智通财经6月25日电，美股加密货币概念股盘初上扬，Coinbase涨超6%，Sharplink Gaming涨近6%，Hut 8涨超4%，Robinhood涨超3%。 ...

对此，有专家提醒，要理性看待稳定币，避免跟风炒作。"虽然稳定币在跨境支付等特定领域展现出一 定优势，但这并不意味着稳定币能够替代现有支付体系，稳定币更像是在现有支付体系庞大版图中的一 个补充。"博通咨询金融行业首席分析师王蓬博说。 6月23日，香港金融管理局总裁余伟文在官网发布专栏文章《稳定币的稳妥和可持续发展》，其中也表 示："作为稳定币监管制度的执行者，我们固然乐见公众对稳定币产生兴趣，但出于监管者的职责所 在，我也想降降温，让大家能较客观冷静地看待稳定币。" "稳定币并不是投资或投机的工具，本身并没有升值空间。" 随着香港稳定币立法，不仅引发了市场对于稳定币、数字资产乃至Web3.0的讨论和畅想，同时，也催 生了一波强势行情，6月以来，稳定币概念股持续上涨，多家上市公司下场回应在稳定币领域的布局。 "稳定币并不是投资或投机的工具，而是运用区块链技术的支付工具之一，本身并没有升值空间。"余伟 文说。 稳定币概念股又又又掀涨停潮 稳定币棋局，专家建议"北守南攻" 稳定币，从现实世界通往数字资产世界的"通行证"，如今，这张"通行证"正在逐渐纳入监管体系。 6月25日，稳定币概念股继续发力，截至收盘，京北方（0 ...

布达佩斯，匈牙利, June 25, 2025 (GLOBE NEWSWIRE) -- 全球领先的加密货币交易所与 Web3 公司 Bitget 将与广受好评的产品设计工作室 Saturnia Design 合作举办 Bitget 精英日 (Bitget Elite Day) 活动——这将是一场汇聚欧洲区块链和加密货币领域重要声音的高影响力盛会。 本次活动将在布达佩斯最具标志性的历史地标——渔人堡举办，活动时间为 2025 年 6 月 27 日。 本次活动将以快速发展的市场为背景，探讨一个大胆而与时俱进的问题：“10 年后，加密货币是否还会存在——没有了加密货币，区块链能否独存？” 本次活动旨在就区块链技术的未来展开超越价格走势图的高级别对话——探讨监管、创新和产品设计如何塑造 Web3 运动的下一个篇章。 讨论会将由 Saturnia Design 联合创始人 Mike Vitez 主持，并邀请欧洲区块链领域里备受推崇的人士参与，其中包括政策专家、创始人、技术专家以及 Bitget 的领导层。 这一多样化的出席阵容反映出欧洲区块链生态系统已经日趋成熟。对话将重点讨论区块链的长期价值、区块链如何才能超越投机 ...

Core Insights - The seminar focused on the development trends and policy evolution of global stablecoins, highlighting their operational models, impacts, and regulatory frameworks [1][2]. Group 1: Stablecoin Operational Models and Market Trends - Understanding stablecoins requires examining their technological foundations and operational models, which differentiate them from cryptocurrencies. Stablecoins combine the technological advantages of crypto assets with the value stability of fiat currencies, addressing incentive mechanisms for market participants [1][3]. - Stablecoins have entered a new phase of scaled and compliant development, becoming popular payment tools that integrate with traditional financial systems. The average transaction size of stablecoins has decreased, indicating a shift from investment settlements to cross-border trade and real-world transactions [1][6][7]. - As of June 20, 2025, the global market capitalization of stablecoins reached $261.5 billion, with USD stablecoins accounting for $253.3 billion. Projections suggest that by 2030, stablecoin market capitalization could reach between $1.6 trillion and $3.7 trillion, depending on regulatory clarity [6][7]. Group 2: Impact on International Payment and Currency Systems - The development of stablecoins, particularly USD stablecoins, is creating a new cycle of dollar circulation, reinforcing the dollar's dominance in the international monetary system. Over 95% of stablecoins are fiat-backed, with USD stablecoins making up 99% of that segment [2][11][13]. - The majority of stablecoin reserves are invested in U.S. Treasury securities, with Tether's USDT holding approximately $1.2 trillion in U.S. debt as of March 2025. This trend is expected to continue, potentially leading to stablecoin issuers holding over $1.2 trillion in U.S. Treasuries by 2030 [12][13]. Group 3: Regulatory Challenges and Frameworks - The governance challenges and potential risks associated with stablecoins are becoming increasingly apparent. The U.S. is leading a global shift towards supportive regulatory frameworks for compliant innovation in stablecoins [2][19]. - A "five-pillar framework" for stablecoin regulation has emerged, focusing on the functional positioning of stablecoins, issuer access, operational oversight, reserve fund management, and anti-money laundering measures [20][21]. - Future regulatory considerations include the applicability of existing frameworks to decentralized operations, the need for innovative regulatory approaches leveraging new technologies, and addressing the global nature of cryptocurrency against national governance [25].

