凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商学界精 英，共同洞察变局脉络、探寻发展新机。 余沛恒律师 香港律政司"粤港澳大湾区律师顾问小组"成员、余沛恒律师事务所首席合伙人 香港律政司"粤港澳大湾区律师顾问小组"成员、余沛恒律师事务所首席合伙人余沛恒律师在演讲中详细解读了香港稳定币监管框架及落地挑战。他透露，香 港金管局的稳定币监管框架吸引了不少于77家机构咨询，但市场上传闻众多，首批稳定币牌照的发放数目将会很少，最终结果预计在10月或11月左右会变得 更加清晰。 余沛恒律师指出了稳定币在跨境应用中面临的核心难题——结算问题。他举例说明，即使香港稳定币能0.1秒内发送至菲律宾，收款方在当地如何将其兑换 成当地货币用于消费仍是痛点，这涉及到汇率和结算通道的建立。此外，他观察到香港条例规定稳定币不能派息，以避免与银行存款竞争，但国际市场 对"有利息的稳定币"的需求正在增长，香港如何应对这一趋势值得关注。 他强调，更大的挑战在于全球监管标准的协同。"香港、美国、欧洲各有一套监管规则，但稳定币注定是跨区域的。"余沛恒律 ...

Bitmine通过增发募资和战略收购持续积累以太币，其策略效仿了Michael Saylor通过Strategy(MSTR.US) 的操作模式。该公司的目标是持有全球流通以太坊总量的5%。 BitMine目前是美国交易最频繁的股票之一。根据Fundstrat的数据，该股票的日均交易金额为 20 亿美元 (截至 2025 年 9 月 12 日的 5 日平均值)，在全美排名第 28 位。 近期签署成法的《GENIUS法案》确立了美国首个联邦稳定币监管框架，旨在鼓励加密货币领域创新。 鉴于以太坊在稳定币生态的主导地位，该法案将提升其流动性，使其成为合规的现实资产代币化与支付 中心。以太坊仍处于发展早期，随着应用场景拓展，其价格可能大幅上涨，而Bitmine作为以太坊巨量 持有者将获得杠杆化溢价收益。 智通财经APP获悉，BitMine(BMNR.US)报告称，截至 2025 年 9 月 14 日，其持有的加密货币、现金及 战略投资总额达 107.7 亿美元。该公司持有的加密资产包括 215.1万个以太坊，每枚以太币价值 4632 美 元，较一周前的206.9万枚继续上升，这使得BitMine成为全球最大的以太坊持有 ...

Group 1 - BitMine's Ethereum holdings increased by approximately 33% over the past week, reaching a total value of $8.8 billion, making it the largest Ethereum reserve company [1] - As of August 24, BitMine held 1.71 million Ethereum (valued at $4,808 each), 192 Bitcoin, and $562 million in unencumbered cash [1] - The net asset value per share of BitMine's cryptocurrency and cash assets rose from $22.84 on July 27 to $39.84 on August 24 [1] Group 2 - BitMine's strategy involves accumulating Ethereum through capital raises and strategic acquisitions, similar to Michael Saylor's approach with MicroStrategy [2] - Analysts believe BitMine has explosive growth potential due to its leveraged Ethereum holdings, which could yield returns exceeding the net asset value [2] - The recent passage of the GENIUS Act establishes a federal regulatory framework for stablecoins, enhancing Ethereum's liquidity and positioning BitMine to benefit from potential price increases [3]

