以下文章来源于硅星人Pro ，作者郭海惟 硅星人Pro . 硅（Si）是创造未来的基础，欢迎来到这个星球。 作者丨郭海惟 编辑丨 骆轶航 图源丨 midjourney 谁是地球历史上最值钱的上市公司？ 英伟达么？ 的确，在刚刚过去的10月，英伟达一度突破了5万亿美元的市值，成为了美国历史上市值最高的公 司，总规模一度接近苹果和特斯拉的总和。 但英伟达其实不是人类历史上市值最高的公司。如果按照平价购买力计算，人类历史上市值最庞大的 公司其实诞生在三百多年前的阿姆斯特丹： 荷兰东印度公司（VOC）。 来源丨硅星人Pro （ID： Si-Planet ） VOC是这个世界上最早的股份制公司，它在世界最早的证券交易所"阿姆斯特丹证券交易所"上市，最 高市值达到 7800 万荷兰盾。许多研究机构认为，这个估值相当于7.9万亿美元甚至更高（这些本身 也都是10年前的预估，而近年美元通胀也很夸张）。有研究认为，这数字大概能占到当时荷兰共和国 GDP的三分之二。 荷兰曾经是欧罗巴大陆的"美国"。 作为海上马车夫，荷兰人几乎垄断了香料贸易，因此它的人均GDP、技术水平、商贸体量、金融成熟 度都大幅领先于英国等其他欧洲强国。欧洲 ...

Group 1 - The core idea of the article revolves around the emergence and significance of stablecoins in the global financial landscape, particularly in the context of geopolitical shifts and the competition between major powers like the US and China [2][4][65] - Stablecoins are defined as cryptocurrencies that are pegged to fiat currencies or assets, combining the convenience of digital assets with the stability of traditional currencies, with a market size that has grown from under $100 million in 2014 to over $250 billion today [24][25] - The article highlights the role of stablecoins in facilitating rapid global transactions without traditional banking systems, significantly enhancing payment efficiency and reducing cross-border costs [25][26] Group 2 - The geopolitical landscape is shifting, with the decline of traditional power dynamics and the rise of new economic strategies, particularly in the context of the US-China rivalry [5][18][48] - The article discusses how the US and China are both integrating stablecoins into their national financial strategies, with implications for global monetary systems and the distribution of financial power [28][65] - The potential of stablecoins to disrupt the existing dollar-centric financial system is emphasized, as they offer alternatives to traditional payment systems like SWIFT, especially in the context of geopolitical tensions [36][37][66] Group 3 - The article outlines three core attributes of money that stablecoins aim to fulfill: price stability, a medium for global payments, and a transitional role towards central bank digital currencies [29][30] - It also discusses the historical context of currency evolution and how stablecoins represent a new chapter in the ongoing struggle for monetary authority and influence [58][60][62] - The narrative suggests that the competition for stablecoin dominance is not just about financial transactions but also about redefining global economic power structures [65][66]

Group 1 - The article discusses the implications of stablecoins and their relationship with monetary sovereignty, particularly focusing on Hong Kong's approach to stablecoins and the control of currency issuance [2][3][4] - It highlights the competitive dynamics between traditional financial systems, such as SWIFT, and emerging stablecoin frameworks, suggesting that Hong Kong's move could disrupt the existing global settlement systems [7][18] - The article emphasizes the challenges faced by the RMB in achieving internationalization due to entrenched interests in the dollar system, indicating that the path to RMB's global acceptance is fraught with obstacles [13][14] Group 2 - The article critiques the SWIFT system, describing it as outdated and inefficient, yet still dominant due to its established reputation and the backing of powerful interest groups [10][12] - It points out that major corporations like Walmart and Amazon are exploring stablecoins for their transactions, which could undermine the traditional dollar settlement system [16][17] - The potential for stablecoins to create an alternative international settlement system is discussed, with the possibility of multiple forces coexisting in the market rather than a complete replacement of SWIFT [19][22]

Core Insights - The competition for stablecoin dominance between China and the U.S. has intensified, with major players like Circle and JD.com entering the fray [1][6][7] - Stablecoins are seen as a means to bypass traditional banking systems, offering faster and more efficient transactions, which could reshape global financial dynamics [3][5] - The issuance of stablecoins is linked to the underlying currency reserves, with U.S. stablecoins like USDC being backed by U.S. Treasury securities, thus supporting the demand for U.S. debt [5][6] Group 1: Market Dynamics - Circle's market capitalization has surged to over $40 billion due to its compliance with U.S. regulations, positioning it as a key player in the stablecoin market [2] - The demand for stablecoins is projected to reach $2 trillion by the end of 2028, significantly increasing the purchasing demand for U.S. short-term debt [5][6] - The competition for stablecoin issuance is not just about market share but also about gaining control over monetary influence and the ability to print currency [7][9] Group 2: Regulatory Landscape - The U.S. is adopting a "market-first, regulation-following" approach, while Hong Kong is implementing a "regulatory framework before licensing" strategy for stablecoins [6][9] - The potential for stablecoins to undermine national monetary sovereignty has raised concerns among global financial institutions, with warnings issued about the risks of "dollarization" in emerging economies [9][10] - The regulatory environment will play a crucial role in determining the success of stablecoin initiatives in both the U.S. and China [9][10] Group 3: Investment Implications - Stablecoins are viewed as a double-edged sword for individual investors, representing both opportunities and risks amid geopolitical tensions [10] - The evolution of stablecoins could lead to a redistribution of wealth and power within the global financial system, as they may exacerbate market volatility [10] - The competition for stablecoin dominance reflects broader trends in the financial sector, where efficiency and speed in currency transactions are becoming increasingly critical [8][10]