"稳定币"横空出世。全球多个国家和地区正努力推进这一新型数字货币的合法化，中国香港特别行政区 立法会通过《稳定币条例草案》；京东、蚂蚁等巨头纷纷出手"抢滩"；以国泰君安国际为代表的券商加 速入局；跨境贸易业界忙于抓住"稳定币"的商机；技术大咖则将之视为人工智能浪潮下占领数字金融体 系"高地"的"捷径"；普通大众却仍然对其充满好奇与疑惑……"稳定币"到底何以"稳定"？对个人、企业 乃至全球数字金融格局又会产生怎样的影响？上海金融与发展实验室首席专家、主任曾刚接受广州日报 记者采访，解码稳定币技术创新到全球金融格局重塑的底层逻辑。 稳定币以"稳定"为核心特点 曾刚表示，稳定币是一种特殊的加密货币，其价值与特定的资产（通常是法定货币，如美元）挂钩，旨 在克服传统加密货币价格波动大的缺点。作为连接传统金融与加密经济的桥梁，稳定币兼具数字资产的 便捷性和法定货币的稳定性。 "通过与法定货币或其他稳定资产锚定，使其价值相对恒定，为用户提供波动风险较低的数字支付和价 值存储工具。而且，稳定币交易成本低、速度快，能够跨境无障碍流通，且在各大交易所和DeFi（去中 心化金融）平台广泛应用。"曾刚介绍说。 与传统加密货币相比，稳 ...

Group 1: Circle and Stablecoin Market - Circle, the issuer of the second-largest stablecoin USDC, has seen its stock price surge from an initial offering price of $31 to a high of $263.45, representing a cumulative increase of nearly 750% since its market debut on June 5 [1][2] - Following this significant price increase, well-known investor Cathie Wood executed a large-scale cash-out operation, selling approximately 1.5 million shares of Circle stock across three ETFs, generating around $333 million in cash [2][3] - The stock price of Circle experienced a notable decline of 26.28% over two trading days (June 24 and 25) after the news of the sell-off, prompting investors to reassess the company's investment value [2] Group 2: Nvidia Investment Strategy - Cathie Wood's investment firm, Ark Invest, initially purchased Nvidia shares at approximately $4 per share in 2014 but sold all holdings in early 2023 due to concerns over semiconductor industry valuation bubbles [3] - Nvidia's stock demonstrated strong growth, with increases of 239% and 171.25% in 2023 and 2024, respectively, leading Wood to acknowledge her misjudgment regarding the stock's potential [3] - In response to Nvidia's performance, Ark Invest began to rebuild its position in the company, purchasing 188,980 shares on April 8 and an additional 34,543 shares before Nvidia's earnings report on May 27, reflecting a cautiously optimistic outlook on Nvidia's future [3]

转自：新华财经 新华财经纽约6月26日电（刘亚南 李维真） 随着投资者对未来市场的乐观预期增强，纽约股市三大股指26日高开，盘中维持涨势，尾盘小幅回调，收盘时 三大股指全线收涨。 截至当天收盘，道琼斯工业平均指数比前一交易日上涨404.41点，收于43386.84点，涨幅为0.94%；标准普尔500种股票指数上涨48.86点，收于6141.02 点，涨幅为0.80%；纳斯达克综合指数上涨194.36点，收于20167.91点，涨幅为0.97%。 板块方面，标普500指数十一大板块九涨二跌。通信服务板块和能源板块分别以1.77%和1.50%涨幅领涨，房地产板块和必需消费品板块分别下跌0.64%和 0.18%。 美国商务部当日盘前发布的最终修正数据显示，第一季度美国国内生产总值（GDP）环比按年率计算萎缩0.5%，弱于-0.3%的初值和-0.2%的修正值。美国 商务部表示，最新修正值主要反映了消费者支出和出口数据的下调。与去年第四季度2.4%的增速相比，今年一季度GDP的萎缩主要反映了进口的增长以 及政府支出的下降，但投资的增加部分抵消以上负面影响。 美国格拉尼特湾财富管理公司（Granite Bay）首席投资官 ...

刘英（中国人民大学重阳金融研究院研究员） 伴随稳定币需求的快速增长和供给的增多，加密货币的规模或加速扩围。中国香港稳定币条例的出台， 能有效助推稳定币在香港的发展，提升香港作为国际金融中心特别是国际科技金融创新中心的地位。 相比美国《GENIUS》法案霸道式监管，香港的稳定币条例则并未限定稳定币的储备资产一定要是港 元，甚至可以对应资产和算法等，牌照申请方需要2500万港元的储备资产对应。相比《GENIUS》法 案，香港稳定币条例更具包容性、创新性、国际性，也有助于香港发展稳定币市场，巩固香港国际金融 中心地位。 由于稳定币在跨境支付领域的低成本、高效率等特征，无论是传统的网上销售公司还是跨境支付卡公 司，抑或是国际化的银行金融机构，都在加速进入稳定币市场并开展全球布局，京东就正在全球申请稳 定币牌照，未来公众或可用稳定币来购物。作为货物贸易第一大国的中国，发展稳定币具有巨大的潜 力。 稳定币通过将去中心化的加密货币与中心化的现代金融连接起来，发挥着在数字经济、数字贸易、数字 金融领域的稳定器作用，不受金融霸权左右地健康发展是稳定币发展的初心。不仅美国和中国香港在推 出稳定币法案，欧盟、英国、新加坡、日本等国 ...

