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从稀土到数字信用:中国如何破解美元霸权“死局”?
Sou Hu Cai Jing· 2025-08-01 00:47
Core Viewpoint - The current "petrodollar" and "gold-dollar" systems are rapidly collapsing due to the weaponization of the dollar by the U.S., the use of the SWIFT system for sanctions, and the acceleration of de-dollarization by 30% of global central banks. China proposes a strategic alternative based on rare earths, linking the rare earth currency closely with the renminbi, potentially establishing a new path for the global monetary system [1]. Group 1: Strategic Resource and Digital Currency - China has redefined the mission of rare earths as a strategic resource by leveraging digital technology to convert physical stock into credit for digital currency. This innovation creates a digital currency system backed by rare earths, with the rare earth currency closely tied to the renminbi, serving as an extension of renminbi credit in the digital currency realm [3]. - The close relationship between the rare earth currency and the renminbi provides a stabilizing factor for the global monetary system, promoting a "depoliticized" approach to currency competition [3]. Group 2: Infrastructure and Efficiency - A domestic digital payment network established by Chinese tech companies has expanded to over 200 countries, offering developing nations an independent settlement channel outside the dollar system. This network supports the international circulation of the rare earth currency and the renminbi [3]. - The use of blockchain technology for distributed ledger systems has drastically reduced cross-border transfer times from days to seconds and lowered costs by over 90%. This efficiency enhances the appeal of the rare earth currency and the renminbi in international trade [5]. Group 3: Regulatory Framework and Global Influence - China is taking the lead in setting digital currency technology standards and regulatory frameworks, attracting global financial institutions to participate in its ecosystem. This initiative aims to establish a new market based on "Chinese rules," enhancing China's influence in the global digital currency landscape [5]. - The strategic approach of combining soft and hard power positions China advantageously in the de-dollarization process, as evidenced by the European Central Bank's exploration of renminbi settlements for rare earth trade and Southeast Asian countries integrating into China's digital currency system [5]. Group 4: Societal Benefits - The dissolution of monetary hegemony is expected to translate into tangible benefits for ordinary households. The deep integration of the rare earth currency and the renminbi will lead to cost savings in cross-border consumption, diversified investment channels, and the emergence of new financial products related to rare earths and green energy [7].
香港严管稳定币,50家公司赶场成“山顶资本”
Core Viewpoint - The article discusses the surge of interest in stablecoins in Hong Kong, particularly following the upcoming implementation of the "Stablecoin Regulation" on August 1, which has attracted over 50 companies and institutions seeking to apply for stablecoin licenses [3][4]. Group 1: Market Dynamics - More than 50 companies and institutions, including major state-owned enterprises and traditional financial firms, are engaging with the Hong Kong Monetary Authority (HKMA) to explore stablecoin opportunities [3][4]. - The HKMA has released guidelines for licensed stablecoin issuers, emphasizing the need for robust anti-money laundering (AML) measures amid rising interest in stablecoins [4][10]. Group 2: Stablecoin Characteristics - Stablecoins are digital currencies pegged to specific assets, such as fiat currencies, to maintain stable value, with the HKMA focusing on fiat-backed stablecoins [6][8]. - The potential for stablecoins in cross-border payments is highlighted, as they offer efficiency and lower costs compared to traditional payment systems [7][10]. Group 3: Regulatory Challenges - The HKMA faces pressure from international financial organizations regarding the AML risks associated with stablecoins, particularly in cross-border transactions [10][13]. - The HKMA's guidelines require stablecoin issuers to demonstrate their capabilities in AML compliance, including Know Your Customer (KYC) processes [11][12]. Group 4: Future Opportunities - There is significant interest in stablecoins linked to offshore RMB, as many institutions involved in cross-border trade see this as a key opportunity [8][15]. - The article notes that the market for USD-pegged stablecoins is already substantial, suggesting that Hong Kong's future growth in stablecoins may depend on RMB-linked offerings [15][20]. Group 5: Technological Considerations - The use of blockchain technology in stablecoins allows for the integration of information flow and capital, enhancing the speed and cost-effectiveness of cross-border payments [10][18]. - Some industry insiders propose a "pool separation" strategy for offshore RMB stablecoins to mitigate risks associated with international sanctions [18][20].
科普|稳定币产业链全解析:从托管到发币,RWA又为何成为关键锚点?
