中信建投｜稳定币的本质 20250616 摘要 信用货币体系通过银行信贷扩张增加货币供应，克服了黄金供给的限制， 适应了经济增长，但也可能导致不良贷款和过度定价等问题。 现代信用货币体系的优点是克服了通缩压力，适应了财富增长，缺点是 交易透明度差、便利性不足以及票据容易贬值，跨境支付复杂。 数字货币兴起是为了应对中心化信用货币体系的缺陷，通过技术增信提 高透明度和信任度，但比特币等数字货币的局限性使其难以成为真正的 交易媒介。 稳定币旨在结合数字货币的技术优势，通过挂钩法定货币或黄金来实现 价格稳定，从而更适合成为一种广泛接受的交易载体。 稳定币在跨境交易中具有显著优势，能够享受法币的币值稳定，同时提 供数字货币的支付便利性和隐私性，降低支付成本。 美国监管机构推动稳定币的发展，旨在满足市场对数字货币便利性的需 求，同时保持金融系统的整体稳定，缓解去美元化的趋势。 稳定币发展的难点在于保持币值的稳定性，需要确保发行方购买等量且 可随时兑现的美元资产，并通过严格的信息披露和资产流动性监管来增 强市场信任。 Q&A 什么是货币的本质？ 货币的本质可以从多个角度来理解。教科书通常会告诉我们，货币具有价值尺 度、储藏 ...

Core Insights - Major economies, including the US, have introduced significant regulatory frameworks for stablecoins, prompting tech giants to take action [2] - Ant Group's subsidiaries are applying for stablecoin licenses in Hong Kong and Singapore, indicating a strategic move towards compliant stablecoin operations [2][3] - The stablecoin market is gaining traction, with predictions of substantial growth in transaction volumes and market influence [4] Group 1: Company Developments - Ant Group's international division plans to expedite stablecoin license applications as regulatory channels open [2] - Ant Group has established Hong Kong as its global headquarters and has engaged in multiple discussions with regulators regarding stablecoin licensing [2] - Deutsche Bank is collaborating with Ant International to enhance payment solutions using tokenization and AI technologies [5] Group 2: Industry Trends - Stablecoins are digital tokens pegged to real-world assets, providing a stable alternative to traditional cryptocurrencies [3] - The adoption of stablecoins can significantly reduce transaction costs and time for cross-border payments, enhancing capital efficiency [3] - The stablecoin market is projected to grow nearly tenfold in the next four years, potentially capturing 10% of the foreign exchange market [4] Group 3: Strategic Implications - The integration of stablecoins into global financial infrastructure is seen as a critical step for major financial institutions and tech companies [6] - Ant Group aims to leverage stablecoins to bridge traditional finance and decentralized finance, enhancing its competitive edge in cross-border payments [5][6] - The potential for stablecoins to facilitate transactions in an AI-driven economy positions them as foundational tools for future financial systems [6]

今天盘面都符合预判。从数字货币的发酵力度上来看，6月的数字货币很像5月份的核电，体育方向之前 跟大家讲过，一开始发酵的原因是苏超，然后就是越超到串超，沪超题材在一步步发散，但是也体现了 该题材强度在减弱。虽然今天金陵在10日线有一定支撑，可以适当博弈反抽，但是叠加共创今天尾盘跌 停，今天在指数修复的过程中没有什么表现，不排除后续有消息刺激后还会反复，但是节奏上偏边打边 撤。如果之前是创新药体育跟数字货币来回轮动，那今天全天盘面就发现节奏出现变化了。数字货币今 天上午发酵后，一波完日内调整后，下午又继续发力，属于持筹者的盛宴，外加上四方尾盘涨停，这个 感觉其实情绪高潮了，而今天的高潮其实也代表了明天存在分化预期。 因为之前数字货币的表现整体就是走结构性行情大涨后然后震荡或者接着调整几天，外加上乐乐最近发 现可以开始把目光往低位方向去观察，一个是继续走趋势的sport方向，并没有因为市场缩量而停止继续 上攻的表现。另外就是最近异动频繁的传媒影视方向，代表核心容量票中文最近也是沿着5日线强势上 行，所以如果高位不想去参与的，可以多观察一下低位传媒方向，看资金会不会继续进一步高低，且属 于新题材，但是目前还没爆发。 ...

