Core Insights - Stablecoins are quietly transforming the global payment system by providing a stable digital currency that maintains a value of 1 USD, replacing traditional banking methods in various applications [1][2] - The adoption of stablecoins is driven by their efficiency in cross-border remittances, inflation hedging, decentralized finance (DeFi) transactions, and merchant payments [3][4] Group 1: Use Cases and Adoption - Cross-border remittances are facilitated by stablecoins like USDT and USDC, allowing for quick and low-cost transactions compared to traditional banking methods [3][4] - In countries like Argentina and Venezuela, stablecoins are used as a means of savings to combat local currency devaluation [3][4] - Stablecoins are becoming the primary transaction unit in the DeFi ecosystem, providing liquidity and facilitating lending and collateralization [3][4] Group 2: Regulatory Landscape - Global regulatory approaches are shifting from suppression to acceptance, with countries aiming to manage and guide stablecoin usage [5][6] - The U.S. is advancing the "Payment Stablecoin Act," which mandates licensing, reserve requirements, and audits for issuers, while the EU has enacted the MiCA regulation to ensure transparency and compliance [6] - Asian financial centers, such as Hong Kong, are establishing regulatory sandboxes to pilot stablecoin projects aimed at enhancing cross-border transactions [6] Group 3: Future Trends - Stablecoins are emerging as a "digital dollar" for global cross-border payments, facilitating labor remittances and small international trade [8] - In the Web3 environment, stablecoins are becoming essential for transaction valuation and lending, acting as a foundational financial language [9] - Some nations are exploring "sovereign stablecoins," which are backed by national currencies and issued by commercial banks, potentially serving as future policy tools [10] Group 4: Real-World Applications in Hong Kong - Hong Kong is utilizing stablecoins to address real-world issues, with several fintech companies issuing HKD stablecoins backed by real assets [11][13] - The use of stablecoins in cross-border payments has significantly reduced transaction times and costs for small businesses [13][14] - Stablecoins are integrated with smart contracts to automate payment processes, enhancing efficiency and reducing disputes [16] Group 5: Integration with Digital Currencies - Stablecoins are facilitating seamless transactions between digital currencies, such as the digital RMB and HKD stablecoins, creating an invisible payment channel [17][19] - This integration allows for real-time currency conversion and settlement without relying on traditional exchange markets [18][19] Group 6: Conclusion - Stablecoins are not just a speculative asset but are becoming integral to various financial activities, including payments, savings, and trade [20] - The evolution of stablecoins represents a quiet yet significant revolution in the monetary landscape, impacting users beyond the cryptocurrency sphere [20]

BOSS Wallet 7月30日讯，全球稳定币市场正迎来重大发展机遇，美国金融巨头Visa对监管前景表达乐观态度，同时香港积极推进稳定币监管框架建设。稳定 币总供应量已突破2603亿美元，为去中心化交易平台创造了前所未有的发展契机。 图片来源：BOSS Wallet 美国Visa积极表态稳定币监管前景光明 BOSS Wallet报道，美国金融巨头Visa在2025财年第二季度财报中披露，当前稳定币结算总额为2亿美元，虽然占整体结算量比例较小，但公司对未来发展持 积极态度。Visa CEO McInerney明确表示："我们对美国政府出台更清晰、更务实的监管规定持乐观态度，我认为不仅是美国，希望其他国家也能如此。" 这一表态标志着传统金融巨头对稳定币监管环境的积极预期。Visa强调稳定币技术目前仍处于"婴儿期"，随着监管框架的逐步完善，稳定币将迎来爆发式增 长。 据BOSS钱包APP数据显示，稳定币最新价格行情保持稳定态势，USDT以1640亿美元供应量领跑市场，USDC达到630亿美元，PYUSD等新兴稳定币也展现 出强劲增长势头。 XBIT去中心化交易所平台在这一政策环境下展现出独特优势，通过智能合约技术 ...