Core Insights - The stablecoin market is entering a new expansion phase, with potential size reaching several trillion dollars, driven primarily by the payments sector [1][3] - Current stablecoin applications are dominated by cryptocurrency trading and offshore dollar demand, but the penetration potential in payment scenarios remains underdeveloped [1][3] Market Size and Growth Projections - The global stablecoin market is currently valued at $271 billion, with Circle's USDC expected to benefit from legislative advancements and ecosystem expansion [1][3] - By the end of 2027, USDC's market size is projected to grow by $77 billion, achieving a compound annual growth rate (CAGR) of 40% [1] Payment Sector Dynamics - The global payments market is approximately $240 trillion annually, with consumer payments accounting for $40 trillion and B2B payments around $600 billion [3] - The issuance of stablecoins requires a 1:1 reserve of dollars or government bonds, which could structurally impact the bond market, particularly short-term low-interest government bonds [3] Regulatory Environment - The recent passage of the GENIUS Act by the U.S. White House provides crucial institutional support for the stablecoin market by coordinating state and federal regulatory frameworks [3][4] - The optimistic outlook from U.S. Treasury Secretary Scott Bessenet suggests that stablecoin legislation could create a vast market, reinforcing the dollar's global reserve status [4] Competitive Landscape - Tether's USDT currently leads the global stablecoin supply but faces regulatory challenges in servicing U.S. users, while Circle aims to leverage new legislation to expand USDC's adoption [4] - The entry of traditional financial institutions, such as U.S. banks planning to issue their own dollar stablecoins, may intensify competition for USDC [4] Market Sentiment and Divergence - There is a divergence in market sentiment regarding the actual impact of stablecoins, with some analysts suggesting that they may represent a conversion of funds rather than net demand growth [4][5] - UBS analysts highlight potential flaws in the logic that stablecoins will increase demand for short-term government bonds, indicating that the effect may be more about fund conversion than new demand creation [4]

Group 1 - The U.S. Treasury Secretary, Yellen, is betting that the cryptocurrency industry will become a key buyer of U.S. government debt in the coming years, as Washington seeks support for a massive increase in government debt [2] - Yellen has indicated that stablecoins are expected to become an important source of demand for U.S. government bonds, and discussions with major stablecoin issuers like Tether and Circle have taken place [2][3] - The recent passage of the "Genius Act" establishes a regulatory framework for stablecoins, requiring them to be backed by a limited number of highly secure and liquid assets, including short-term Treasury bills [2][3] Group 2 - The stablecoin market is valued at approximately $250 billion, which is small compared to the $29 trillion U.S. Treasury market, but Yellen expects the stablecoin market to grow to $2 trillion in the coming years [3] - The Treasury Department is closely monitoring structural market developments and will continue to reference various opinions in its issuance plans, including feedback from investors and primary dealers [3][4] - Increased communication frequency between the Treasury and financial industry participants has been noted, with Treasury officials expressing more concerns about U.S. government debt demand [3]

Core Points - The article discusses the regulatory frameworks for stablecoins in the United States, European Union, and Hong Kong, highlighting the definitions, issuing authorities, capital requirements, and asset backing for compliant stablecoins [1] Group 1: Regulatory Frameworks - The U.S. "GENIUS Act" defines compliant stablecoins as digital assets designed for payment or settlement, with issuance regulated by federal or state governments for those with a market cap under $10 billion [1] - The EU's "MiCA Act" defines compliant stablecoins as crypto assets referencing the value of a fiat currency, with oversight from appointed authorities in member states and reporting to the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) [1] - Hong Kong's "Stablecoin Regulation" defines compliant stablecoins as digital representations of value, claiming to maintain stability by referencing one or more official currencies or other units designated by the Hong Kong Monetary Authority [1] Group 2: Issuing Authorities and Capital Requirements - In the U.S., issuing authorities for compliant stablecoins include federal or state governments, with no unified capital requirement, regulated based on size [1] - The EU requires issuers to have a minimum own funds of €125,000 and to meet the capital requirements of the Payment Services Directive (PSD2) [1] - Hong Kong mandates a minimum paid-up capital of HKD 25 million for recognized institutions issuing stablecoins [1] Group 3: Asset Backing and Management - All three regions require a 1:1 backing of stablecoins, with the U.S. allowing backing by cash or cash equivalents, and the EU and Hong Kong requiring safe, liquid, low-risk assets [1] - The U.S. requires at least 30% of reserves to be held in a separate account at a credit institution, while the EU and Hong Kong emphasize high liquidity and low-risk assets [1] - Regular audits and independent management of reserves are mandated in all three jurisdictions to ensure compliance and transparency [1]

