21世纪经济报道记者 黄子潇 香港报道 距香港《稳定币条例》生效仅一月有余，发行机构的一举一动皆牵动着市场。 港元稳定币是一种基于公链并与港元 (HKD) 1:1挂钩的加密货币。去年7月，香港金管局公布首批三家稳定币发行人名单，包括 圆币创新科技有限公司（圆币科技子公司），京东币链科技(香港)有限公司，以及渣打银行(香港)、安拟集团、香港电讯组成的 联合体。 与拥有互联网大厂背景、国际大型银行背景的其他两家发行人相比，创立于2021年圆币科技是一家年轻的公司，最初主要从事 支付业务，在展业中注意到了稳定币的应用潜力。 数据显示，截至今年5月末，全球稳定币总市值达到2500亿美元，在过去五年间增长了10倍有余。 稳定币发行有着较为清晰的商业模式，主要收益来自于底层资产的利息。她表示，圆币会从跨境支付、持牌交易所、RWA三个 场景切入市场。由于香港未来只有合规稳定币才可以面向大众，凭借合规性即可获取一些市场份额。 此外，《稳定币条例》为多币种稳定币留出了空间。刘宇表示，虽然圆币从港元开始布局，但未来希望能够发行其他币种的稳 定币。同时，圆币也将对RWA领域做一些布局。 圆币科技行政总裁刘宇（Rita Liu） 拟 ...

Index Level - The Shanghai Composite Index is still in a downward adjustment phase, with support around the gap at 3320 [3][4] - The ChiNext Index has fallen below its short-term moving averages, indicating potential weakness [3] - Overall market sentiment is low, with a trading volume of only 1.06 trillion, down by 185.7 billion, and a net sell-off of nearly 30 billion by domestic investors [3][4] Market Conclusion - The market is expected to continue its adjustment, and any potential rebounds should be viewed as temporary [4] - Investors should avoid chasing prices and consider maintaining around 50% of their positions [4] Sector Analysis - The banking and insurance sectors are showing strength, while brokerage firms are underperforming [5] - Consumer sectors like liquor are experiencing a rebound, but sustainability is uncertain [6] - The solid-state battery sector remains active, while some technology stocks are showing strength [5] Banking Sector Insights - The rise in bank stocks is attributed to a lack of alternative investment options, with banks offering around 4% dividend yields [7] - Investors are advised to hold existing positions in banks or cautiously enter with a portion of their capital [7] Hot Sector Breakdown - CPO is in a corrective phase but maintains an upward trend, presenting potential buying opportunities [7] - PCB shows a similar upward trend despite recent fluctuations, indicating potential for speculative opportunities [7] - The storage chip sector is in a consolidation phase, requiring further observation for potential upward movements [7] Additional Sector Observations - The innovative drug sector is in its sixth day of adjustment, with a downward trend persisting [8] - Stablecoins and digital currencies are showing signs of trend reversal, necessitating caution if they break below key support levels [8] - The solid-state battery sector is experiencing a slowdown in momentum, but short-term trading opportunities may still exist [8]

Core Insights - The stablecoin market has experienced significant growth, increasing from $20 billion in 2020 to over $250 billion currently, marking an 11-fold increase in just five years [1][3] - Citigroup predicts that the total supply of stablecoins could reach $1.6 trillion by 2030, with an optimistic scenario suggesting it could rise to $3.7 trillion [1][6] - The dominance of the US dollar in the stablecoin market is notable, accounting for approximately 90% of the market share [8] Group 1: Market Trends and Predictions - The rise of stablecoins has led to a shift in the digital asset market, with stablecoins increasingly used as payment tools rather than just investment assets [3][4] - The market for tokenized real-world assets (RWA) is also growing, allowing for the trading of physical and intangible assets through blockchain technology [3] - Traditional financial institutions are gradually entering the tokenization space, and the participation of retail investors is on the rise [4] Group 2: Challenges and Unresolved Issues - There are multiple unresolved questions in the stablecoin sector, including whether stablecoins should be based on centralized or decentralized systems [6][7] - The positioning of stablecoins as either payment tools or investment assets remains unclear, with different regions having varying perspectives [6][7] - Governance issues surrounding stablecoins, such as credit risk management and consumer protection, are critical and need to be addressed [7] Group 3: Regulatory Perspectives and Future Directions - The Chinese government is exploring the development of non-USD stablecoins, with the introduction of the Stablecoin Regulation set to take effect in August 2025 [8][9] - Regulatory approaches should balance risk management with the need to support innovation, adapting to the evolving landscape of digital assets [9][10] - Cross-border coordination in regulatory policies is essential to address the complexities of the global digital asset market [10]

