稳定币究竟是什么？大厂竞相布局又在图什么？ 稳定币概念图。图/视觉中国 什么是稳定币？ "希望有一天大家在全世界消费的时候，京东稳定币可以作为全球的支付手段。" 6月17日，京东集团董事局主席刘强东在一场分享会上透露，京东希望在全球所有主要的货币国家申请 稳定币牌照。 对稳定币显示出野心的不止京东。一周前，蚂蚁国际宣布将在中国香港、新加坡、卢森堡三地布局稳定 币业务；旗下蚂蚁数科也已启动稳定币香港牌照的申请程序。 事实上，稳定币并非新鲜事物，其诞生可以溯源至2014年，由Tether公司推出的RealCoin。该币后更名 为Tether（USDT），以1∶1的比例锚定美元，于2015年2月开始在交易所交易，并逐渐发展成为市场交易 量最大的稳定币之一。此后十年间，虚拟货币市场上涌现出一批稳定币，包括USDC、DAI、BUSD、 TUSD等。 综合这些名称各异的稳定币推出情况，清华大学国家金融研究院院长、五道口金融学院副院长田轩接受 中国新闻周刊采访时给出定义性解释：稳定币是一种特殊的加密货币，其通过与特定资产（如法定货 币、商品或其他加密货币）挂钩，或借助算法机制，将自身价值稳定在某个固定水平。 田轩指出，与比 ...

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 自願性公告 與VIABTC HOLDINGS LIMITED 開展戰略合作之條款書 本公告由德林控股集團有限公司（「本公司」，連同附屬公司統稱為「本集團」） 自願刊發，旨在知會本公司股東及潛在投資者有關本集團之最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年6月24日，本公司與 ViaBTC Holdings Limited（「ViaBTC」）訂立不具法律約束力之條款書（「條款 書」），以開展戰略合作。本集團將透過成立合營企業與ViaBTC深入合作，共同 進行：(i)加密貨幣場外(OTC)交易；(ii)向OTC及╱或加密貨幣挖礦客戶提供資 產管理及家族辦公室服務；及(iii)其他潛在業務合作，包括但不限於建立比特 幣(BTC)儲備及開發獲證券及期貨事務監察委員會發牌之虛擬資產交易及虛 擬資產管理平台（「建議成立合營企業」）。 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚 ...

2025年06月24日 证券研究报告 | 从Circle上市， 探索稳定币与交易所的合作模式 行业研究 · 行业专题 互联网 · 互联网Ⅱ 投资评级：优于大市（维持） • 全球稳定币市场规模已突破2500亿美元，行业呈现双寡头格局，USDT和USDC两者合计占84%的市场份额。整个加密货币市场总市值达3.35 万亿美元，稳定币占比7.48%，稳定币市场规模过去五年复合增速超80%，应用场景不断拓展。其中，Tether发行的USDT是全球最早也是 最大的稳定币，占60%的市场份额。Circle发行的USDC是全球第二大稳定币，市占率24%。USDC底层为美债与美元1:1储备，以合规性和透 明度为核心优势。 • Circle:作为USDC发行方在2025年6月5日登陆纽交所，作为"稳定币第一股"股价在十余天内累计涨幅超675%。商业模式主要为储备资产 利息收入、占总收入比例超99%。伴随着2025年6月17日美国参议院通过《GENIUS法案》，政策环境逐渐明晰，为稳定币市场发展提供土 壤。本文对稳定币未来市场空间与Circle财务数据进行拆分预测，并对比讨论Circle与其他加密市场相关标的估值情况。 • Cir ...

Group 1 - The core viewpoint of the articles highlights the significant impact of geopolitical tensions, particularly involving Iran, on the cryptocurrency market, leading to drastic price fluctuations and a liquidity crisis [1][3][4] - Ethereum's price dropped by 7.7% to a 13-month low of $2,200, while Bitcoin briefly fell below $101,000, resulting in $679 million in liquidations within 24 hours [1][3] - The market experienced a "liquidity squeeze," with long positions liquidated amounting to $554 million, significantly outpacing short liquidations of $67 million, indicating a misjudgment of the "crypto safe-haven" narrative [3] Group 2 - The potential for oil prices to surge to $130 due to geopolitical tensions could trigger a 6% inflation rate in the U.S., complicating the Federal Reserve's ability to lower interest rates in 2024 [4] - Iran's status as the fourth-largest Bitcoin mining country is threatened by military actions and power outages, which could lead to a significant drop in global Bitcoin hash rate [4] - The current circulation of $156 billion in stablecoins, with 78% pegged to U.S. assets, faces risks if the U.S. Treasury designates Iranian-linked wallets, potentially freezing on-chain liquidity [6] Group 3 - Hedge funds are implementing emergency plans, including buying oil call options and increasing Bitcoin volatility exposure, to hedge against inflation [6] - Historical precedents indicate that significant geopolitical events can lead to massive liquidations in leveraged positions, as seen during the 2019 Saudi oil field attack [6] - Scenarios of potential Iranian cyberattacks could lead to Bitcoin plummeting to $95,000, while a blockade of the Strait of Hormuz could trigger a drop to $83,000, highlighting the fragility of the crypto market under geopolitical stress [8]