全球多个国家和地区正努力推进这一新型数字货币的合法化，中国香港特别行政区立法会通过《稳定币条例草案》；京 东、蚂蚁等巨头纷纷出手"抢滩"；以国泰君安国际为代表的券商加速入局；跨境贸易业界忙于抓住"稳定币"的商机；技术 大咖则将之视为人工智能浪潮下占领数字金融体系"高地"的"捷径"；普通大众却仍然对其充满好奇与疑惑…… "稳定币"到底何以"稳定"？对个人、企业乃至全球数字金融格局又会产生怎样的影响？广州日报全媒体记者多方采访，试 图"拼"出关于"稳定币"的一幅完整"地图"，并在"地图"中找寻市场新机遇。 【名词解释】 根据国际清算银行的定义，稳定币是一种特殊的加密货币，其设计目的是维持"恒定价值"，通常与美元保持1:1挂钩，并 由美国国债或黄金等资产作为支撑。 1 互联网平台、券商纷纷"抢滩" "希望有一天大家在全世界消费的时候，京东稳定币可以作为全球的支付手段。"今年6月17日，京东集团董事局主席刘强 东表示，希望在全球主要货币国家都申请稳定币牌照。稳定币更成为京东的六项创新项目之一。目前，京东稳定币已经 进入沙盒测试第二阶段。据悉，测试场景主要包括跨境支付、投资交易、零售支付等，未来将面向零售和机构提供移动 ...

Core Insights - A lesser-known cryptocurrency fund has invested $100 million in World Liberty Financial Inc. tokens, marking it as the second Middle Eastern investor to inject capital into a decentralized finance platform associated with the Trump family [1] - The investment by Aqua 1 Foundation, based in the UAE, positions it as the largest individual investor in the Trump-backed digital asset project, surpassing cryptocurrency entrepreneur Justin Sun, who is also an advisor to World Liberty [1]

摘要 稳定币支付逐渐从个人小额转账向商业汇款转移，但主要用途仍为加密 货币自动交易和套利。USDT 和 USDC 小额支付（低于 1,000 美元）占 比达 70%，超小额支付（低于 100 美元）在主流链上占据主导。 美国、新加坡和中国香港是稳定币主要支付地区，合计占全球稳定币流 动量的 48%，表明亚太地区在稳定币应用中扮演重要角色。 稳定币在国际小额跨境支付方面具有显著优势，结算速度远快于传统银 行，成本也大幅降低，为跨境支付提供了更高效的解决方案。 稳定币作为资产支持证券（ABS），投资场景广阔，除加密货币投资外， 还可用于真实世界资产份额通证（RWA），如私人信贷、美国国债、房 地产等，RWA 具有现实资产背书，发展空间广阔。 美国在国债代币化领域领先，贝莱德推出数字美元债基金，吸引超 17 亿美元资金。中国香港积极探索实物资产代币化（RWA），金管局推出 数码债券资助计划。 数字人民币由中国央行发行，有国家信用背书，替代 M0 功能，支付速 度快且可离线交易。稳定币由私人部门发行，有高流动性资产背书，二 者在发行主体和信用背书上存在显著差异。 加密货币犯罪规模庞大，稳定币成为主要转账工具。尽管 I ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **MU (Micron Technology)**: Earnings report expectations - **RDDT (Reddit)**: Advertising strategy and revenue potential - **NVDA (Nvidia)**: AI demand and market cap projections - **COIN (Coinbase)**: Market position and revenue forecasts - **MSFT (Microsoft)**: AI adoption and growth potential - **AMZN (Amazon)**: Delivery expansion and retail margins - **NOW (ServiceNow)**: AI-driven CRM opportunities - **DUOL (Duolingo)**: Growth in EdTech - **IOT (Samsara)**: Automation and asset monitoring demand - **TSLA (Tesla)**: Sales performance in Europe Core Points and Arguments Micron Technology (MU) - Earnings expectations for August quarter EPS are in the range of $2.20-$2.30 [1] Reddit (RDDT) - Positive initiation from Cleveland citing revenue upside driven by product traction and improving ROI [2] - RBC estimates potential revenue upside of over $25 million in Q2 if ad load expands, currently at ~15% [3][4] Nvidia (NVDA) - Loop Capital raised price target to $250, citing massive upside in AI infrastructure demand, projecting hyperscaler spending could reach ~$2 trillion by 2028 [5][6] - Nvidia's entry into cloud computing with DGX Cloud is seen as a potential disruptor to existing tech giants [7][8] Coinbase (COIN) - Bernstein raised price target to $510, calling Coinbase the "most misunderstood" crypto stock, highlighting its dominance in U.S. spot trading and upcoming regulatory tailwinds [9] - Citizens reiterated a $400 price target, emphasizing Coinbase's role as a partner for enterprises integrating blockchain [10][11] Microsoft (MSFT) - Wedbush raised price target to $600, citing rapid AI adoption and its transformative impact on Microsoft's cloud growth [13][14] - OpenAI's CEO discussed a positive partnership with Microsoft, indicating strong collaboration [15] Amazon (AMZN) - BofA reiterated a $248 price target, highlighting plans to expand delivery services to rural areas, which is expected to boost retail margins [16] ServiceNow (NOW) - DA Davidson initiated coverage with a $1,150 price target, emphasizing the company's strong position in AI-driven CRM [17] Duolingo (DUOL) - Argus initiated coverage with a $575 price target, noting impressive growth and expansion into new educational areas [24] Samsara (IOT) - Piper reiterated an Overweight rating with a $53 price target, citing strong demand for automation and asset monitoring [22][23] Tesla (TSLA) - Tesla's new car sales in Europe fell 27.9% in May, despite overall EV sales growth in the region [29] Other Important but Possibly Overlooked Content - KeyBanc's CIO survey indicates a slowdown in IT budget growth expectations, which could negatively impact software vendors [18][19] - H.C. Wainwright initiated coverage on CoreWeave with a Neutral rating, cautioning on near-term valuation despite strong infrastructure execution [21] - Goldman Sachs highlighted the potential disruption AI could bring to advertising economics, identifying significant market opportunities [25][26] This summary encapsulates the key insights and projections from the conference call records, providing a comprehensive overview of the involved companies and industries.

