新华财经北京6月23日电（罗浩）沪深两市主要股指23日早间普遍低开，沪指全日呈震荡上行态势，深 成指和创业板指盘初翻红后有所回落，午后亦跟随上扬。 盘面上，港口航运、油气资源、能源金属在早盘期间涨幅靠前。午后，近期多次居A股个股成交额首位 的四方精创异动上扬，加之优博讯回封涨停、拉卡拉震荡攀升，数字货币板块在午后大幅上涨。由于四 方精创、优博讯、拉卡拉、天源迪科、先进数通等个股在电子身份证、跨境支付、数据确权、财税数字 化等板块内多有交叉，相关板块在午后均有较大幅度上涨。当日，Web3概念、军工信息化、区块链、 智谱AI、信创、操作系统、核污染防治等板块亦有显著上涨。 截至收盘，沪指报3381.58点，涨幅0.65%，成交额约4428亿元；深成指报10048.39点，涨幅0.43%，成 交额约6798亿元；创业板指报2017.63点，涨幅0.39%，成交额约3403亿元；科创综指报1173.81点，涨 幅1.12%，成交额约886亿元；北证50指数报1368.15点，涨幅1.54%，成交额约245亿元。 机构观点 消息面上 全国首笔跨境支付通业务落地深圳 6月22日，在中国人民银行和香港金融管理局共同推动下， ...

数字货币概念股午后持续拉升，四方精创（300468）、天源迪科（300047）涨超10%，恒宝股份 （002104）、中科金财（002657）、海联金汇（002537）等股涨停。 暗盘资金正涌入这些股票，点击速看>>> ...

Core Viewpoint - The discussion on stablecoins highlights their role in enhancing global monetary policy coordination, innovating cross-border payments, and constructing regulatory frameworks, with a focus on the implications of dollar-pegged stablecoins and the need for careful consideration of their impact on economic sovereignty and financial stability [5][6][7]. Group 1: Introduction and Definition - Stablecoins are a special type of cryptocurrency designed to maintain price stability by pegging to fiat currencies, physical assets, or algorithmic mechanisms, making them suitable for payment mediums and value storage tools [14][15]. - The global stablecoin market has seen significant growth, with a total market value exceeding hundreds of billions, and USDT and USDC accounting for nearly 90% of the market share [19][19]. Group 2: Market Environment and Demand - Traditional cross-border payments face challenges such as long processing times and high fees, while stablecoins can facilitate near-instantaneous and low-cost transactions, enhancing global supply chain efficiency [20]. - The decentralized finance (DeFi) ecosystem relies heavily on stablecoins as core assets for lending, trading, and derivatives, directly affecting the health of the DeFi market [21]. - Traditional financial institutions are exploring stablecoin issuance to improve payment efficiency and expand business boundaries, as seen with JPM Coin [22]. Group 3: Types of Companies Issuing Stablecoins - Financial technology companies, such as SFJC and XD Technology, are well-positioned to issue stablecoins due to their expertise in blockchain and digital currency technologies [23]. - Cross-border payment companies, like HLJH and LKL, have the necessary licenses and technology to support stablecoin circulation in international transactions [24]. - Companies with relevant licenses or compliance qualifications, such as the issuer of USDC, are also capable of issuing stablecoins [25]. Group 4: Positive Impacts of Issuing Stablecoins - Stablecoins can significantly enhance cross-border payment efficiency and reduce costs, as they allow for real-time transactions without relying on traditional banking systems [31]. - They provide a stable trading medium in the volatile cryptocurrency market, allowing investors to mitigate risks associated with price fluctuations [32]. - The issuance of stablecoins can drive financial inclusion by lowering barriers to entry for financial services, particularly in underserved regions [33]. - Stablecoins can attract new participants and capital into the financial market, bridging traditional finance and cryptocurrency [34]. - Companies can generate revenue through interest on reserves, as demonstrated by Circle's USDC, which significantly contributes to its overall revenue [35]. Group 5: Regulatory Environment and Challenges - The regulatory landscape for stablecoins varies significantly across jurisdictions, with the U.S. and Hong Kong implementing specific requirements for issuance, including licensing and reserve management [86][91]. - Companies must navigate complex compliance requirements, including maintaining high liquidity reserves and adhering to anti-money laundering regulations [108][109]. - The potential for regulatory changes poses risks to stablecoin projects, as seen in instances where sudden policy shifts have impacted market confidence [39]. Group 6: Future Trends and Considerations - The future of stablecoins is likely to involve stricter regulations and a focus on compliance, as well as the expansion of application scenarios beyond traditional finance [115]. - Companies must consider market demand and operational capabilities when planning stablecoin issuance, ensuring alignment with existing business models [66][67]. - The competitive landscape will require companies to differentiate their stablecoin offerings and stay informed about regulatory developments to ensure sustainable operations [70][71].

