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清华田轩:稳定币热点交锋,价值锚与防风险如何并行
21世纪经济报道 记者 崔文静 北京报道 香港《稳定币条例》与美国《GENIUS法案》的相继落地,对此,21世纪经济报道记者与清华大学国家 金融研究院院长、清华大学五道口金融学院副院长田轩教授展开一场对话。在田轩看来,上游发币方如 Circle(USDC),依托合规性与储备资产透明度形成优势,但需警惕储备资产流动性风险;中游服务 商如 Chainalysis,凭借技术能力立足,却面临技术迭代被替代的挑战;下游场景方如蚂蚁、京东等,通 过 "RWA + 支付" 闭环释放商业潜力,不过概念炒作可能催生估值泡沫。 跨境协作方面,香港作为国际金融枢纽,在稳定币监管中高度重视与其他司法管辖区的合作,通过建立 互信机制,促进稳定币的跨境流动与使用场景扩展。而美国的《GENIUS法案》更多聚焦于国内市场的 整合与保护,在国际合作上通常附带严苛条件。因此,这种灵活性、包容性方面的差异,使得香港模式 能够更好地适应多边金融体系,促进全球稳定币市场的多元化发展,而美国模式则可能在短期内继续通 过美元锚定型稳定币主导主流市场,进一步挤压其他货币的空间。 21世纪:您提到香港条例推动"数字金融与跨境资本体系重构"。稳定币是否可能冲击 ...
21专访|清华田轩:稳定币热点交锋,价值锚与防风险如何并行
21世纪经济报道 记者 崔文静 北京报道 香港《稳定币条例》与美国《GENIUS法案》的相继落地,对此,21世纪经济报道记者与清华大学国家 金融研究院院长、清华大学五道口金融学院副院长田轩教授展开一场对话。在田轩看来,上游发币方如 Circle(USDC),依托合规性与储备资产透明度形成优势,但需警惕储备资产流动性风险;中游服务 商如 Chainalysis,凭借技术能力立足,却面临技术迭代被替代的挑战;下游场景方如蚂蚁、京东等, 通过 "RWA + 支付" 闭环释放商业潜力,不过概念炒作可能催生估值泡沫。 田轩提醒投资者需理性看待三类主体的长期价值锚点 —— 发币方看储备安全与合规性,服务商看技术 壁垒与效率,场景方看用户粘性与生态扩展力。同时,对于港股券商ETF 因牌照引发的短期暴涨,需 警惕估值与实际业务的脱节。在这场金融创新浪潮中,唯有穿透概念、聚焦本质,才能在稳定币生态中 稳健前行。 他指出,从境内监管和风险防范的角度出发,内地在法律法规完善度、市场认可度、技术安全、金融系 统稳定性及风险防控等方面尚不具备推进稳定币的条件,境内目前也尚未批准任何稳定币的发行和交 易。 香港VS美国:稳定币监管的制度 ...
对冲美元霸权,香港出手了
Hu Xiu· 2025-08-04 10:15
Core Viewpoint - Hong Kong's Stablecoin Regulation, effective from August 1, 2025, marks a significant shift from a chaotic environment to a structured legal framework, allowing only robust and compliant companies to issue stablecoins, while excluding individuals and non-compliant entities [1][6] Group 1: Purpose of Stablecoin Regulation - The introduction of stablecoins in Hong Kong serves two main purposes: to defend against the dominance of the US dollar and to seek greater influence in the global monetary system [1][4] - Stablecoins are seen as tools to mitigate the risks of local currency depreciation, especially in countries with severe currency devaluation [2][4] Group 2: Advantages of Stablecoins - Stablecoins provide significant advantages in cross-border payments and real-time settlements compared to traditional banking systems, reducing costs and increasing transaction efficiency [3][4] - The dominance of US dollar-pegged stablecoins in global transactions allows the US to benefit from substantial "seigniorage" while challenging other nations' monetary sovereignty [4][5] Group 3: Regulatory Framework - The new regulation establishes a licensing mechanism with high entry barriers, ensuring that only well-capitalized and compliant entities can issue stablecoins, thereby enhancing market order and protecting investors [6][8] - The regulation mandates that all stablecoin issuers must have a physical presence in Hong Kong, maintain adequate reserves, and undergo annual audits to ensure redemption capabilities [6][8] Group 4: Future Implications - The regulation aims to position Hong Kong as a leader in digital asset regulation, enhancing its financial reputation while addressing past industry issues such as lack of transparency and risk management [6][8] - The successful implementation of the regulation could lead to the integration of real-world assets (RWA) into the digital finance ecosystem, provided that the underlying assets are of high quality and compliant [7][8]
但斌旗下东方港湾海外基金公布二季度持仓动向:继续重仓英伟达还不够,新进数字货币概念股Coinbase
Mei Ri Jing Ji Xin Wen· 2025-08-03 12:56
Core Insights - The U.S. stock market rebounded quickly in Q2 2025 after tariff friction, reaching new highs, with Oriental Harbor's overseas fund increasing its holdings to approximately $1.127 billion and expanding its portfolio to 13 stocks [1][3] Group 1: Fund Performance and Holdings - Oriental Harbor's overseas fund reported a significant increase in holdings, rising from $868 million at the end of Q1 to $1.127 billion by the end of Q2 [3] - The fund's primary focus remains on technology leaders, with Nvidia as the top holding, owning 1.2678 million shares, which saw a price increase of 45.77% in Q2 [3][4] - Google was notably increased in the portfolio, becoming the second-largest holding with 921,600 shares, and its stock price rose by 13.54% during the same period [4] Group 2: New Investments - In Q2 2025, Oriental Harbor initiated a position