Market Overview - The Asia-Pacific markets experienced a broad rally on June 24, with the Nikkei 225 and the S&P/ASX 200 indices rising over 1%, and the KOSPI index increasing by more than 2% [1] - The MSCI Taiwan Index also saw an increase of over 2% [4] Index Performance - **Nikkei 225**: Closed at 38,846.73, up by 492.64 points or 1.28%, with a high of 38,990.11 and a low of 38,765.95 [2] - **KOSPI**: Closed at 3,083.72, up by 69.25 points or 2.30%, with a high of 3,085.05 and a low of 3,061.14 [3] - **S&P/ASX 200**: Closed at 8,561.70, up by 86.80 points or 1.02%, with a high of 8,570.00 and a low of 8,474.90 [4] - **MSCI Taiwan**: Closed at 899.30, up by 19.12 points or 2.17%, with a high of 901.43 and a low of 897.34 [5] Hong Kong and A-shares - The Hang Seng Index opened up by 0.61% and later expanded its gains to over 1%, closing at 23,996.38, up by 307.25 points or 1.30% [6] - A-shares showed mixed results initially, with the Shanghai Composite Index rising by 0.49% to 3,398.25, and the Shenzhen Component increasing by 0.97% to 10,145.41 [7] Cryptocurrency Market - The cryptocurrency market saw a significant rebound, with Bitcoin rising over 4% and Ethereum increasing by over 7% [8] Commodity Prices - International oil prices fell sharply, with NYMEX WTI and ICE Brent crude both declining by nearly 3% [9]

Market Overview - The Asia-Pacific markets experienced a broad rally on June 24, with major indices showing significant gains [1] - The Nikkei 225 index rose over 1%, while the Korean Composite Index increased by more than 2% [2] Index Performance - **Nikkei 225**: Closed at 38,846.73, up 492.64 points (1.28%) from the previous close of 38,354.09. The index has seen a year-to-date decline of 2.63% [3] - **Korean Composite Index**: Closed at 3,083.72, up 69.25 points (2.30%) from the previous close of 3,014.47. Year-to-date, it has increased by 28.52% [4] - **Australian S&P 200**: Closed at 8,561.70, up 86.80 points (1.02%) from the previous close of 8,474.90, with a year-to-date increase of 4.93% [5] - **MSCI Taiwan Index**: Closed at 899.30, up 19.12 points (2.17%) from the previous close of 880.18, with a year-to-date increase of 6.77% [6] Chinese Market Performance - The A-share market showed mixed results at the opening, with the Shanghai Composite Index slightly down by 0.04%, while the Shenzhen Component and ChiNext Index rose by 0.26% and 0.35% respectively. By the time of reporting, the Shanghai Composite Index was up 0.49% [8] - The overall market saw over 4,300 stocks rising [8] Cryptocurrency Market - The cryptocurrency market rebounded, with Bitcoin rising over 4% and Ethereum increasing by over 7% [10] Commodity Market - The commodity futures market opened with significant declines, particularly in crude oil, which saw its main contract hit the limit down, and fuel oil dropping over 8% [11] - International oil prices also fell sharply, with NYMEX WTI and ICE Brent crude both down nearly 3% [12] Geopolitical Developments - Reports indicated that Iran and Israel have reached an agreement for a comprehensive ceasefire, with details disclosed by former President Trump [19] - The ceasefire is set to be implemented in phases, with Iran starting first, followed by Israel [19]

Group 1 - The new generation of public fund managers is gaining traction, with half of the top ten actively managed equity funds this year having managers with less than three years of experience, focusing on new consumption and innovative pharmaceuticals [1] - A significant performance divergence is noted among A-share companies, with 16 companies disclosing their 2025 semi-annual performance forecasts, and over 300 companies announcing plans for mid-term dividends [1] - Banks are intensifying performance assessments amid declining deposit rates and fierce competition in loan businesses, with a focus on inclusive finance and non-performing asset disposal [1] Group 2 - International crude oil futures prices have seen a significant drop, with WTI and Brent crude oil futures falling by 7.22% and 7.18% respectively [2] - The ethylene glycol industry in China is transitioning towards high-quality development, utilizing futures and derivatives as essential risk management tools amid industry challenges [2] - Chinese innovative pharmaceutical companies are making headlines with substantial licensing deals, including a $60 billion deal by 3SBio and a $53.3 billion agreement by CSPC, indicating a shift in the industry's role from follower to contributor [2] Group 3 - Tesla has launched a Robotaxi pilot service in Austin, Texas, marking a step towards the commercialization of autonomous driving, although challenges remain in regulation and technology [3] - A Chinese research team has successfully synthesized a rare earth triple bond compound, providing new insights into rare earth chemistry [4] - The China Consumers Association has issued a call to combat food waste and extreme eating broadcasts, emphasizing the need for responsible consumption [4] Group 4 - Starbucks has clarified that it is not considering a full sale of its China business, highlighting the market's long-term potential [4] - Apple is expected to make concessions in negotiations with the EU regarding App Store regulations to avoid impending fines [5] - Xiaomi's CEO Lei Jun has set ambitious sales targets for the new YU7 model, aiming to challenge Tesla's Model Y in the domestic market [5] Group 5 - A family office in Hong Kong managing nearly $4 billion is beginning to invest in cryptocurrencies, reflecting a growing interest in digital assets [6] - The rising gold prices have led to an increase in platinum sales, with some jewelers shifting focus from gold to platinum products [7] - BYD is reportedly providing a rebate of 666 yuan per vehicle to its dealers, similar to a previous initiative [7] Group 6 - U.S. stock indices closed higher, with the S&P 500 rising by 0.96%, driven by a rebound after initial declines related to geopolitical tensions [8] - Oil prices fell sharply following comments from former President Trump about lowering oil prices, with significant drops observed after an Iranian attack on U.S. military bases [8]