揭秘稳定币的底层逻辑 20250622 摘要 香港于 2025 年 5 月通过稳定币条例草案，预计年内生效，为稳定币提 供完整监管框架，最低实缴资本为 2,500 万港元，并要求 100%储备资 产支持、独立托管、每日审计和随时兑付，加速行业合规化进程。 稳定币优势在于应用性强（支付、偿债、投资），公信力更高（分布式 账本），稳定性强（资产锚定）。与比特币等数字货币相比，稳定币追 求价格稳定，而比特币追求价值波动和稀缺性；与央行数字货币相比， 稳定币需以主权信用法币作为价值锚点。 虚拟货币市场波动剧烈，稳定币通过锚定法币，继承了数字货币高流动 性和分布式共识机制，整体价格更为平稳，有利于进入实际交易环节， 解决虚拟货币市场价格不稳定的问题。 全球主要稳定币类型包括法币抵押型、加密资产抵押型、无抵押资产型 及其他支持资产抵押型，其中法币抵押型是核心。市场上 USDT 和 USDC 占据主导地位，份额接近 90%。 稳定币产业链中，发行方和交易所盈利潜力最大。发行方收入来自注册 发行费、交易费以及投资美债等生息资产的利息收入。例如，某发行方 通过美债生息资产获得可观利润。 Q&A 为什么市场需要稳点？稳点如何解决 ...

近期，各券商研究所掀起稳定币研究热潮。据统计，仅过去一周，就有至少16家券商发布24篇研报对稳定 币进行系统研究，其中不乏专题及深度研究。 与此同时，本月以来多只稳定币概念股被机构扎堆调研。券商普遍认为，随着全球各地监管政策的落地，稳定 币行业有望实现合规发展，未来有望在应用广度和深度上不断延伸。 券商掀起稳定币研究热潮 根据券商中国记者不完全统计，仅过去一周（6月15日至6月21日），就有至少16家券商发布24篇研报全面研究 稳定币，内容覆盖宏观、计算机、传媒互联网、金融、区块链等多个行业角度。其中不乏一些券商推出稳定币 专题及深度研究，比如国金证券、中泰证券、东吴证券、天风证券均推出稳定币专题或深度研究，中信证券宏 观、海外、银行、非银等多个研究团队从各个行业角度深入研究。 伴随券商研报密集出炉，路演和电话会议热度也持续攀升。券商中国记者获悉，仅近半个月，券商举办的以稳 定币为主题的电话会议就超过30场，覆盖了政策解读、产业链分析和投资策略等多个维度。 东吴证券首席策略官孙婷认为，稳定币作为一种重要的加密货币，其核心特征在于与特定稳定资产挂钩，以维 持其价值的稳定，并在数字金融领域发挥着日益关键的作用。 ...

蚂蚁集团率先打响布局，旗下蚂蚁数科与蚂蚁国际双线出击申请香港稳定币牌照，前者已与监管多轮沟通 并完成沙盒试点，后者则加持AI与区块链技术推动稳定币场景全球落地；京东币链科技同样紧锣密鼓，其 稳定币进入沙盒测试第二阶段，剑指跨境支付、零售交易等场景，目标将全球企业汇兑成本直降90%。 此外，还有连连数字、小商品城等企业也纷纷入场，或成立专责团队探索牌照申请，或通过香港布局释放 入局信号。 巨头们扎堆布局，瞄准的是跨境支付。业内认为，传统跨境支付存在时效慢、成本高等痛点，而稳定币凭 借"支付即结算"特性，有望重塑全球资金流转格局。 但狂欢之余荆棘暗藏，布局机构如何在多地不同监管中精准走位，把握好合规底线和边界，成为最紧迫且 核心的难题。 业内专家指出，当前机构探索尚处于早期试点阶段，未来稳定币竞争，还将从单纯发行转向生态主导权争 夺。谁能率先构建合规、可复制的商业模型，在跨境B端场景中挖掘价值，谁或将在万亿级市场中占据先 机。 随着香港《稳定币条例》生效倒计时与美国《GENIUS法案》推进，稳定币赛道掀起机构"抢滩"大战。 目前，连连数字已成立专责团队，负责推进稳定币相关项目及开展用例研究。据悉，连连数字在全球多 ...