Summary of Key Points from the Conference Call on Payment Stablecoins Industry Overview - The focus of the conference call is on the implications of payment stablecoins within the financial system, particularly in light of recent US legislation, specifically the GENIUS Act, which establishes a regulatory framework for payment stablecoins [2][5]. Core Insights and Arguments 1. **Stablecoin Definition and Purpose**: Stablecoins are blockchain-based digital currencies designed to maintain a stable value, primarily pegged to fiat currencies like the US Dollar, and serve as a medium of exchange [3][4]. 2. **Regulatory Framework**: The GENIUS Act mandates that US-issued payment stablecoins must be fully backed by permitted reserves, which include safe assets like Treasury securities and bank deposits, and prohibits them from paying interest [2][5]. 3. **Impact on Safe Asset Demand**: The adoption of payment stablecoins could increase demand for safe assets, particularly Treasury securities, depending on the scale and speed of adoption, as well as the source of inflows [1][5][19]. 4. **Credit Disintermediation Risks**: A significant shift from bank deposits to stablecoins could lead to credit disintermediation, increasing liquidity requirements for banks and potentially destabilizing the banking sector [1][32][45]. 5. **Seigniorage Transfer**: The transition from physical currency to stablecoins may transfer seigniorage value from central banks to the private sector, increasing public sector interest expenses as more central bank liabilities become interest-bearing [1][50][41]. 6. **Treasury Issuance Strategy**: The demand for safe assets driven by stablecoin adoption could influence Treasury's issuance strategy, potentially skewing issuance towards short-term securities, which may lower expected debt costs but increase funding cost variability [1][57][66]. Additional Important Considerations 1. **Market Size and Composition**: The stablecoin market is currently valued at approximately $260 billion, with USDT and USDC accounting for the majority of market share, and over 80% of their backing reserves held in safe assets [6][7][10]. 2. **Consumer Adoption Challenges**: Despite potential benefits, the lack of a clear value proposition for consumers may hinder widespread adoption of payment stablecoins, as they function similarly to non-interest-bearing store value instruments [12][11]. 3. **Turnover Velocity**: The speed of turnover in stablecoin transactions will affect the amount of safe assets required to support outstanding stablecoins, with faster turnover potentially reducing the necessary stock of stablecoins [13][15]. 4. **Foreign Demand**: There is potential for increased demand for USD stablecoins from foreign investors, particularly those facing restrictions on traditional USD assets, which could further drive demand for US safe assets [42][43]. 5. **Financial Stability Risks**: The introduction of payment stablecoins could exacerbate financial stability risks, particularly during periods of banking stress, as they may compete with traditional bank deposits for liquidity [47][48]. This summary encapsulates the key points discussed in the conference call regarding the implications of payment stablecoins on the financial system, highlighting both opportunities and risks associated with their adoption.

Core Viewpoint - The business combination between TLGY Acquisition Corp. and StablecoinX Assets Inc. aims to create the first pure-play treasury company in the Ethena stablecoin vertical, with plans to list on Nasdaq under the ticker "USDE" [1][13]. Group 1: Business Combination Details - TLGY has entered into a definitive agreement for a business combination with SC Assets, which will be named StablecoinX [1]. - The transaction includes a $360 million private investment in public equity (PIPE), with significant contributions from the Ethena Foundation and other leading investors [2][13]. - The combined company will focus on accumulating ENA, the native token of the Ethena protocol, to build a treasury strategy that supports shareholder value [3][4]. Group 2: Strategic Objectives - StablecoinX aims to secure a strategic stake in the Ethena protocol, which is the third-largest issuer of digital dollars on-chain, enhancing its position in the growing demand for digital currencies [3][4]. - The treasury program is designed to provide institutional investors with transparent access to the Ethena ecosystem, facilitating large-scale ENA accumulation [6][7]. - A multi-year collaboration agreement between StablecoinX and the Ethena Foundation will govern their partnership, ensuring long-term capital efficiency and alignment of interests [5][9]. Group 3: Financial Structure and Governance - The PIPE financing will be used to purchase discounted locked ENA tokens, which will be held in a custody account for investors [13]. - The Ethena Foundation will hold a majority of the voting power in StablecoinX after the transaction, ensuring governance stability [13]. - Capital allocation decisions will require majority approval from a three-member Investment Committee, comprising representatives from both StablecoinX and the Ethena Foundation [12].