Xin Lang Cai Jing· 2025-07-31 23:53
稳定币正从去中心化实验走向制度化建设。当下的关键词可能不再只是"锚定美元",而是合规、托管与 资产代币化。随着香港等地推动发牌试点,RWA成为稳定币的新锚与突破口。本文梳理产业链结构、 政策趋势与RWA演进路径,一文看懂关键变革。 一:稳定币产业链全景图:中国香港与内地的协同布局 很多人以为,稳定币只是区块链上的一种"锚定美元"的数字货币,比如USDT。但其实,它的背后是一 套复杂的运作系统。随着香港等地启动发牌制度,稳定币的发行、托管、流通等每个环节都需要专业机 构来负责,整个产业链逐渐清晰化、规范化。根据目前香港与内地的制度设计,稳定币生态大致可分为 以下五类核心参与方: 1.资产托管人(Custodians) 这类机构主要负责"守住钱袋子",包括用来支持稳定币的储备资产,比如美元、短期国债等。以众安银 行为例,它作为数字银行,为稳定币提供托管账户与后台结算服务。 2. 发行机构(Issuers) 稳定币不是谁想发就能发。京东链科技(香港)、圆币创新、渣打银行等机构,已经被纳入香港金管 局"沙盒测试",参与稳定币试点。未来,只有获得正式发牌的公司才能合法发行稳定币,而不是无门 槛"铸币"。据公开信息,截至 ...
科普|稳定币为何成为全球立法焦点?一文读懂监管逻辑与制度博弈
Xin Lang Cai Jing· 2025-07-31 23:49
Core Viewpoint - Stablecoins, once a gray area in the blockchain world, are now being actively integrated into regulatory frameworks by governments worldwide, indicating a shift towards a new order in global digital finance [1] Group 1: Definition and Importance of Stablecoins - Stablecoins are digital currencies that anchor their value to fiat currencies (e.g., USD, HKD, EUR), providing price stability and programmability, serving as a crucial bridge between traditional finance and the Web3 world [2] - As of May 2025, the global market capitalization of stablecoins is projected to reach approximately $245.8 billion, reflecting a year-on-year growth of about 53%, with monthly stablecoin transaction volumes expected to exceed $3.7 trillion, a growth of over 150% from the previous year [2] Group 2: Need for Regulation - The rapid expansion of stablecoins has revealed several risks, such as insufficient reserve transparency and stability mechanisms, prompting global regulatory bodies to intervene [3] - Issues like the lack of transparency in reserves (e.g., USDT's undisclosed asset backing) and the failure of algorithmic mechanisms (e.g., Terra UST's collapse) highlight the necessity for clear regulatory boundaries and legal frameworks [3] - The IMF has warned that unregulated stablecoins could threaten monetary sovereignty and has recommended the establishment of unified standards to address their cross-border impacts [3] Group 3: Global Regulatory Approaches - Major economies are accelerating the establishment of stablecoin regulatory frameworks, with the EU leading by passing the MiCA regulation, categorizing stablecoins as electronic money tokens (EMT) and implementing a unified licensing system [4] - The US is proposing the GENIUS Act and state-level regulations that include a ban on unlicensed issuances and a requirement for 100% reserves [4] - Hong Kong's recently implemented Stablecoin Regulation adopts a dual-track model of licensing and sandboxing, setting a compliance benchmark globally [4] Group 4: Highlights of Hong Kong's Regulatory Model - The "licensing system" principle in Hong Kong mandates that any entity wishing to issue or circulate stablecoins must obtain a license from the HKMA, effectively curbing unauthorized issuances and associated risks [5] - Key regulatory standards include a minimum capital requirement of HKD 25 million, 100% asset backing for all stablecoins, prohibition of interest payments to users, regular audits, and compliance with AML and KYC standards [6][7] Group 5: Political and Financial Implications of Stablecoin Legislation - The legislative process surrounding stablecoins reflects deeper geopolitical and financial dynamics, including the competition between digital currencies and national sovereign currencies [9] - The control over cross-border payment channels and the establishment of who can legally issue stablecoins are central to the ongoing power struggle in the financial landscape [9] - Stablecoins are not just a form of currency but are also reshaping the foundational infrastructure of global finance, influencing the future of asset circulation [9] Group 6: Future Trends in Stablecoin Regulation - The potential for a unified international regulatory standard is a focal point for regulators and policymakers, with institutions like the BIS and FSB advocating for coordinated frameworks [10] - The emergence of a "stablecoin rating" system by third parties or official bodies may help users identify quality stablecoins [10] - The relationship between stablecoins and central bank digital currencies (CBDCs) is becoming increasingly intertwined, with some countries exploring parallel mechanisms [10]
科普|谁在铸造你的“数字钱包”?三种稳定币机制与背后的财富游戏
Xin Lang Cai Jing· 2025-07-31 23:42