in Tesla, holding 198,300 shares, which rebounded with a 22.57% increase after a previous decline of 35.83% in Q1 [4] - The fund also entered a new position in Netflix, acquiring 42,800 shares, which appreciated by 43.6% in Q2 [4] - Additionally, the fund made its first investment in the cryptocurrency sector by purchasing 156,100 shares of Coinbase, which surged over 103% in Q2 [2][5] Group 3: Market Trends and Strategy - The digital currency sector showed strong performance in both U.S. and Chinese markets, with Coinbase positioned as a key player in connecting crypto assets with mainstream finance [5] - The investment strategy emphasizes companies that can "change the world," with a focus on AI technology, computing infrastructure, and applications [3][5] - The fund's domestic portfolio also heavily invests in ETFs closely related to U.S. stocks, with a total market value of approximately 930 million yuan [6]
以太坊大幅波动引发近3亿美元爆仓,数字货币市场震荡XBIT提供避险之选
Sou Hu Cai Jing· 2025-08-03 10:53
Group 1 - The global cryptocurrency market is experiencing significant volatility, with Ethereum's price undergoing a substantial correction, leading to a chain reaction in the market [1] - In the past 24 hours, Ethereum's daily liquidation volume reached $262 million, far exceeding other major crypto assets, indicating increasing market divergence regarding its short-term outlook [1] - The recent liquidation wave is primarily driven by concerns over inflation risks and the Federal Reserve's monetary policy direction following the announcement of new tariff policies by the Trump administration [1] Group 2 - Despite short-term price pressures, Ethereum's recognition among long-term investors continues to rise, with over $5 billion in inflows into Ethereum ETFs in July, showing strong institutional confidence in its technological foundation and application prospects [3] - The completion of the Pectra technology upgrade has improved Ethereum's network fees, simplified staking, and enhanced support for smart wallets, reinforcing its value proposition as an infrastructure [3] - Market analysts suggest that the current liquidation wave is a healthy strategic cooling, with funds rotating from speculative assets to safer havens, indicating a planned pause rather than a crisis response [3] Group 3 - In the current market environment, the choice of trading platforms is crucial, with decentralized exchanges like XBIT providing a safer and more autonomous trading environment compared to traditional centralized exchanges [5] - XBIT allows users to trade without cumbersome KYC verification, geographic restrictions, or lengthy approval processes, ensuring users have full control over their private keys and assets [5] - The increasing market volatility highlights the value of XBIT's decentralized features, which ensure transparency and security in trading, making it a preferred choice for investors during turbulent times [5] Group 4 - The dominance of Bitcoin in the market has decreased from a peak of 65.1% on June 27 to 61.1%, while Ethereum's market share has increased to 11.4%, indicating a shift in investor interest towards Ethereum and alternative cryptocurrencies [7] - This capital rotation suggests growing interest in Ethereum ETFs and on-chain activities, as well as alternative Layer-1 chains, DeFi, and infrastructure tokens, potentially signaling the onset of an altcoin season [7] - XBIT's technological advantages and user-friendly interface cater to various types of investors, providing tools that adapt to market changes, thus enhancing user experience and meeting evolving demands in the maturing cryptocurrency market [7]
散户百万一夜归零,稳定币成了收割机?你正在替美国还债
Sou Hu Cai Jing· 2025-08-03 07:48