Core Viewpoint - JD Coin Chain Technology has clarified that the JD-HKD digital currency has not been issued and that all trading platforms claiming to offer it are fraudulent [1] Company Summary - JD Coin Chain Technology reported that there have been instances of impersonation using the JD name to promote a digital currency called JD-HKD on mainstream trading platforms, misleading users into participating in transactions [1] - The company has communicated with mainstream trading platforms to have the fraudulent digital currency removed and has issued a notice to alert users [1] - As a participant in the Hong Kong Monetary Authority's stablecoin issuance sandbox, JD Coin Chain Technology is committed to following the regulatory guidelines for stablecoin issuance in Hong Kong [1] Industry Summary - The company emphasized that until it obtains a stablecoin issuer license in Hong Kong, any issuance or promotion of coins using the names JD stablecoin, JD-HKD, JD-USD, or any similar names, as well as any coins falsely claiming to be associated with JD or its partners, are scams [1] - JD Coin Chain Technology also stated that it will not issue any governance tokens other than the JD stablecoin [1]

Core Insights - Bitcoin has surged to a record high of nearly $112,000, driven by growing risk appetite and sustained institutional demand [2] - The cryptocurrency market is supported by a weakening U.S. dollar, which has seen a decline of 10.65% over the past six months [4] - Anticipation of interest rate cuts by the Federal Reserve is boosting investor confidence in digital currencies, with a 68.3% likelihood of a rate cut in September [6] Institutional Adoption - Increasing interest from institutional investors is sending a positive signal to the market, reflecting confidence in digital currency [2] - Goldman Sachs anticipates three quarter-point rate cuts this year, which could further enhance investor risk appetite [6] Regulatory Environment - Pro-crypto moves by the Trump administration and expectations of Congress passing crypto legislation are leading to fresh capital inflows into the sector [7] - The U.S. House of Representatives is preparing to consider key digital asset bills, including the Genius Act and the CLARITY Act, which aim to establish regulatory frameworks for stablecoins and clarify the boundaries between regulatory bodies [8][9] Market Dynamics - A tech-driven equity rally, particularly led by Nvidia, has also contributed to Bitcoin's record high [3] - The U.S. Dollar Index (DXY) has fallen 1.4% over the past month, indicating a weakening dollar that benefits cryptocurrencies [4] Investment Opportunities - Several ETFs are available for investors looking to increase exposure to digital currencies, including iShares Bitcoin Trust ETF (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) [10][11] - IBIT has the largest asset base of $76.31 billion and has outperformed other funds, gaining 54.86% over the past year [12]

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, focusing on significant stock market events such as suspensions, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers, with key announcements marked in red to assist investors in identifying investment hotspots and avoiding black swan events [1] - A company is involved in the IT infrastructure construction for clients' digital currency systems, integrating digital currency with cross-border payments and data centers, and is associated with Huawei's HarmonyOS [1] - Another company supports digital RMB across all payment terminals and is exploring cross-border payment applications, having released silicon optical switches with capacities of 25.6T and 51.2T [1] Group 2 - A company specializing in rare earth permanent magnets is achieving mass production in various applications, including humanoid robots and high-speed copper connections, with a projected net profit increase of over two times year-on-year for the first half of the year [1]

Group 1: Bitcoin Overview - Bitcoin is the most popular and valuable digital currency, with a market cap of $2.1 trillion as of July 7, compared to Ethereum's $306 billion [5] - Over the past five years, Bitcoin has gained more than 1,000%, with projections suggesting it could reach $1.5 million by 2030 [8] - Bitcoin's mainstream acceptance has made it easier for investors to access through spot Bitcoin exchange-traded funds (ETFs) [6][7] Group 2: MicroStrategy Overview - MicroStrategy, rebranded as Strategy, has a valuation that is disconnected from its revenue and earnings, trading more like a digital currency [2] - The company has amassed nearly 600,000 Bitcoins as of the end of June, benefiting from Bitcoin's rising valuation [10] - Strategy's stock has soared more than 3,200% over the past five years, outperforming Bitcoin [10] Group 3: Investment Considerations - Strategy is seen as a more compelling investment option due to its ability to diversify into other cryptocurrencies and its inclusion in the Nasdaq 100 index [11][12] - Executive Chairman Michael Saylor is a strong advocate for Bitcoin, predicting it could reach $13 million by 2045 [9] - Despite its business intelligence background, Strategy's revenue has been declining, making it primarily a crypto play [13][14]