Core Viewpoint - Stablecoins provide a stable digital currency option that is pegged to fiat currencies, primarily the US dollar, to facilitate transactions in a volatile cryptocurrency market [2][15]. Group 1: Emergence of Stablecoins - Stablecoins emerged to address the volatility of cryptocurrencies like Bitcoin, which are unsuitable for daily transactions [2]. - The core principle of stablecoins is that one stablecoin equals one US dollar, providing a reliable medium of exchange [2]. Group 2: Types of Stablecoin Issuance Mechanisms - There are three main types of stablecoin issuance mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic [3][6]. - Fiat-collateralized stablecoins, such as USDT and USDC, are backed by bank deposits or government bonds, generating interest income for the issuing platform [3][8]. - Crypto-collateralized stablecoins, like DAI, require users to over-collateralize their assets, which can lead to high liquidation risks [5][10]. - Algorithmic stablecoins, such as UST, rely on market mechanisms to maintain their peg but have shown vulnerabilities, as seen in the collapse of UST [6][11]. Group 3: Profit Models of Stablecoins - The profit model for fiat-collateralized stablecoins involves earning interest on the reserve assets, with USDT projected to generate over $10 billion in revenue in 2024 [9][8]. - Crypto-collateralized stablecoins charge users a stability fee for minting, which funds the operational costs of the protocol [10]. - Algorithmic stablecoins previously offered high yields to attract users but ultimately relied on continuous new investments, leading to unsustainable practices [11]. Group 4: Regulatory Developments and Applications - Hong Kong is exploring a government-regulated approach to stablecoins, focusing on real asset backing and rapid redemption capabilities [12][14]. - Institutions like JD.com and Standard Chartered are participating in pilot programs to issue stablecoins pegged to the Hong Kong dollar [13]. - Practical applications of stablecoins include cross-border B2B settlements, supply chain payments, and interactions with digital currencies like the digital yuan [15].
科普|香港稳定币来了!一文看懂你能做什么、怎么参与
Xin Lang Cai Jing· 2025-07-31 23:39
Group 1: Core Insights - The Hong Kong Stablecoin Regulation officially comes into effect on August 1, 2025, marking the establishment of the world's first licensed stablecoin system, transitioning stablecoins from a gray area to a compliant business [1][9] - This regulation positions Hong Kong as a leader in digital finance regulation, having completed legislation and established a licensing and auditing mechanism, serving as a model for global institutional exploration [1][4] - Stablecoins are evolving from niche tools in the crypto industry to key infrastructure in the global digital financial system, with a monthly payment and settlement scale exceeding $6 billion as of February 2025, tripling from the same period in 2023 [2][3] Group 2: Regulatory Framework - The regulation introduces a dual mechanism of "licensing + sandbox," allowing the Hong Kong Monetary Authority to oversee stablecoin operations, setting a global standard [4][6] - Entities wishing to issue or operate stablecoins must obtain relevant licenses, with stringent regulatory requirements including a minimum registered capital of HKD 25 million, 100% asset backing, and compliance with AML and KYC rules [6][10] - The regulatory framework includes 13 categories of regulated activities, with specific licenses required for various financial services related to stablecoins [6] Group 3: Market Participation - Ordinary users can now participate in the stablecoin ecosystem through licensed virtual asset exchanges, allowing them to purchase stablecoins and engage in on-chain investments [12][13] - The stablecoin ecosystem is currently open to Hong Kong residents, providing access to various investment opportunities, including on-chain fundraising and green bonds [13][14] - The introduction of stablecoins is seen as a bridge for ordinary individuals to engage in global digital assets, moving beyond institutional access to a more inclusive financial landscape [14]
A股震荡,A500ETF易方达(159361)、沪深300ETF易方达(510310)等产品聚焦核心资产
Mei Ri Jing Ji Xin Wen· 2025-07-31 14:02
Market Overview - The market experienced fluctuations in the early session, with sectors such as innovative drugs and film box office gaining traction, while battery, digital currency, and diversified finance sectors faced adjustments [1] - The Hong Kong stock market opened lower but continued to recover, with the pharmaceutical sector strengthening again [1] Index Performance - As of the midday close, the CSI 500 Index rose by 0.4%, the CSI 300 Index increased by 0.5%, while the ChiNext Index fell by 0.7% and the STAR Market 50 Index decreased by 0.2% [1] - The Hang Seng China Enterprises Index declined by 0.4% [1]
但斌二季度持仓大动作:重仓英伟达还不够 科技主线外还有“暗线”?