Core Viewpoint - The report discusses the evolving regulatory landscape and policy outlook for cryptocurrency in the U.S. under the potential "Trump 2.0" era, highlighting significant shifts that may reshape the industry [1][5]. Group 1: Current Regulatory Framework - The U.S. employs a collaborative regulatory model involving federal agencies and state governments, with the SEC, CFTC, and FinCEN playing key roles in overseeing various aspects of the cryptocurrency market [2][10]. - The SEC uses the "Howey Test" to determine if crypto assets are classified as securities, requiring registration and disclosure from issuers [2][11]. - The CFTC has classified major cryptocurrencies like Bitcoin as commodities since 2015, focusing on regulating derivatives while having limited authority over the spot market [2][13]. - FinCEN enforces anti-money laundering regulations, defining cryptocurrency exchanges as money service businesses and implementing strict compliance measures [2][14]. - New York's BitLicense serves as a notable state-level regulatory framework, imposing stringent requirements on cryptocurrency businesses [2][15]. Group 2: Potential Policy Shifts and Directions - There is a noticeable shift in the U.S. administration's stance towards cryptocurrency, with proposals aimed at establishing the U.S. as a global cryptocurrency hub [3][17]. - A proposal to create a federal Bitcoin reserve has been discussed, which could integrate Bitcoin into the national financial system [3][17]. - The administration supports domestic mining activities, citing job creation and tax revenue as benefits, with the U.S. government currently holding approximately 210,000 Bitcoins [3][18]. - Advocating for the right to self-custody of assets aims to enhance investor protection and reduce reliance on third-party custodians [3][19]. - Plans to appoint pro-cryptocurrency officials to key regulatory positions, including the SEC, are underway, indicating a potential shift towards a more favorable regulatory environment [3][20]. Group 3: Market Dynamics and Future Outlook - Bitcoin's price is influenced by macroeconomic factors, market sentiment, and regulatory changes, with a historical negative correlation to the U.S. dollar index [4][23]. - Recent price surges have seen Bitcoin surpass $100,000, with a market capitalization exceeding $2 trillion, driven by policy shifts and inflation concerns [5][5]. - The future trajectory of cryptocurrency prices will depend on the implementation of new policies, economic conditions, and unexpected developments within the industry [5][5].

以下文章来源于玉渊谭天 ，作者谭主 玉渊谭天 . 简单逻辑看复杂世界 2025.06. 25 本文字数：4179，阅读时长大约7分钟 来源 | 玉渊谭天 封面图来源 | 玉渊谭天 当地时间6月17日，美国参议院以68票赞成、30票反对的结果通过 《指导与建立美国稳定币国家创 新法案》 ，制定了与美元挂钩的稳定币监管规则。 当法案以压倒性优势通过时，共和党参议员比尔·哈格蒂振臂宣称："美国正迈向加密货币之都！" 2500亿美元市场规模的稳定币进入了美国国家法律框架的视野，而华尔街的交易终端上，美债收益 率曲线微微颤动。 当稳定币正式登上美国金融的舞台，一场金融实验，也就此拉开帷幕。 01 稳定币，怎么"稳"？ 今年3月，特朗普的加密货币项目"世界自由金融"（World Liberty Financial）公司推出了一种与 美元 挂钩的代币，名为USD1。 和金融市场上的其他加密货币不同，像USD1这类加密货币有法定货币和现实资产作为支撑。这就意 味着，与比特币相比，它的币值波动更稳定，所以便被称为"稳定币"。 事实上，稳定币的出现并非偶然，而是加密货币发展演化的结果。 比特币的诞生背景与2008年金融危机密切相 ...

Group 1 - Cathie Wood's ARK Investment Management sold approximately 1.5 million shares of Circle stock, realizing over $333 million in cash [1][3] - The sale is viewed as a normal profit-taking operation after a significant increase in Circle's stock price, which rose nearly 750% since its listing [1][3] - ARK remains the eighth largest shareholder of Circle despite the recent sell-off [3] Group 2 - Analysts express skepticism about the long-term viability of stablecoins as a payment method in the U.S., citing the convenience and rewards of existing card-based systems [5] - Circle's stock price surge has led to a high valuation, with a price-to-earnings ratio nearing 180, significantly above the S&P 500's forward P/E ratio of about 22 [5][6] - Concerns are raised about Circle's low free float of 25%, which could lead to increased stock price volatility and downward pressure if market sentiment shifts [6]