Core Insights - The recent turmoil in the stablecoin market is primarily driven by regulatory changes, particularly the Hong Kong Stablecoin Regulation effective from August 1, 2025, which limits retail trading to licensed institutions, resulting in a significant market crash [1][3] - The U.S. GENIUS Act mandates that for every dollar of stablecoin issued, $1 must be backed by short-term U.S. Treasury bonds, forcing major issuers like Tether to acquire substantial amounts of U.S. debt [3] - The capital-driven nature of the market has led to significant stock price volatility, with companies like Lakala and Circle experiencing drastic fluctuations in their stock values due to regulatory news and insider trading activities [4][5] Regulatory Impact - The Hong Kong regulation has drastically reduced the number of licensed stablecoin issuers from 46 to just 5, leading to a collapse in the digital currency sector, with stocks like Yao Cai Securities plummeting by 20% [1] - The U.S. GENIUS Act has compelled Tether to purchase $90.8 billion in U.S. Treasury bonds, making it the 19th largest creditor to the U.S. government [3] - The EU's MiCA regulation has also forced non-compliant stablecoins out of the market, further tightening the regulatory landscape [3] Market Dynamics - The average daily transaction volume of global stablecoins is $27.6 trillion, with a total market capitalization of $2.4 trillion, but Tether's reserves are heavily reliant on U.S. debt, which poses a risk in case of a market downturn [5] - The volatility in stock prices has been exacerbated by insider trading, with companies like Lenovo and Jinke Technology profiting from timely stock sales amidst regulatory announcements [4] - The market is characterized by a "death spiral" risk, where rising U.S. Treasury yields could trigger a sell-off of stablecoins, leading to a liquidity crisis [5] Investor Sentiment - Investor confidence has been severely shaken, as evidenced by the drastic price drops in stocks related to digital currencies, with some companies experiencing losses of up to 69% in profits [7] - The perception of digital currencies as a future asset class is being challenged by the current market realities, leading to widespread disillusionment among retail investors [7] - The situation has created a stark contrast between the potential of digital currencies and the immediate risks posed by regulatory changes and market manipulation [7]
集体大跌!这一概念股全线回调,影响几何?
券商中国· 2025-08-01 10:55
Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong has led to a significant decline in stablecoin-related stocks, reflecting market concerns over the regulatory environment and the licensing process [1][2]. Group 1: Market Reaction - Stablecoin concept stocks in Hong Kong experienced a collective drop, with notable declines: Yao Cai Securities fell nearly 20%, Yunfeng Financial dropped over 16%, and Lianlian Digital decreased over 13% [2]. - A-share digital currency concept stocks also showed weakness, with Sifang Jingchuang down over 5%, Xiongdi Technology and Tianyang Technology down over 4%, and Hengbao shares down over 3% [2]. Group 2: Regulatory Developments - The "Stablecoin Regulation" officially came into effect on August 1, covering the issuance of "fiat stablecoins" and "Hong Kong dollar stablecoins" in Hong Kong [2]. - Under the new regulation, any entity issuing fiat stablecoins in Hong Kong must apply for a license from the Financial Management Commissioner, which aims to provide better protection for the public and investors [2][3]. - The Hong Kong Monetary Authority (HKMA) has indicated that the licensing timeline is later than expected, with no licenses issued as of July 29, and institutions are advised to submit applications by September 30, 2025 [2][3]. Group 3: Transitional Arrangements - The HKMA has established a six-month transitional period for institutions that issued stablecoins before August 1, 2025, allowing them to continue operations while applying for licenses [3]. - After the transitional period, institutions that do not obtain a license must cease operations in Hong Kong [3]. Group 4: Licensing and Compliance Requirements - The HKMA has stated that only a limited number of stablecoin licenses will be granted initially, with several institutions expressing interest in applying [3]. - The "Guidelines for Licensed Stablecoin Issuers" require licensees to implement effective customer onboarding policies and procedures, ensuring due diligence before providing issuance or redemption services [3].
