remains stringent, with the People's Bank of China and eight departments releasing guidelines to prevent risks associated with virtual currencies, including stablecoins [4][5] Business Segmentation and Performance - LianLian Digital's business is divided into three segments: Global Payments (60% of revenue), Domestic Payments (25%), and Value-Added Services (10%) [2][6] - The compound annual growth rate (CAGR) for global payment transaction volume is approximately 30% from 2020 to 2024, while domestic payment transaction volume is expected to grow over 40% [2][7] - By 2024, the total payment Gross Transaction Value (GTV) is projected to reach 3.3 trillion RMB, with global payments around 300 billion RMB and domestic payments approximately 3 trillion RMB [2][7] Competitive Advantages - LianLian Digital's core competitive advantage lies in its extensive licensing and first-mover advantage, holding over 60 payment licenses across major markets including mainland China, Hong Kong, Singapore, the US, and the UK [2][8] - The company has also obtained a Virtual Asset Trading Platform (VATP) license in Hong Kong, allowing it to conduct compliant virtual asset trading and custody [2][9] Growth Drivers - Key growth drivers include the trend of cross-border e-commerce and the industrialization of Web3, with the issuance of stablecoin licenses in Hong Kong expected to accelerate business growth [2][10] - The company is positioned to be a primary player in the stablecoin payment ecosystem, leveraging its VATP license to integrate virtual asset services with payment solutions [2][11] Financial Performance and Projections - From 2020 to 2024, the company expects a revenue CAGR of about 22%, driven by rapid growth in global and domestic payment transaction volumes [2][11] - The company has faced losses primarily due to investments in a joint venture with a card clearing business, but these losses are expected to narrow as the venture becomes profitable [4][11] - Projections indicate that LianLian Digital will recognize approximately 1.5 billion RMB in investment income from the transfer of equity in the joint venture in 2025, although this income is not expected to be recurring [4][12] Catalysts for Stock Price - Key catalysts for the company's stock price include the ongoing regulatory developments regarding stablecoins and virtual assets, the launch of its virtual asset exchange business, and continued growth in traditional cross-border and domestic payment services [4][13] - The current stock price corresponds to a price-to-sales (PS) ratio of approximately 3.5 times for 2026 [4][12] Additional Insights - The company has a strong focus on expanding its value-added services, which include digital marketing and operational support, although this segment currently represents a smaller portion of total revenue [2][6] - The anticipated growth in the Web3 sector and stablecoin adoption is expected to create new opportunities for LianLian Digital, positioning it favorably in the evolving digital finance landscape [2][10]

（来源：吴说） 据彭博社，Barclays Plc 正向多家技术供应商发出信息征询，评估建设一套基于区块链的银行业务平 台，用于处理支付等流程，可能涵盖稳定币与代币化存款等应用，目标最早于 4 月确定合作方。随着稳 定币在支付领域快速增长，并被认为到 2030 年年交易规模或超过 50 万亿美元，银行正加快布局相关技 术以维护其核心业务。此前，JPMorgan 已向机构客户推出可用于支付的 JPM Coin，HSBC 亦计划在今 年上半年将代币化存款服务扩展至美国与阿联酋企业客户。 ...

Core Viewpoint - MoonPay and M0 have launched the PYUSDx framework, enabling developers to issue application-specific stablecoins based on PayPal USD (PYUSD) without the need to build their own issuance, custody, and liquidity systems [1] Group 1 - The PYUSDx framework operates under MoonPay Digital Assets Limited, serving as an independent tokenization and issuance framework [1] - Tokens created through the PYUSDx framework are distinct from PYUSD and will not be supported in PayPal or Venmo accounts [1]

Core Insights - Circle reported strong earnings, exceeding expectations with significant growth in revenue and net income [1][4] - The company is experiencing a transformative moment in the financial system, driven by blockchain technology and stable coins [6][8] Financial Performance - Revenue reached $770 million, a 77% increase year-over-year [2][4] - Net income was reported at $133 million, with adjusted EBITDA soaring 412% to $167 million [4] - USDC growth was up 72% to $75.3 billion, with transaction volume increasing by 186% [3][4] Product Development - Circle's core stable product is gaining traction, capturing nearly 50% of Visa's reported stable coin transaction numbers in Q4 [3] - Other products, including the European stable coin EURC, are also experiencing strong growth [4] Growth Outlook - The company anticipates continued growth, viewing itself as central to a multi-year shift in economic activity facilitated by stable coins [6][8] - Diversification of revenue is underway, with other revenues reaching $110 million for the full financial year in 2025 [9][10] Regulatory Environment - The passage of the Genius Act in the U.S. is seen as a positive step for regulatory clarity in the stable coin industry [11] - Circle is positioned at the forefront of global regulatory convergence for stable coins [11] Market Context - Despite volatility in the crypto markets, Circle's performance has remained robust, indicating a decoupling of stable coin usage from broader crypto market fluctuations [12][13]

总部位于萨尔瓦多的稳定币发行商Tether公司表示，因涉及非法活动，已冻结约42 亿美元的加密代币， 其中大部分冻结行动发生在过去三年。目前，全球各国监管机构正大力打击与加密货币相关的犯罪行 为。 这家全球规模最大的稳定币企业，其与美元挂钩的代币流通量已超过1800 亿美元，三年前约为 700 亿 美元。在执法部门提出要求时，Tether可远程冻结用户加密钱包中的代币。 Tether本周表示，已协助美国司法部冻结了价值近6100 万美元的Tether币（USDT），这些代币与 "杀猪 盘" 诈骗 有关。杀猪盘是一种诈骗分子先与受害者建立情感关系再实施诈骗的犯罪形式。 Tether一位发言人周四晚间通过电子邮件表示，至此，该公司冻结的涉非法活动资产总额已达42 亿美 元，其中 35 亿美元是2023 年以来冻结的。 责任编辑：郭明煜 总部位于萨尔瓦多的稳定币发行商Tether公司表示，因涉及非法活动，已冻结约42 亿美元的加密代币， 其中大部分冻结行动发生在过去三年。目前，全球各国监管机构正大力打击与加密货币相关的犯罪行 为。 长期以来，各国监管机构一直对加密货币在非法金融活动中的作用表示担忧。金融行动特别工作 ...