Mei Ri Jing Ji Xin Wen· 2025-07-31 09:29
今年二季度,美股在关税摩擦冲击后迅速回暖,并不断突破新高。近期,私募大佬但斌执掌的东方港湾海外基金公布了其2025年二季度的持仓动向。 数据显示,其持仓规模上涨至11.27亿美元,持仓标的也增加到13只。从但斌的美股持仓来看,仍以科技龙头为主,英伟达继续位居第一重仓股,谷歌则跃 升为第二大重仓股。 值得一提的是,但斌在加密资产领域展开尝试,首次买入Coinbase,而该季度Coinbase股价飙涨超103%。 继续重仓英伟达,加仓谷歌 2025年第二季度,但斌执掌的东方港湾再度上调了美股持仓规模。其海外基金Oriental Harbor Investment Master Fund近日向美国证监会提交13F报告,其二季 度持仓动向也随之披露。截至二季度末,该基金共持有13只美股标的,市值总计11.267亿美元,较一季度末的8.68亿美元显著上升。 私募排排网统计数据显示,整体来看,但斌二季度的布局主要围绕"AI技术、算力设施、AI应用"展开。从持仓标的来看,仍以科技龙头为主,英伟达继续位 居第一重仓股,期末持有126.78万股,且该股二季度股价表现亮眼,上涨45.77%。同时,但斌还持有2倍做多英伟达ETF1 ...
《稳定币条例》生效在即,金融科技ETF华夏(516100)连续回调倒车接人
Mei Ri Jing Ji Xin Wen· 2025-07-31 06:55
Group 1 - The three major indices collectively declined on July 31, with Pinduoduo and ChatGPT concepts leading the gains, while the seafood and rare metals sectors fell [1] - The financial technology ETF Huaxia (516100) experienced a significant drop of 1.37% after an initial surge, with mixed performance among its holdings [1] - Recent frequent policy announcements regarding stablecoins, including the implementation of Hong Kong's stablecoin regulations on August 1, are expected to benefit the stablecoin industry [1] Group 2 - The Huaxia financial technology ETF closely tracks the CSI Financial Technology Theme Index, covering software development, internet finance, and the digital currency industry, with a stablecoin content of 23.43%, the highest in the market [2] - The index includes leading stocks such as Tonghuashun, Dongfang Caifu, and Runhe Software, as well as popular stablecoin-related stocks [2]
稳定币:全球货币体系的“数字补丁”,还是中国突围的“新战场”?
Huan Qiu Wang· 2025-07-31 06:32
Core Viewpoint - The article discusses the ongoing competition in the digital currency space, particularly focusing on the implications of stablecoins and China's approach to Central Bank Digital Currency (CBDC) as a strategic response to the dominance of the US dollar and the risks associated with stablecoins [1][2]. Group 1: China's Position on Stablecoins - China has chosen to develop its own CBDC instead of adopting stablecoins, viewing the latter as a potential tool for "new colonialism" and a threat to financial stability [2][3]. - The Chinese government has classified stablecoins as "virtual currencies" and has taken measures to prevent their direct exchange with legal tender, aiming to block potential capital outflows [3][7]. - The risks associated with stablecoins, such as the reliance on high-risk assets and the failure of algorithmic stablecoins, highlight the vulnerabilities in their structure [5][6]. Group 2: Regulatory Framework and Future Strategy - China's regulatory framework for stablecoins includes stringent requirements such as a minimum capital of 1 billion and 100% reserve backing, reflecting a commitment to financial safety [7][9]. - The article outlines a "three no" principle regarding stablecoins: not prohibiting technological innovation, not recognizing stablecoins as legal tender, and not allowing systemic risks [9]. - The future strategy for China's digital currency includes completing the "multi-CBDC bridge" project by 2025 and establishing a diversified global digital currency system by 2035 [10]. Group 3: Hong Kong's Role and Market Dynamics - Hong Kong is positioned as a testing ground for stablecoin issuance, with projections indicating its stablecoin market could reach $80 billion by 2025, accounting for 25% of the global market [8]. - The collaboration between Hong Kong's stablecoin initiatives and mainland China's digital yuan development reflects a strategic alignment in navigating innovation and risk management [8][9]. - The interplay between stablecoins and CBDCs may lead to a dual-track global currency system, influencing the future of monetary policy and financial stability [9][10].