Core Insights - The global rise of digital currencies is prompting central banks to accelerate their exploration of central bank digital currencies (CBDCs) [1][2] - The mBridge project, which involves multiple central banks, has entered the Minimum Viable Product (MVP) stage, but faces challenges in data privacy and other areas [1][3] Technical Challenges - Beijing has a leading blockchain research foundation, but there is a gap in underlying blockchain technology compared to top international cities [1] - There is a lack of widely recognized evaluation standards and systems for blockchain technology, which affects performance, efficiency, scalability, and security [1] Market Challenges - Foreign trade enterprises primarily rely on the traditional USD-dominated cross-border payment system, limiting the acceptance of digital RMB for cross-border payments [1][2] Recommendations for Advancement - Strengthening core blockchain technology through comprehensive technical validation, creating an open-source blockchain community, and enhancing talent recruitment and training [2] - Improving enterprises' adaptability to new payment technologies while reinforcing cross-border payment regulatory frameworks to reduce digital transformation costs [2] - Enhancing international cooperation to elevate the level of financial services and align with global regulatory frameworks [2] Project Background - The mBridge project was jointly established by the Bank for International Settlements (Hong Kong), the Bank of Thailand, the Central Bank of the UAE, the People's Bank of China Digital Currency Research Institute, and the Hong Kong Monetary Authority in 2021 [2] - The project aims to address issues in traditional cross-border payment systems, such as high costs, low efficiency, low transparency, and limited access [2][3]

Core Insights - The recent surge in interest around stablecoins is attributed to their potential to bridge traditional finance and the digital economy, with a market size exceeding $250 billion and annual transaction volume reaching $35 trillion, double that of Visa [7][10] - Regulatory frameworks are rapidly evolving, with significant legislation passed in both the US and Hong Kong, enhancing the legitimacy and operational framework for stablecoins [8][10] - The integration of stablecoins into traditional financial systems is accelerating, with major companies like Visa and PayPal adopting stablecoins for transactions, showcasing their practical utility [10][11] Group 1: Market Dynamics - Stablecoins are gaining traction as a critical component in the financial ecosystem, with their market size projected to grow significantly due to increasing demand from both retail and institutional investors [7][8] - The market experienced explosive growth post-2019, particularly during the DeFi boom, which highlighted the utility of stablecoins as both a valuation and payment tool [5][6] - The collapse of TerraUSD (UST) in 2022 raised concerns about the stability of stablecoins, prompting regulatory scrutiny and the introduction of new legislation aimed at enhancing market stability [6][12] Group 2: Regulatory Developments - The passage of the Stablecoin Regulation in Hong Kong and the introduction of the GENIUS Act in the US are pivotal in establishing a clear regulatory framework for stablecoins, which is expected to attract institutional investment [8][10] - These regulations require stablecoin issuers to maintain strict reserve requirements and undergo regular audits, thereby increasing transparency and trust in the market [7][8] - The establishment of a licensing system in Hong Kong sets a precedent for other jurisdictions, potentially leading to a more standardized global approach to stablecoin regulation [7][10] Group 3: Technological Advancements - Advances in blockchain technology, particularly the adoption of Layer 2 solutions, have significantly reduced transaction costs and improved processing speeds, making stablecoins more competitive against traditional payment systems [8][10] - The efficiency of stablecoin transactions is evidenced by the substantial increase in on-chain transaction volumes, surpassing traditional payment networks like Visa [8][10] - The technological evolution of stablecoins is expected to facilitate their integration into various financial applications, enhancing their role as a foundational component of the digital economy [13] Group 4: Market Sentiment and Investment Trends - The interest from institutional investors in stablecoins is rising, with numerous brokerages hosting discussions focused on stablecoin investments, indicating a shift towards mainstream acceptance [10][11] - Companies involved in stablecoin initiatives have seen significant stock price increases, reflecting market optimism and investor interest in the sector [11] - The potential for stablecoins to serve as a strategic asset in global monetary policy and economic strategy is becoming increasingly recognized, positioning them as a key player in the future of finance [13]

