数字洪流中的定海神针：揭秘稳定币 的底层逻辑 长江证券研究所计算机研究小组 2025-06-20 %% %% %% %% research.95579.com 1 分析师 宗建树 SAC执业证书编号：S0490520030004 SFC执业证书编号：BUX668 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% %% %% research.95579.com 2 01 引入：稳定币基本概念&分类 02 拆解：主流稳定币运作原理&技术实现 03 当下：为什么稳定币在此刻爆发 04 展望：未来稳定币发展有望提速 目 录 %% research.95579.com 3 01 引入：稳定币基本概念 &分类 %% %% %% %% research.95579.com 4 01 什么是稳定币？谁可以发行稳定币？ 资料来源：香港立法会，长江证券研究所 %% %% %% %% research.95579.com 5 ➢ 2025年5月21日，香港立法会正式通过《稳定币条例草案》（以下简 称《草案》），为稳定币提供了完整的监管框架。接下来待行政长官 签署并在宪报公布后，文件将正式生效。据香 ...

Group 1 - The core point of the article is the growing interest in stablecoins due to the upcoming implementation of the Hong Kong Stablecoin Regulation and the recent IPO of a stablecoin company in the US, which has seen its stock price rise significantly [1][2][90]. - Stablecoins are a type of cryptocurrency that is pegged to a fiat currency, providing stability in value, which has led to their increased adoption in the cryptocurrency market [49][55][66]. - The emergence of stablecoins was driven by the need for a reliable medium of exchange in the cryptocurrency space, especially after regulatory crackdowns on direct fiat-to-crypto transactions [66][94]. Group 2 - The article discusses the historical context of stablecoins, noting that they gained popularity after 2017 when traditional fiat channels for purchasing cryptocurrencies were restricted [66][94]. - The lack of regulatory oversight initially allowed for rapid expansion of stablecoin issuance, leading to concerns about the adequacy of reserves backing these coins [71][73]. - Recent enforcement actions against stablecoin issuers highlight the need for clearer regulations to ensure compliance and protect investors [82][86]. Group 3 - The article mentions that large institutions are now investing in cryptocurrencies and require stablecoins for transactions, emphasizing the importance of regulatory clarity for their participation [88][90]. - The Hong Kong Stablecoin Regulation is seen as a significant step towards legitimizing stablecoins as a financial service, encouraging more companies to engage in the market [94][97]. - There is speculation that stablecoins could play a role in alleviating the US debt crisis by indirectly supporting the purchase of US Treasury bonds through their backing [99][102].

Germany - The German Ministry of Finance has issued new regulations regarding the taxation of specific crypto assets, replacing the previous version from May 2022 [4] - The new regulations introduce detailed compliance obligations, including tax reporting, collaboration, and record-keeping requirements [5] - The regulations clarify the tax treatment of passive staking income and the criteria for determining transaction value, while non-fungible tokens (NFTs) and liquidity mining activities are currently excluded from these regulations [6] Australia - The Australian government has announced a two-year freeze on beer excise tax rates, halting tax increases on draft beer, which is beneficial for beer drinkers, brewers, and the hospitality industry [11] - Historically, beer excise tax rates have increased twice a year in line with the Consumer Price Index (CPI), with an 8% increase over the past year [11] - The government is also raising the excise tax exemption cap for eligible alcohol manufacturers to AUD 400,000, effective July 1, 2026 [11] Brazil - The Brazilian government has proposed a bill to adjust personal income tax policies, expanding the tax-exempt range for low-income earners and increasing tax burdens on high-income individuals [14] - The bill aims to raise the tax-exempt income threshold for low-income individuals to BRL 5,000, up from BRL 2,824, with full exemption for those earning below this threshold [14] - If approved, non-resident individuals receiving dividend income will be subject to a 10% withholding tax, and high-income earners will face an additional tax on exempt income, potentially raising their effective tax rate to 37.5% [15][16]

Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on various companies' performances and the impact of regulatory changes on specific sectors. Group 1: Hong Kong Stock Market Highlights - Haitian Flavoring (03288) debuted with over a 3% increase, raising HKD 10 billion and holding a 6.2% global market share in soy sauce, leading the Chinese seasoning market with a 4.8% share [1] - Stablecoin concept stocks surged, with Lianlian Digital up 11%, Yika up 9%, and Zhong An Online up 8%, driven by the implementation of Hong Kong's stablecoin regulations [1] - Hezhima Intelligent (02533) rose over 3% as it plans to acquire an AI chip company to expand its automotive and edge AI product lines [1] - Delin Holdings (01709) increased over 3% with an expected annual profit growth of 10%-30% (to HKD 110-130 million) and its subsidiary Synaptic Technology securing tens of millions in A-round financing [1] - Jingtai Technology (02228) saw over a 4% rise, producing its first clinical candidate drug, PRMT5 inhibitor PE-0260, with clinical trials set to start in the second half of 2025 [1] - Gold stocks collectively fell, with Lingbao Gold and Zhu Feng Gold both down 4%, affected by a pullback in spot gold prices [1] - Innovent Biologics (01801) rose over 4% after obtaining global rights for GlycoT's ADC technology, with positive outlooks for IBI363/343's international potential [1] - Longpan Technology (02465) increased over 6% due to policy support accelerating solid-state battery industrialization, with the Ministry of Industry and Information Technology allocating HKD 6 billion for special research [1] Group 2: Other Notable Movements - Simor International (06969) fell over 5% as shareholder Yiwei Lithium Energy announced a third reduction of 3.5% in its stake, dropping to 27% and losing control [2] - Fubo Group (03738) rose over 4% due to favorable policies for data asset REITs, with the company targeting annual AI business revenue in the million-dollar range [2] - Yadea Holdings (01585) increased over 4% with a projected 55% rise in H1 net profit to HKD 1.6 billion, driven by new national standards enhancing industry concentration [2] - Perfect Medical (01830) fell over 6% as medical beauty consumption shifted to Shenzhen and South Korea, with an expected 35% decline in annual profit [2] - Yunbai International (00030) surged over 15% after acquiring global distribution rights from its parent company Yunnan Baiyao, covering a full range of products including medicines and personal care [2] - Luk Fook Holdings (00590) dropped over 4% due to increased gold hedging losses from rising gold prices and high base effects from last year's acquisition of King of Gold [2] Group 3: US Stock Market Highlights - Brain Regen Technologies (RGC.US) fell over 18% after a 400% increase in the previous two days, as profit-taking occurred; the company focuses on liquid formulations for ADHD and autism [3] - Marvell Technology (MRVL.US) rose over 7% after announcing a collaboration to develop AI power solutions and launching a 2nm custom SRAM chip with leading bandwidth and energy efficiency [3] - Circle (CRCL.US) surged over 33% after the US Senate passed a stablecoin bill, boosting the stock's value by 410% since its listing [3] - The rare earth sector continued to rise, with MP Materials up 4.9% and USA Rare Earth up 5.58%, driven by policy support for strategic resource demand [3] - Wolfspeed (WOLF.US) fell over 30% amid reports of a potential bankruptcy agreement, despite the silicon carbide market projected to reach USD 29 billion by 2030 [3] - Odyssey Marine (OMEX.US) rose over 11% after Trump signed an executive order to expedite deep-sea mining permits, with a 93% increase year-to-date [3] - Huya (HUYA.US) increased over 3% as the "HYPER eSports Carnival" is set to open in Chengdu, boosting platform traffic and commercialization expectations [3] Group 4: Additional Notable Movements - AST SpaceMobile (ASTS.US) rose over 10%, with an 85% increase in June, partnering with Vodafone India to provide satellite connectivity to unconnected areas [4] - Arqit Quantum (ARQQ.US) surged over 22% after being selected for Oracle's defense ecosystem, highlighting the strategic value of quantum encryption technology [4] - Aptevo (APVO.US) skyrocketed over 81% due to a new leukemia drug showing an 85% response rate in frontline treatment [4] - Upstart (UPST.US) rose over 10% after Bank of America raised its target price to USD 56, maintaining a "hold" rating as the credit tech platform's valuation recovers [4] - Coinbase (COIN.US) increased over 16% as it plans to apply to the SEC for "tokenized stocks," opening new growth opportunities in traditional equity on-chain [5]

Group 1 - The passage of a significant stablecoin bill is expected to encourage more traditional financial institutions to enter the cryptocurrency market [1] - The U.S. Senate approved the stablecoin bill with a vote of 68 in favor and 30 against, establishing regulatory rules for cryptocurrencies pegged to the dollar [1] - Prior to the Senate's approval, banks and fintech companies had already begun integrating digital assets, with JPMorgan launching a pilot token named JPMD representing its dollar deposits [1] Group 2 - Galaxy began direct listing on Nasdaq on May 16 and continues to trade on the Toronto Stock Exchange [2] - The company is in discussions with the SEC to tokenize its stock and other stocks using its digital asset platform [2] - Galaxy aims to provide white-label solutions and its own solutions for tokenized stocks in both cryptocurrency and non-cryptocurrency markets [2]

Group 1 - Coinbase is launching a platform aimed at making stablecoins the preferred payment method for online transactions, marking a significant step towards mainstream adoption of dollar-pegged cryptocurrencies [1] - The U.S. Senate recently passed a landmark stablecoin bill, and major retailers are interested in exploring the use of stablecoins for online payments, a market estimated at approximately $6 trillion [1] - Coinbase Payments targets online platforms like Shopify and eBay, which serve thousands of small and medium-sized enterprises that often seek to avoid credit card processing fees [1][2] Group 2 - The new payment service is expected to provide faster settlement speeds, lower fees, and instant access to a global customer base for e-commerce platforms [2] - Coinbase has signed an agreement allowing USDC to be used as collateral for U.S. futures trading, marking the first regulated use of USDC as collateral [3] - Coinbase's Chief Legal Officer revealed that the company is seeking approval from the SEC to launch a tokenized equities service [3]