导语 ：Tether的稳定币已经成为新兴市场中进行国际支付的热门工具。研究人员还表示，它们 也被用于逃避制裁等非法活动。 美国国会即将通过一项将稳定币纳入金融主流的立法，这项法律引发了来自初创公司、银行，甚至 沃尔玛等之前对加密货币保持谨慎态度的零售商的广泛关注。 但这项名为"天才法案"的立法对Tether——稳定币领域的龙头企业提出了严厉警告：要么改进，要 么被迫退出美国市场。 参议院的立法为公司提供了三年的宽限期，以符合新要求。而在众议院的配套法案中，发行者只有 18个月的合规期。在两项法案通过对接之前，特朗普总统（支持"天才法案"）才可能签署其成为法 律。 这项立法上周刚刚通过了参议院，旨在加强对稳定币的监管。稳定币是与法定货币挂钩的数字代 币，通常与1美元等值。它们作为传统货币与加密世界之间的桥梁，使得人们可以使用比特币背后 的技术进行支付或跨境汇款，但没有比特币那样的剧烈波动性。 "天才法案"要求稳定币发行者必须通过现金、短期国债等安全资产来支撑其代币的价值。对于较大 的发行商，还将要求他们发布年度审计的财务报表。这对Tether来说无疑是坏消息，因为Tether在稳 定币市场占据了大约三分之二的份 ...

Core Insights - The United States is striving to become the global "cryptocurrency capital" through comprehensive regulatory reforms and policy adjustments, which will significantly impact the global financial landscape and the dominance of the US dollar [1][8] Regulatory Environment - A clear and appropriate regulatory environment is crucial for the transition of digital assets from niche innovations to mainstream applications [1] - The US Congress is advancing two key legislative proposals: the GENIUS Act in the Senate and the STABLE Act in the House, aimed at creating a regulatory framework for payment stablecoins [7] - The SEC's recent actions, including the withdrawal of lawsuits against major cryptocurrency companies, indicate a shift towards a more favorable regulatory environment [10] Role of Stablecoins - Stablecoins play a central role in digital finance, with the total trading volume projected to approach $28 trillion by 2024 [3] - The dominance of the US dollar in the stablecoin market is evident, with 99% of stablecoin market value pegged to the dollar, reinforcing its status as a reserve currency in digital finance [7][8] Market Dynamics - The total market capitalization of cryptocurrencies has reached $3.5 trillion, with Bitcoin ETF assets exceeding $100 billion and global cryptocurrency users numbering 659 million [1] - Stablecoins, such as Tether (USDT) and USD Coin (USDC), dominate the market, accounting for 67% and 26% of stablecoin market value, respectively [3] Advantages of the US - The US has unique competitive advantages in the race to become the global cryptocurrency center, including a significant share of institutional investment and a strong technological infrastructure for blockchain development [8] - The US accounts for 36% of global Bitcoin mining activity, further solidifying its position in the cryptocurrency landscape [8] Challenges and Competition - Despite its advantages, the US faces significant challenges, including regulatory complexity and potential legislative gridlock, which could hinder its ability to establish a suitable regulatory framework for digital assets [12] - International competition is intensifying, with regions like the EU, Singapore, and the UAE actively creating favorable regulatory environments for the cryptocurrency industry [12]