Market Overview - The overall market sentiment remains weak, with significant volume contraction indicating a retreat phase [1] - Certain sectors, such as elastic financial stocks like Chutianlong, showed activity, while oil and gas sectors declined, reflecting hesitation and divergence in market funds [1] Sector Performance - Solid-state batteries emerged as the strongest sector, typically seen during the transition from old to new cycles, suggesting potential opportunities in other themes, although the sector is fragmented [2] - Elastic finance and digital currency sectors, particularly Chutianlong, showed initial recovery but lack a clear leading effect [2] - Other sectors like photovoltaic, shipping, chemicals, and water conservancy experienced day-to-day fluctuations but should be viewed as rotational without sustainability [2] Investment Strategy - Investors are advised to remain cautious, avoiding blind chasing of highs or bottom fishing, as the market is in a retreat phase with high operational difficulty [2] - It is recommended to maintain a cash position or light exposure while waiting for clear market signals [2] - If weekend conflict situations ease, the market may continue to adjust; if conflicts persist, there may be limited speculative opportunities with high risks [2]

Market Sentiment - Overall market sentiment is low, with short-term sentiment at a "double freezing point" for two consecutive days, resulting in only over 700 stocks closing in the green [1] - The market is likely in an adjustment phase, requiring investors to remain cautious [1] Sector Performance - The oil sector showed strong performance, outperforming the military industry sector, which in turn outperformed the nuclear pollution prevention sector [1] - The strength of the oil sector is attributed to unexpected performance in crude oil prices and active performance of related stocks [1] - However, the oil sector is entering a high-level elimination phase, making future performance challenging [1] Stock Trends - The market is focusing on core leading stocks, with the oil sector potentially exhibiting a "one wave flow" trend, where main stocks may lack strong recovery after a decline [1] - The number of stocks hitting the 20% limit down has increased, primarily among older high-priced stocks, indicating a gradual clearing of these stocks [1] Digital Currency and Other Sectors - The digital currency sector performed poorly, with significant differentiation among stocks, and some core stocks experiencing a pullback after a rise [2] - The PCB sector, which had just started, showed average performance with insufficient volume to form a clear strengthening trend [2] - The solid-state battery sector showed signs of attack in the morning but failed to break through effectively, indicating a lack of collective strength [2] New Themes - A new theme related to a short drama has emerged, with some stocks performing actively; however, these new themes are primarily driven by news stimuli, and their sustainability is uncertain [2] - Investors are advised to adopt a speculative approach towards these newly emerging themes, focusing on intraday performance without blindly chasing [2] Conclusion - The market is in a phase of new and old transitions, with investors advised to wait patiently for opportunities and avoid impulsive actions [3] - The overall market sentiment remains low, and while certain sectors have shown performance, future challenges are anticipated [3] - Investors should remain patient and wait for clear signals of market sentiment recovery before making moves [3]

6月5日，被称为"稳定币第一股"的稳定币USDC发行商圆环公司（Circle）正式在纽交所上市，首日涨幅 接近170%，市值高达240亿美元。 USDC以600亿美元的市值，占据了全球稳定币市场约26%的份额，仅次于Tether（USDT）的1538亿美 元市值。USDC的链上交易量更是高达25万亿美元（截至2025年3月），仅2025年第一季度就贡献了6万 亿美元的交易量。 齐鲁晚报·齐鲁壹点 王赟 这个6月，"稳定币"三个字和"拉布布（labubu）"三个字一样热。 6月20日，蚂蚁数科发布声明，就市场上有关于蚂蚁数科与海南华铁就RWA（真实世界资产代币化）及 稳定币探讨合作的传闻做出回应。蚂蚁数科表示，双方仅就RWA进行了非常初步的、探索性的交流， 未达成任何形式的正式合作协议、商业安排或实质性项目落地。海南华铁也在互动平台表示，公司不涉 及稳定币业务。 6月18日，中国人民银行行长潘功胜在2025陆家嘴论坛上，首次提及稳定币，"新型技术在跨境支付领域 加速应用，区块链和分布式账本等新型技术，推动央行数字货币稳定币的蓬勃发展。" 日前，京东集团董事局主席刘强东表示，"京东希望在全球所有主要的货币国家申请 ...