Technical Analysis - The Shanghai Composite Index fell below 3400 points, closing around 3360 points, with trading volume shrinking to around 1 trillion [3] - The support level is strong at 3340-3360 points, which corresponds to the lower boundary of a previous consolidation range and the 60-day moving average [3] - The ChiNext Index nearly breached 2000 points, indicating a growing demand for a rebound due to overselling [3] News Impact - The Middle East conflict, particularly between Iran and Israel, has led to rising oil prices, with Brent crude oil experiencing significant increases, potentially exceeding $100 according to Goldman Sachs [4] - This situation presents a dual impact on A-shares: sectors like oil, gas, and gold may benefit, while export-reliant sectors such as electronics and home appliances could face challenges [4] - Domestic policies are supportive, with the launch of cross-border payment services and various financial opening measures announced by the central bank, which could benefit banks and digital currency sectors [4] Policy Environment - The central bank injected 1.4 trillion in liquidity but did not adjust the Loan Prime Rate (LPR), indicating a focus on targeted support rather than broad stimulus [5] - Policy easing in the real estate sector, such as the removal of purchase restrictions in Guangzhou, may provide some stimulus to building materials and home furnishings, but expectations for a significant sector rally should be tempered [5] - Key sectors like semiconductors and AI computing are receiving clear policy support, presenting opportunities during market pullbacks [5] Capital Flow - Northbound capital saw a net outflow of over 20 billion, while domestic institutional investors withdrew more than 60 billion, indicating a cautious market sentiment [6] - Despite the outflows, sectors such as semiconductors and pharmaceuticals attracted investment, with banks and utilities serving as safe havens [6] - The valuation advantage of A-shares remains, suggesting that capital may return once geopolitical tensions ease [6] Strategy for Next Week - A cautious approach is recommended, maintaining a position of around 50% to allow for flexibility [7] - Key focus areas include cross-border payment initiatives, oversold technology sectors, and defensive assets like oil and gold [7] - Monitoring trading volume and sector performance will be crucial for potential adjustments in positions [7]

Group 1 - The U.S. Treasury Secretary, Behnam, supports the development of stablecoins, predicting the market size could reach $3.7 trillion in the next decade, indicating a significant policy benefit for the digital currency industry [1][3] - The stablecoin ecosystem is expected to increase demand for U.S. Treasury bonds, reduce government borrowing costs, and attract global users to a dollar-based digital asset economy, marking a major shift in the U.S. government's attitude towards digital assets [3] - The upcoming macroeconomic events in the U.S., including speeches from Federal Reserve officials and the release of the core PCE price index, are anticipated to have a substantial impact on the digital currency market [1][4] Group 2 - The CEO of Bitwise stated that Bitcoin's main competitors in the safe-haven asset space are U.S. Treasury bonds rather than gold, highlighting a shift in investment dynamics [4] - Current macroeconomic pressures have led to a pessimistic sentiment among retail investors, which may signal a price rebound opportunity as large investors often capitalize on such sell-offs [4] - The XBIT decentralized exchange platform is gaining attention for its unique advantages, including a decentralized trustless trading mechanism that significantly reduces transaction costs and mitigates risks associated with centralized exchanges [6]

在巨大波动中，多空均有人爆仓。据Coinglass统计，过去24小时内，全球超过12万人爆仓，爆仓总 金额超过4.5亿美元。 整体上看，多单最为惨烈，爆单金额超过4亿美元。 其中，最大单笔爆仓单出 现在比特币，爆仓金额达800万美元。 来源：e公司 过去24小时内，数字货币市场巨震，多空双方都有大量投资者爆仓。 比特币单价从104000美元附近突然直拉超2000美元，之后又快速下跌近4000美元，之后缓慢抬升， 最新报价在103800美元附近。 以太坊直接跳水，短线跌超200美元，最新报2440美元/枚，日内跌幅超过4%。 | 交易对 | 价格 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | | 念 BTC/USDT 永续 | 103870.5 | -1.92% | 165.93亿 | | > ETH/USDT 永绞 | 2442.11 | -4.23% | 168.65 Z | | 念 SOL/USDT 永绞 | 141.89 | -4.03% | 37.76亿 | | 念 XRP/USDT 永续 | 2.1364 | -1.56% | 10.45 Z | | > DOGE/ ...

过去24小时内，数字货币市场巨震！多空双方都有大量投资者爆仓。 6月21日晚比特币坐上"过山车"，单价跌至104000美元附近后直拉超2000美元，之后又快速下 跌近4000美元。截至22：05，最新报价在103500美元附近。 以太坊直线跳水，短线跌超200美元。 截至22：05， 最新报2440美元/枚，日内跌幅超过 4.5%。 除此之外，狗狗币、SOL、SUI等数字货币均大跌超4%。 在巨大波动中，多空均有人爆仓。据Coinglass统计，过去24小时内，全球超过13万人爆仓， 爆仓总金额超过4.6亿美元。 整体上看，多单最为惨烈，爆单金额超过5亿美元。 其中，最大 单笔爆仓单出现在比特币，爆仓金额约800万美元。 | 1小时爆仓 | $1785.85万 | 4小时爆仓 | $2570.15万 | | --- | --- | --- | --- | | 多車 | $1663.74万 | 多車 | $2146.05万 | | 空車 | $122.11万 | 空单 | $424.10万 | | 12小时爆仓 | $4419.98万 | 24小时爆仓 | $4.65亿 | | 多車 | $2864.90万 | ...