Group 1: Development of Stablecoins - The development of stablecoins has evolved from a response to the vulnerabilities of traditional financial systems during the 2008 financial crisis to a recognized regulatory framework in the U.S. with the signing of the "Genius Act" [2][3] - Stablecoins emerged to address the structural contradictions between cryptocurrencies and traditional finance, with Tether launching USDT in 2014 as the first stablecoin backed by fiat currency [4][7] - As of June 2025, the total market value of stablecoins surpassed $250 billion, accounting for 8% of the cryptocurrency market, with a trading volume exceeding $37 trillion in 2024 [7] Group 2: Strategic Significance of Stablecoins - Stablecoins are seen as potentially reshaping global payment systems, offering advantages such as lower costs and faster transaction times compared to traditional SWIFT systems [10] - The legislative competition surrounding stablecoins reflects a broader struggle for monetary sovereignty in the digital age, with the U.S. reinforcing the dollar's dominance through stablecoin regulation [11] - Stablecoins serve as a digital financial entry point for the unbanked population, providing access to financial services without the need for traditional banking infrastructure [12] Group 3: Role of Trust Companies in Stablecoin Mechanisms - Trust companies can act as custodians for stablecoin reserve assets, ensuring that these assets are independent and protected from the issuer's bankruptcy [20] - The trust mechanism can facilitate compliance with regulatory policies, allowing for flexible responses to changes in regulations and enhancing the governance of stablecoin operations [21] - Trust companies can support the development of Real World Assets (RWA) by providing legal risk isolation and ensuring compliance in the tokenization process [23]

Group 1 - The U.S. "GENIUS Act" signed by Trump on July 18 establishes the first federal regulatory framework for stablecoins, promoting global compliance in the stablecoin sector [1] - Major stablecoin issuers, cross-border payment institutions, and companies involved in Real World Assets (RWA) are expected to benefit significantly from this regulatory development [1] - Hong Kong and Singapore have introduced supportive regulatory frameworks for stablecoin development, providing new compliance pathways for cross-border fintech platforms [1] Group 2 - Leading brokerage firms like Futu Holdings and Tiger Brokers possess advantages in user base, technological capabilities, and payment channel development, which may enhance their international user expansion and revenue diversification [1] - Since Q2 2024, the rapid decline in short- to medium-term interest rates has led to an increase in existing bond prices and improved yield opportunities for new bond subscriptions and market-making transactions [1] - Brokerage firms are extending duration in the current interest rate environment, which is expected to yield significant valuation gains, with fixed income business becoming a key driver of brokerage mid-year performance, potentially exceeding expectations for some companies [1] Group 3 - The global leading aircraft manufacturers are experiencing extended order delivery cycles, resulting in a surge in demand for aircraft leasing [2] - Leasing companies with available aircraft fleets are seeing increased bargaining power and rental income, entering a high prosperity cycle driven by supply-demand mismatches [2] - Top leasing firms are leveraging flexible financing and a global customer network to quickly capture excess returns, leading to significant increases in asset yield and Return on Equity (ROE) [2]

Core Viewpoint - The U.S. House of Representatives has passed a bill aimed at establishing a regulatory framework for stablecoins, which are cryptocurrencies pegged to the U.S. dollar, marking a significant milestone for the digital asset industry [1][2] Group 1 - The bill, named the GENIUS Act, sets preliminary safeguards and consumer protection measures for stablecoins, which are designed to reduce volatility by being linked to stable assets like the dollar [2] - French Hill, Chairman of the House Financial Services Committee, stated that the bill will ensure U.S. competitiveness and provide strong protections for consumers, highlighting a revolution in payment systems globally [2]

Core Insights - Institutional demand has driven Bitcoin to a historic high, influenced by increased interest from institutional investors and support measures from President Trump [1] - The surge in Bitcoin's value is attributed to continuous purchases by institutional investors, which have significantly reduced liquidity on trading platforms [1] - President Trump has ordered the establishment of a Bitcoin strategic reserve, and the U.S. Senate recently passed a bill providing a regulatory framework for stablecoins [1]