A股数字货币概念股走弱,恒宝股份跌超6%
Ge Long Hui· 2025-08-01 05:38
格隆汇8月1日|A股市场数字货币概念股走弱,其中,恒宝股份跌超6%,四方精创、雄帝科技跌超 5%,信息发展、芯原股份、中科金财、华峰超纤、海联金汇、天阳科技跌超4%。 ...
美国很少讨论一个问题:如果中国也推出稳定币会怎样?
Guan Cha Zhe Wang· 2025-08-01 02:25
Core Viewpoint - The article discusses the emergence of stablecoins, particularly in the context of China's regulatory framework and the implications for global financial systems, highlighting the strategic competition between countries in the digital currency space [1][2][4]. Group 1: Development of Stablecoins - The Hong Kong "Stablecoin Regulation" has officially come into effect, marking a significant step in digital asset governance [1]. - The development of digital currencies can follow two paths: top-down (central bank digital currencies) and bottom-up (cryptocurrencies like Bitcoin) [2][4]. - Central bank digital currencies (CBDCs) are easier to integrate with existing financial systems and offer regulatory advantages, but lack the market-driven demand seen in cryptocurrencies [2][4]. Group 2: International Competition and Strategy - The differences in digital currency approaches among countries, particularly between China and the U.S., stem from varying levels of recognition and emphasis on digital currencies [4][5]. - The competition in digital currencies is viewed as a form of currency warfare, with emerging powers seeking to establish their currencies while traditional powers respond with stablecoins [5][7]. - The U.S. is pushing for stablecoins to enhance demand for U.S. Treasury bonds, particularly short-term bonds, while the long-term bond market faces challenges [8][9]. Group 3: Implications for Monetary Sovereignty - The rise of stablecoins poses significant challenges to national monetary sovereignty, as they could lead to a loss of control over domestic currencies [18][19]. - The development of a global stablecoin market could undermine traditional monetary policies and create a scenario where countries lose their ability to manage their currencies effectively [18][19]. - The article suggests that the emergence of stablecoins could lead to a unified global currency market, further complicating the monetary sovereignty of smaller nations [19][20]. Group 4: China's Response and Future Outlook - China is encouraged to adopt a dual strategy of promoting both CBDCs and stablecoins to counter the influence of U.S. stablecoins [33][34]. - The potential for a Chinese stablecoin is seen as a strategic move to provide an alternative to the dollar and enhance the internationalization of the renminbi [41][42]. - The article emphasizes the importance of international cooperation and rule-setting in the digital currency space to ensure that China can effectively navigate the challenges posed by stablecoins [31][32].
香港稳定币条例最新!
Core Viewpoint - The implementation of the Stablecoin Regulation in Hong Kong is expected to inject compliance momentum into the cryptocurrency market and reshape the competitive landscape of cross-border payments, digital asset investment, and financial infrastructure, thereby enhancing Hong Kong's status as an international financial center [1] Group 1: Regulatory Environment - The Stablecoin Regulation officially took effect on August 1, following the Legislative Council's approval in May, leading to a surge in interest in stablecoins in Hong Kong [1] - The Hong Kong Monetary Authority (HKMA) has emphasized the need for a rational perspective on the development of stablecoins, despite the market's enthusiasm [1] Group 2: Market Opportunities - Companies like Round Coin Group and JD Coin Chain are positioning their stablecoins for cross-border payment applications, aiming to enhance merchant payment efficiency and reduce transaction costs [2][3] - The stablecoin market is seeing significant interest from various institutions, with nearly 10 Hong Kong-listed companies announcing plans to apply for stablecoin licenses in July alone [4] Group 3: Competitive Landscape - The dominance of USD stablecoins, which account for over 90% of the global market share, poses a challenge for Hong Kong's stablecoin issuers, who primarily plan to issue HKD stablecoins [6] - The potential entry of international giants like Tether and Circle into the Hong Kong market could create substantial competitive pressure for local stablecoin issuers [6] Group 4: Ecosystem Development - Issuers of stablecoins are required to continuously invest in ecosystem development, including addressing wallet custody, fiat conversion, and settlement processes [4] - The true value of a stablecoin license lies in the issuer's ability to build a comprehensive ecosystem rather than merely holding a license [4] Group 5: Market Drivers - Real transaction demand is identified as the core driver for the stablecoin market's development, with major e-commerce platforms like JD and Ant Group leveraging their cross-border payment advantages [7][8] - The future of stablecoins may depend on the performance of the USD, as any weakening could lead to a shift towards alternative stablecoins [7]