据央视新闻报道，当地时间6月18日，美联储最新的联邦公开市场委员会（FOMC）货币政策 会议纪要显示， 美联储决定将联邦基金利率目标区间维持在4.25%至4.50%之间不变。这是 美联储货币政策会议连续第四次决定维持利率不变 。 会议纪要显示，在考虑进一步调整联邦基金利率目标区间的幅度和时机时，委员会将仔细评 估后续数据、不断变化的前景以及风险平衡。 委员会将继续减持美国国债、机构债券和机构 抵押贷款支持证券 。会议纪要显示，如果出现可能阻碍委员会目标实现的风险，委员会将准 备酌情调整货币政策立场。委员会的评估将考虑广泛的信息，包括劳动力市场状况、通胀压 力和通胀预期，以及金融和国际形势发展。 美联储官员预计2 0 2 5年将降息两次 据央视新闻报道，当地时间6月18日，美联储官员预计未来几个月美国通胀情况将恶化，但 仍 预计在2025年年底前将降息两次，与3月份的预测一致 。 美联储预计，相比于3月份的预测，到2025年年底美国经济增长将明显放缓，通胀将上升，失 业率将略有上升。美联储官员预计，美国通胀率到2025年年底将升至3%，失业率将升至 4.5%，经济增长率将放缓至1.4%。 当天，特朗普在白宫表示 ...

Group 1 - The U.S. Senate passed the "Guidance and Establishment of a National Stablecoin Innovation Act" (GENIUS Act) with a vote of 68 to 30, establishing a regulatory framework for stablecoins pegged to the U.S. dollar [1] - Stablecoins are digital currencies linked to the value of the U.S. dollar, designed to avoid the price volatility seen in cryptocurrencies like Bitcoin, and are seen as a bridge between traditional currencies and cryptocurrencies [1] - Despite the Senate's approval, several Democratic lawmakers strongly oppose the bill, citing insufficient regulatory measures and oversight mechanisms to prevent corruption and abuse [1] Group 2 - The bill must still be passed by the House of Representatives and signed by the President to take effect, marking a significant return on investment for the cryptocurrency industry, which has spent hundreds of millions to foster a favorable congressional environment [2] - The GENIUS Act requires tokens to be backed by liquid assets such as U.S. dollars or short-term government bonds, and mandates monthly disclosures of token reserves by issuers, potentially increasing demand for U.S. government bonds [2] - Supporters, including Treasury Secretary Yellen, argue that dollar-pegged stablecoins could enhance the global dominance of the U.S. dollar compared to other forms of currency [2]

稳定币第一股圆环公司（Circle）在纽交所上市首日大涨168%，多个稳定币相关概念股持续走强……近 段时间以来，稳定币市场不断升温，成为国际投资者关注的一大焦点。 日益明确的监管措施，也推动稳定币走进更多人的视野。今年以来，稳定币相关监管动态不断。5月27 日，英国金融行为监管局（FCA）发布针对稳定币发行、加密资产托管及相关企业财务稳健性的监管提 案，为加密行业建立更明确的监管路径。6月6日，香港特区政府于宪报刊登《稳定币条例（生效日期） 公告》，指定8月1日开始实施，香港加密资产监管框架进一步完善。6月12日，美国参议院通过对 《GENIUS稳定币法案》修正案的程序性动议，该法案要求稳定币以美元或等值高流动性资产全额储 备，并对市值超过500亿美元的发行方进行年度审计。 "多地相继出台明确的监管措施，使得此前长期处于政策灰色地带的稳定币发行和流通活动获得更多明 确的监管依据，机构参与门槛有所降低，资金或会快速流入。"于佳宁说。 丁肇飞认为，稳定币监管在多地落地，填补了监管空白，为行业提供了清晰的监管框架，有助于增强市 场透明度，防范洗钱等金融风险和非法活动。当前越来越多的国际银行和支付机构开始尝试发行或 ...

Group 1 - The global cryptocurrency industry is undergoing dual transformations, with corporate Bitcoin reserves facing valuation pressure while emerging DeFi token airdrops ignite market enthusiasm [1] - Semler Scientific's Bitcoin holdings are nearly equal to its current valuation, with a market NAV multiple of 1.07, indicating vulnerability in corporate cryptocurrency investments [3] - Institutional investors in the U.S. are reassessing strategies to avoid asset depreciation risks due to the pressures faced by Bitcoin reserve companies [3] Group 2 - Kraken's Ink Foundation launched the INK token to empower the DeFi ecosystem, with a hard cap of 1 billion tokens to prevent future inflation [4] - The INK airdrop has attracted global users, with over 40% participation from the U.S., reflecting a resurgence in the DeFi market [4] - XBIT decentralized exchange platform has emerged as a preferred tool for users to access the INK ecosystem, providing real-time liquidity support and a low barrier to entry [6][7] Group 3 - XBIT's user base surged by 15% following the news, highlighting its appeal as a market safe haven amid corporate risks [7] - INK's airdrop mechanism integrated with XBIT offers users not only airdrop rewards but also low transaction fees, with 30% of INK-related trades occurring on XBIT in the past 24 hours [7] - XBIT's compliance design ensures user asset safety, making it a favored entry point for DeFi innovations, especially in the U.S. market [7]