Core Insights - The global stablecoin market has surpassed $250 billion, accounting for 7.48% of the $3.35 trillion cryptocurrency market, with a compound annual growth rate (CAGR) exceeding 80% over the past five years, establishing a duopoly between USDT and USDC, which together hold 84% of the market share [1][17][29] - Circle, as the issuer of USDC, is set to go public on June 5, 2025, on the NYSE, with its stock price increasing over 675% within ten days of listing. Its business model primarily relies on interest income from reserve assets, which constitutes over 99% of its total revenue [1][4][31] - The passage of the GENIUS Act in the U.S. provides a regulatory framework for the stablecoin market, focusing on issuer qualifications, reserve requirements, compliance, and consumer protection, aiming to foster innovation while maintaining financial stability [1][11][12] Stablecoin Market Dynamics - The stablecoin market is characterized by a dual oligopoly, with USDT holding 60% and USDC holding 24% of the market share. USDC is backed by U.S. Treasury bonds and a 1:1 reserve of U.S. dollars, emphasizing compliance and transparency [1][17][29] - Circle's partnership with Coinbase is strategic, with Circle projected to pay Coinbase $900 million in distribution fees in 2024, representing 54% of its total revenue. This collaboration enhances USDC's integration into Coinbase's ecosystem, increasing its share of USDC from 5% in 2022 to 23% in Q1 2025 [2][20][25] Coinbase's Business Performance - Coinbase maintains a market share of 6%-7% in the cryptocurrency exchange sector, with a highly compliant business model that facilitated its status as the first publicly listed digital asset exchange in the U.S. [3][35] - In 2024, Coinbase's trading commission revenue is expected to reach $3.986 billion, a 262% year-over-year increase, while subscription and service revenue is projected at $2.307 billion, a 164% increase. Retail customers contribute over 90% of trading revenue, with stablecoin revenue accounting for 15% of total income [3][4][35] Financial Projections for Circle - The stablecoin market is projected to grow significantly, with a neutral assumption of a 50% CAGR, estimating a market size of approximately $1.1 trillion by 2028 and $2.5 trillion by 2030 [4][26][29] - Circle's revenue is closely tied to the market capitalization of USDC and Federal Reserve interest rates, with total revenue expected to reach $1.676 billion in 2024 and $2.58 billion in 2025 [4][28] Expanding Use Cases for Stablecoins - The application of stablecoins is rapidly expanding beyond cryptocurrency trading to include cross-border payments, foreign exchange savings, and decentralized finance (DeFi) [5][29] - For instance, USDC offers an annualized interest rate of 3.68% on the Ethereum-based Compound lending platform, showcasing its advantages in the DeFi space compared to other assets [5][32]

Group 1 - The official announcement states that basic pensions do not require individual income tax payments, differentiating them from personal pensions which have a contribution cap of 12,000 yuan per year and offer tax benefits [3][2]. Group 2 - A significant issue has arisen regarding the recall of Romoss power banks, with multiple courier companies, including SF Express, refusing to accept these items due to safety risks associated with battery products [5][7]. - SF Express has stopped accepting various battery-related items, including mobile power banks, to mitigate self-ignition risks, which has led other companies like Yunda and Zhongtong to follow suit [7][8]. - Romoss is currently negotiating with courier companies for a unified recall plan, but as of the latest updates, no specific solutions have been announced [7]. Group 3 - In the U.S. stock market, major indices saw significant gains, with the Dow Jones Industrial Average rising by 507.24 points, marking a 1.19% increase, and the Nasdaq Composite Index increasing by 1.43% [10]. - The Nasdaq China Golden Dragon Index surged by 3.31%, indicating a strong performance among Chinese concept stocks, with notable gains from companies like Xiaoma Zhixing and New Oriental [10]. Group 4 - International oil prices experienced a sharp decline, with WTI crude oil futures dropping by 6.04% to $64.37 per barrel, and Brent crude oil futures falling by 6.17% to $66.17 per barrel, marking the largest single-day drop since March [12]. - Gold prices also faced pressure, with COMEX gold futures down by 1.80%, settling at $3333.9 per ounce [13]. - The airline sector benefited from falling oil prices, as indicated by a 2.4% increase in the S&P 1500 Airline Index, while defense stocks faced declines [14].

*纳指100指数收盘创历史新高 *鲍威尔重申政策观望立场 *美油、布油均下跌超6% 当地时间6月24日，美股延续涨势，主要股指连续第二日显著走高。中东地区暂时停火缓解了市场对地 缘风险的担忧，同时，美联储主席鲍威尔在国会听证会中重申政策需视经济数据而定，强化了联储短期 内不会仓促行动的立场。科技股领涨大盘，博通股价创下历史新高，带动纳斯达克100指数收盘刷新纪 录。 截至收盘，道琼斯工业平均指数上涨507.24点，报43089.02点，涨幅1.19%；标普500指数上涨67.01点， 报6092.18点，涨幅1.11%；纳斯达克综合指数涨1.43%，收于19912.53点。纳斯达克100指数创下收盘历 史新高，标普500指数也逼近年内高点。 市场情绪受到以色列与伊朗达成短暂停火协议提振。尽管随后双方仍有零星交火，但投资者仍视协议为 风险缓和的信号。AXS Investments首席执行官格雷格·巴萨克（Greg Bassuk）表示，"停火确实为市场情 绪带来支撑，虽然债市和油市对此反应更为明显。" 美联储主席鲍威尔出席众议院金融服务委员会听证会时表示，美联储"处于良好位置，可以等待更多信 息，再考虑调整政策立 ...