Core Insights - The article discusses the financial maneuvers of Donald Trump's family regarding their cryptocurrency venture, World Liberty Financial (WLFI), highlighting a significant reduction in Trump's ownership stake from 60% to 40% over a short period [1][4]. Group 1: Company Structure and Ownership Changes - Trump's family established several affiliated companies to consolidate funds, with DT Tower II LLC renamed to DT Marks DEFI LLC, where Trump's stake decreased to 70% while family members hold 30% [2]. - As of January 24, the ownership of DT Marks DEFI LLC in WLFI was reported to be approximately 60%, down from 75% a few weeks prior [2][3]. Group 2: Financial Transactions and Market Impact - In March, WLFI announced the sale of $550 million worth of tokens, followed by the launch of a dollar-pegged stablecoin supported by a UAE-based company [3]. - The stock price of Circle, a stablecoin issuer, surged nearly 100% upon its NYSE listing, suggesting a potential valuation of WLFI's stablecoin project at $1.7 billion [3][4]. Group 3: Future Prospects and Regulatory Environment - The article suggests that Trump's family may be looking to liquidate more assets, especially after the U.S. Senate passed a regulatory framework for stablecoins, which positively impacted the market [4].

随着中国香港《稳定币条例》以及美国《GENIUS法案》推进等多项利好政策刺激，稳定币相关概念热度持续飙升。6月23日，万得稳定币概念指数报收 1728.62点，大涨8.4%。同日，海联金汇、四方精创涨停，还有多只概念股也收涨。其中，四方精创的年内涨幅已逼近200%。上述背景下，多家券商也密集 发布研报分析稳定币，仅5月中旬至今，已有百余篇研报聚焦稳定币的风险和投资机遇。有观点指出，在币值稳定的前提下，稳定币依托区块链有望使跨境 支付更快速、更廉价、更便捷。但也有业内人士提醒，需要注意可能存在的技术迭代不及预期、经济下行超预期、行业竞争加剧等风险。 同时，国盛证券研报《全球稳定币竞争加速》也提醒道，需要注意技术迭代不及预期、经济下行超预期、行业竞争加剧三方面风险。若技术迭代不及预期， 则对产业链相关公司造成一定不利影响。若宏观经济景气度下行，固定资产投资额放缓，影响企业再投资意愿，从而影响消费者消费意愿和产业链生产意 愿，对整个行业将会造成不利影响。若相关企业加快技术迭代和应用布局，整体行业竞争程度加剧，将会对目前行业内企业的增长产生威胁。 此外，华西证券研究所所长助理、计算机行业首席分析师刘泽晶则提到，对全球 ...

Group 1 - The Iranian parliament's National Security Committee has concluded that the Strait of Hormuz should be closed, but the final decision rests with the Supreme National Security Council [1][3] - Following the announcement, Bitcoin (BTC) dropped from $102,810 to a low of $98,200 before recovering to around $100,800, while Ethereum (ETH) fell to $2,111, marking a four-day decline [1] - The closure of the Strait of Hormuz could severely impact Iran's economy, leading to increased hardship for its citizens and potentially accelerating a legitimacy crisis for the regime [3] Group 2 - Historical context shows that Iran has previously threatened to close the Strait of Hormuz but has not followed through, indicating a potential reluctance to implement such a decision now [3] - Analysts suggest that if Iran acts rationally, it is unlikely to close the Strait, as the consequences would outweigh the benefits, leading to increased international isolation [3] - Market reactions indicate a significant sell-off in the cryptocurrency space, with over $658 million in liquidations occurring within 24 hours, primarily affecting long positions [1][4] Group 3 - Current market sentiment among traders is mixed, with some viewing the recent price drops as a buying opportunity, while others express caution due to declining demand for Bitcoin [4][7] - On-chain data suggests that Bitcoin may find support around $92,000, which corresponds to the actual cost price for traders during the bull market [7] - Ethereum's price has retraced nearly 20% from its highs, but analysts believe it is not yet the optimal time to buy, as a significant portion of circulating supply remains in profit [7]