（原标题：华尔街为何疯抢这只的稳定币股票？） 作者 | 黄绎达 编辑 | 郑怀舟 我们在之前发布的策略文章《全球爆火的稳定币暗藏哪些投资机会？》中，已对稳定币市场的基本情况 展开详细介绍，涵盖稳定币的类型、当前的市场规模、未来的发展预期等核心内容。而关于稳定币市场 本身，其主要参与者包括发行人、交易平台、技术供应商和客户。 作为稳定币第一股的Circle是目前稳定币市场最主要的发行人之一，公开资料显示，截至2025Q2，由其 发行的稳定币USDC的总市值约600亿美元，约占稳定币市场份额的24%。在竞争格局方面，稳定币市 场目前由两大寡头垄断，由Tether发行的USDT在同期总市值的市场份额高达60%，Circle发行的USDC 总市值排名次之，而且Circle的USDC与Tether的USDT 这两大币种合计的市场份额则达到了惊人的 84%，其他稳定币种的总市值要远低于这两大巨头。 近期， A股市场中稳定币概念表现火爆，wind稳定币指数自6月3日发布至今（截至7月11日），期间指 数最大涨幅超过40%，可以说稳定币是近期A股最热门的话题之一。 与此同时，随着稳定币发行人Circle于6月初在纽交所上市， ...

Core Insights - Circle's successful IPO marks the entry of stablecoins into mainstream finance, reshaping payment systems, currencies, and the global financial order [1] - Stablecoins are not merely "digital dollars" but are digital assets anchored to fiat currencies, becoming foundational settlement assets in the digital economy [2] - The emergence of stablecoins is transforming the financial infrastructure market, moving beyond the realm of cryptocurrency innovation [3] Group 1: Perspectives from Different Financial Entities - Traditional finance views stablecoins as "electronic dollars," but they are actually blockchain-based digital assets [2] - Banks are exploring tokenized deposits to compete with stablecoins, but the inherent advantages of stablecoins lie in their openness and composability [4] - Central banks question the efficacy of CBDCs compared to stablecoins, which operate on an open protocol and offer global financial connectivity [5] Group 2: Characteristics and Impact of Stablecoins - The popularity of stablecoins, especially USD-pegged ones, is altering the global monetary system through stability, programmability, and global liquidity [6] - Major players in the stablecoin market include Tether (USDT), PayPal USD, and compliant stablecoins from Paxos and First Digital [7] - Stablecoins are more efficient than traditional banking systems, which often operate in closed environments with limited interoperability [8][9] Group 3: Future Implications and Opportunities - The rise of stablecoins presents a dual impact on the Federal Reserve, expanding dollar demand while altering the monetary multiplier through technology [10] - Payment institutions face both challenges and opportunities from stablecoins, which could disrupt traditional payment gateways while also providing avenues for innovation [11] - Entrepreneurs see vast potential for innovation with stablecoins, which serve as foundational assets for programmable financial protocols [12][13] Group 4: The Broader Context of Stablecoins - Stablecoins are seen as a compromise between decentralized ideals and centralized custodianship, marking a significant step towards mainstream financial integration [15] - The integration of stablecoins into payment systems can enhance transaction efficiency and reduce reliance on traditional banking [16] - There is potential for localized stablecoins in developing regions and innovative financial products combining stablecoins with real-world assets [17] Group 5: Market Dynamics and Usage - Stablecoins have significantly higher daily active users and transaction volumes compared to Bitcoin, indicating their role as a primary medium of exchange [18] - The true value of stablecoins lies in understanding their potential and building new business models around them [19]