数字货币领域迎来关键性突破！ 美国参议院正式通过《2025年稳定币法案》的程序性议案，为与美元挂钩的稳定币搭建起联邦层面的监 管体系； 与此同时，中国香港立法会也表决通过了《稳定币条例草案》，通过设立发牌机制强化对数字金融领域 的布局。 2025年6月12日，蚂蚁集团副总裁边卓群公开表示，蚂蚁数科已启动香港稳定币牌照的申请流程，并与 监管部门进行了多轮深度沟通。据悉，蚂蚁数科今年已将香港作为全球总部，并率先完成香港监管沙箱 的试点测试。当日，蚂蚁数科与协鑫能科联合宣布成立新公司"蚂蚁鑫能"。 政策扶持与市场需求的双重驱动下，稳定币产业链相关企业正迎来前所未有的发展机遇！ 第一家：吉大正元，上海云鑫持有其10.48%的股权； 第二家：华信永道，公司第三大股东为蚂蚁科技全资控股的上海云鑫创业投资有限公司； 第三家：正元智慧，蚂蚁金服未来校园产品的核心战略伙伴，为其研发并提供人脸识别消费终端； 第四家：安妮股份，与蚂蚁金服、众安科技等共同推动区块链中国标准的制定与优化； 第五家：元隆雅图，通过控股子公司上海喔哇宇宙数字科技布局RWA（现实世界资产代币化）领域， 战略投资方包括乐华娱乐、阿里影业，聚焦"IP文创+科技 ...

1、行情 市场整体小幅修复走强的一天。 此外，创新药、地产、算力等均有局部强势表现，黄金、周期股等跌幅居前。 截至收盘，沪指、深成指、创业板指分别收涨0.35%、0.41%、0.66%，市场超3500股上涨，1600余股下跌。 2、3D打印 3D打印板块今日迎来大涨。 题材方面，蚂蚁数科概念股借着稳定币大涨，协鑫能科、金时科技2连板，朗新集团（20CM）、海联金汇、恒生电子、新炬网络、合肥城建纷 纷涨停； 数字货币概念全天走强，东信和平、恒宝股份、天阳科技（20CM）、中科金财、四方精创（20CM）先后涨停，拉卡拉、雄帝科技、正元智 慧、飞天诚信等涨超10%； 3D打印概念突然发力，金橙子二连板（20CM），海正生材（20CM）、长江材料涨停，爱司凯、统联精密、炬光科技、金运激光、德龙激光 等集体大涨； 大概是因为"IP经济"概念，传媒、游戏、服装等均有上涨表现，元隆雅图4连板，萃华珠宝2连板，光线传媒、高乐股份、美邦服饰、地素时尚 纷纷涨停，凡拓数创、星辉娱乐涨超10%； 油服板块继续大幅高开，山东墨龙、准油股份、贝肯能源、洲际油气、通源石油集体2连板，但后排个股大多呈现冲高回落； 金橙子二连板（20CM） ...

| 全A | 涨 3556 | 平 218 | 跌 1637 | A股成 | | --- | --- | --- | --- | --- | | 序号 代码 | 名称 | 现价 | | 涨跌 涨跌幅 | | 1 | 000001 上证指数 | 3388.73c | 11.73 | 0.35% | | 2 | 399001 深证成指 | 10163.55c | 41.43 | 0.41% | | 3 | 899050 北证50 | 1408.15c | 25.42 1.84% | | | 4 | 881001 万得全A | 5170.33 c | 27.90 0.54% | | | 5 | 000688 科创50 | 970.89c | -2.05 -0.21% | | | 6 | 399006 创业板指 | 2057.32c | 13.50 0.66% | | 6月16日，截至收盘，沪指涨0.35%，深成指涨0.41%，创业板指涨0.66%。 沪深两市全天成交1.2万亿元。个股涨多跌少，全市场超3500只个股上涨。 2025.06. 16 本文字数：834，阅读时长大约2分钟 作者 | 一财资讯 具体到个股来 ...

