监管层面出现多项重要进展。美国证券交易委员会主席公布"代币分类法"计划，旨在明确区分加密货币是否属于证券范畴。日本交易所正在研究遏制上市公 司囤积加密货币的相关措施。巴西政府提议出售查获的比特币资产，以削弱有组织犯罪网络的财力。 美国财政部长预测，到2030年全球稳定币市场规模将增长至3万亿美元，显示出对这一新兴领域的长期看好。然而摩根士丹利分析师对比特币前景持谨慎态 度，认为其已进入"秋季"阶段，建议投资者在潜在的"寒冬"来临前考虑获利了结。 市场数据显示，市值超过1亿美元的加密项目已从2021年11月的477个降至388个，反映出市场集中度正在提高。以太坊日活跃验证者数量降至2024年4月以来 最低水平，可能预示着网络参与度的变化。 企业动态方面，Visa为美国企业试点以法币支付的稳定币支付方式。迪拜法院冻结了与孙宇晨救助TrueUSD发行方Techteryx相关的4.56亿美元资金。 SharpLink公司第三季度财报显示，其总收入同比增长1100%，持有的加密资产总额约30亿美元。 欧洲银行管理局表示，现行加密货币法规已能应对稳定币风险，无需紧急修订。不过欧盟监管机构仍在寻求加强MiCA监管框架，其中 ...

Core Insights - MiCA regulation aims to end the "Wild West" era of stablecoins but may inadvertently legitimize systemic risks associated with them [1] - The distinction between crypto markets and traditional finance is blurring as stablecoins gain regulatory approval, transforming into mainstream payment instruments [2] - Trust in stablecoins as money could lead to competition with bank deposits, affecting the traditional credit-creating mechanisms [3] Group 1: Regulatory Framework - MiCA addresses micro-prudential issues by ensuring issuers do not collapse but overlooks macro-prudential risks related to large-scale shifts from bank deposits to stablecoins [4] - The Bank of England suggests that widely-used stablecoins should be regulated like banks, proposing caps on holdings to mitigate risks [4] Group 2: Economic Implications - A significant transition from commercial bank deposits to stablecoins could threaten banks' balance sheets, reduce credit availability, and complicate monetary policy transmission [5] - Even regulated stablecoins may pose destabilizing risks as they scale, with MiCA's safeguards not fully addressing these structural concerns [5] Group 3: Offshore Risks - The UK's regulatory approach is cautious towards domestic issuers but lenient on offshore stablecoins, leaving consumers vulnerable to risks from overseas entities [6]