智通财经6月20日电，稳定币概念股开盘走低，楚天龙、东信和平跌超9%，四方精创、翠微股份、朗新 集团、吉大正元、宇信科技、天阳科技等跌超5%。 稳定币概念股开盘下挫 楚天龙等多股大跌 ...

数字货币板块短线走低，东信和平（002017）跌超8%，正元智慧（300645）、宇信科技（300674）、 吉大正元（003029）、天阳科技（300872）等跟跌。 ...

Group 1 - The core viewpoint of the articles highlights the increasing global attention and regulatory developments surrounding stablecoins, with significant legislative actions in regions like the US, UK, and Hong Kong aimed at establishing frameworks for their issuance and use [1][2][4] - Stablecoins have evolved over the past decade, with a market size of approximately $247.4 billion as of late May, where Tether (USDT) holds a 62% market share and USD Coin (USDC) accounts for 24% [1][4] - The classification of stablecoins is primarily based on their reserve assets, with fiat-collateralized stablecoins dominating the market, making up about 90% of the total [1][2] Group 2 - Stablecoins are defined as digital assets with payment and settlement functionalities, characterized by their programmability, cross-border transferability, and stability in value, distinguishing them from traditional cryptocurrencies [2][3] - The US "GENIUS Act" aims to bolster the dominance of the US dollar and address issues related to US Treasury bonds, projecting that stablecoins could significantly increase demand for short-term government debt [4][5] - The potential for stablecoins to impact the US Treasury market is notable, with estimates suggesting that by the end of 2024, stablecoins could hold around $120 billion in short-term government bonds, potentially expanding to $1 trillion by 2028 [4] Group 3 - Despite their advantages, the rapid growth of stablecoins raises concerns regarding their stability and the risks associated with potential runs on these assets, which could exert pressure on issuing institutions and the broader financial market [5][6] - The regulatory landscape for stablecoins is still developing, with challenges related to anti-money laundering and the need for transparency in the operations of issuing entities [5][6] - The emergence of stablecoins presents both challenges and opportunities for traditional payment systems, particularly in cross-border transactions, necessitating a careful evaluation of their role in the evolving digital economy [6]

因此短期这个方向仍存在想象空间，但由于题材已经经历过一轮炒作，所以往后大概率也是核心的名牌 博弈。从今日盘面走势来看，准油高开后率先晋级，自然仍是板块内容易。其次墨龙作为同身位换手晋 级，卡掉了贝壳强度上来说是弱于准，但历来换手就更有持续性。最后就是创业板的通源，从油气板块 爆发以来就一路走高，板块强势仍是资金套利的最好标的，至于贝肯今日虽被卡位没能成功走强，但从 盘中承接力度来说仍有反复的机会。当然除了油气以外，仍有部分资金对稳定币不死心，特别是今日再 度出现新的低位首板，电科和金桥，而且东信回落之后，尾盘还出现近8,000万资金抢筹，这从资金选 择来说就是在博弈明日资金再度回流，但大概率也只会是核心几个标的的修复。而且这次的修复也是资 金边打边撤的选择，因为本该在东信带动回流修复的恒宝全天两次冲高回落，这从本质上来说资金已经 在考虑撤退，而恒宝作为这一轮稳定币的核心，很多资金都是锚定恒宝强势而选择套利其他的后排标 的，而当下恒宝也有转弱向下的趋势，可能所以像谐星金石这种大概率会延续走弱，当然由于稳定币方 向是有大量资金参与今日的时代，电科又硬顶高位分歧，因此两者主动晋级就会再次激活资金回流，像 安妮东信都 ...