老铁们好，这里是帮主郑重每天的收评时间。今天带你们拆解A股最新剧本——沪指缩量反弹收涨0.35%，但市场暗流涌动，稳币概念股集体狂欢，这背后 藏着什么门道？ 1. 别碰缩量反弹的弱势股，尤其是成交量连续萎缩的，这种票涨不动也跌不深，容易把人磨死。 2. 关注政策驱动的确定性机会，比如跨境支付、数字货币，这类有政策背书的板块，跌了也敢抄底。 3. 回避纯概念炒作的题材股，像毛发医疗这种没有业绩支撑的，炒高了就是坑。 油气股延续强势，准油股份、贝肯能源又涨停，这波行情和油价反弹直接挂钩。中东局势紧张，国际油价重回80美元关口，国内油气开采企业利润肉眼可 见。不过老铁们要注意，这类周期股涨得快跌得也快，就像坐过山车，心跳加速但容易晕车。 影视院线突然崛起，光线传媒涨停，背后藏着暑期档的预期。最近《消失的她2》点映口碑炸裂，加上端午假期票房回暖，资金提前押注影视股。但记住， 影视股业绩波动大，就像追着看明星八卦，热闹归热闹，真能赚到钱的得看长线逻辑。 先看大盘，三大指数虽然全红，但成交额直接缩了2600亿，说明资金还在场外观望。这就像聚餐时大家点了一桌子菜，但都只敢尝一口，生怕吃多了撑着。 不过别慌，超3500只个股 ...

Market Overview - Major A-share indices experienced slight gains, with the Shanghai Composite Index rising by 0.35% to 3388 points, the Shenzhen Component Index increasing by 0.41%, and the ChiNext Index up by 0.66% [1][2]. Trading Volume - The total trading volume for the day reached 1.24 trillion yuan, a decrease of 260.4 billion yuan compared to the previous trading day, with over 3500 stocks rising across the market [2]. Sector Performance Strong Performers - The stablecoin and digital currency sectors saw significant gains, with multiple stocks hitting the daily limit, including Tianyang Technology and Hailian Jinhui [2][4]. - The wind power equipment sector also performed well, with Yunda Co. hitting the daily limit with a 20% increase [2][7]. - The gaming sector showed strong performance, with Xinghui Entertainment rising over 14% [2][8]. - Oil and gas stocks surged, with Tongyuan Petroleum and Keli Co. both hitting the daily limit [2][9]. - The film and television sector strengthened, with Guangxin Media hitting the daily limit and other companies like Bona Film Group and Huayi Brothers also seeing gains [2][10]. Weak Performers - The precious metals and gold sectors experienced declines, with Xiaocheng Technology leading the drop [3][11]. - The aerospace sector also fell, with multiple stocks dropping over 3% [3]. - The traditional Chinese medicine sector weakened, with Kanghui Pharmaceutical hitting the daily limit down [3][13]. - The automotive sector saw declines, with Great Wall Motors dropping over 2% [3][12]. Notable Stocks - Tianyang Technology rose by 20% to 22.68 yuan, while Sifang Jichuang increased by nearly 20% [5][6]. - Yunda Co. also saw a 20% increase, reaching 12.72 yuan [7]. - Xinghui Entertainment rose by 14.07% to 5.19 yuan [8]. - Tongyuan Petroleum increased by 19.96% to 6.07 yuan [9]. - Guangxin Media rose by 19.98% to 22.10 yuan [10]. Future Outlook - CITIC Securities suggests focusing on the supply chain for computing power, including AI servers, PCB, ASIC chips, and related components, while monitoring application segments such as AI glasses and toys [13].