美联储主席鲍威尔：银行可以向加密货币行业提供银行服务并开展相关业务，前提是确保金融体系的安 全与稳健。 ...

Core Insights - Tether's gold-backed stablecoin XAUT has surpassed a market capitalization of $820 million, supported by over 246,000 ounces of physical gold, indicating a rapid acceleration in the trend of gold tokenization [1][8] - Despite the growth in market cap, on-chain adoption remains low, with only about 8,000 addresses holding XAUT, and Tether and Binance controlling approximately 60% of the supply [1][6] - The decentralized finance (DeFi) ecosystem faces challenges and opportunities in promoting the widespread adoption of gold assets, with platforms like XBIT aiming to enhance liquidity and user engagement [1][5] Market Dynamics - The rise of XAUT is attributed to multiple macroeconomic factors, including geopolitical instability, high global inflation, negative real yields, and declining trust in fiat currencies, which have collectively increased the demand for gold as a safe-haven asset [3][8] - XAUT's liquidity on major DeFi platforms is gradually improving but has not yet reached a threshold for mass adoption, with Uniswap V3's active liquidity pool for XAUT at approximately $2.2 million and Curve's XAUT/PAXG pool at around $1.1 million [3][8] Institutional Interest - U.S. institutions are actively seeking gold-backed digital assets as part of diversified investment portfolios, with the launch of XAUT further stimulating this demand [4][5] - Hyperliquid has integrated XAUT on its platform, marking it as the first tradable gold token asset in its spot market, which is seen as a significant step towards mainstreaming gold tokens [4][5] Technological Integration - The integration of LayerZero's LZCompose functionality allows seamless interaction between HyperEVM and HyperCore, enabling users to trade, lend, and bridge cross-chain assets around the clock [5] - DeFi protocols like Fluid and Aave are beginning to incorporate XAUT, which is expected to enhance liquidity and provide lending functionalities, potentially attracting long-term investors [5][8] Future Outlook - The uneven distribution of XAUT holdings, with a significant concentration among a few large holders, reflects the limitations of the early adoption phase [6][8] - As more platforms join the ecosystem and provide liquidity incentives, user participation is expected to increase, with U.S. markets responding positively to gold tokens [6][8] - The ongoing economic uncertainty and potential further declines in real yields may lead to explosive growth for assets like XAUT, as they become more mainstream [8]

Group 1 - The Bank for International Settlements (BIS) issued a warning about the risks associated with stablecoins, urging central banks to accelerate the digitization of their currencies [1][4] - Stablecoins are seen as unreliable forms of currency, posing risks to financial stability and monetary sovereignty in the absence of regulation [1][4] - The warning comes shortly after the U.S. Senate passed a bill to create a regulatory framework for dollar-pegged stablecoins, impacting market sentiment and leading to a 7% drop in the stock prices of major stablecoin issuers like Circle [1][4] Group 2 - BIS identified multiple systemic risks related to stablecoins, including potential erosion of monetary sovereignty, transparency issues, and risks of capital flight from emerging markets [4] - BIS's economic advisor, Hyun Song Shin, compared stablecoins to private banknotes from the 19th century, highlighting their lack of traditional settlement functions provided by central bank currencies [4] - Concerns were raised about the control of stablecoins, with Tether holding over half of the market share but exiting the EU due to new licensing requirements [4] Group 3 - BIS called for central banks to take "bold actions" to advance digital central bank systems, integrating central bank reserves, commercial bank deposits, and government bonds [6] - The proposed system aims to maintain the global payment dominance of central bank currencies while consolidating various national currencies and bonds onto a single programmable platform [6] - Digital technology is expected to enable near-instant settlement of payments and securities transactions, reducing costs and opening up new functionalities [6]

稳定币究竟是什么？大厂竞相布局又在图什么？ 稳定币概念图。图/视觉中国 什么是稳定币？ "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。" 6月17日，京东集团董事局主席刘强东在一场分享会上透露，京东希望在全球所有主要的货币国家申请 稳定币牌照。 对稳定币显示出野心的不止京东。一周前，蚂蚁国际宣布将在中国香港、新加坡、卢森堡三地布局稳定 币业务；旗下蚂蚁数科也已启动稳定币香港牌照的申请程序。 事实上，稳定币并非新鲜事物，其诞生可以溯源至2014年，由Tether公司推出的RealCoin。该币后更名 为Tether（USDT），以1∶1的比例锚定美元，于2015年2月开始在交易所交易，并逐渐发展成为市场交易 量最大的稳定币之一。此后十年间，虚拟货币市场上涌现出一批稳定币，包括USDC、DAI、BUSD、 TUSD等。 综合这些名称各异的稳定币推出情况，清华大学国家金融研究院院长、五道口金融学院副院长田轩接受 中国新闻周刊采访时给出定义性解释：稳定币是一种特殊的加密货币，其通过与特定资产（如法定货 币、商品或其他加密货币）挂钩，或借助算法机制，将自身价值稳定在某个固定水平。 田轩指出，与比 ...

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 自願性公告 與VIABTC HOLDINGS LIMITED 開展戰略合作之條款書 本公告由德林控股集團有限公司（「本公司」，連同附屬公司統稱為「本集團」） 自願刊發，旨在知會本公司股東及潛在投資者有關本集團之最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年6月24日，本公司與 ViaBTC Holdings Limited（「ViaBTC」）訂立不具法律約束力之條款書（「條款 書」），以開展戰略合作。本集團將透過成立合營企業與ViaBTC深入合作，共同 進行：(i)加密貨幣場外(OTC)交易；(ii)向OTC及╱或加密貨幣挖礦客戶提供資 產管理及家族辦公室服務；及(iii)其他潛在業務合作，包括但不限於建立比特 幣(BTC)儲備及開發獲證券及期貨事務監察委員會發牌之虛擬資產交易及虛 擬資產管理平台（「建議成立合營企業」）。 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚 ...

2025年06月24日 证券研究报告 | 从Circle上市， 探索稳定币与交易所的合作模式 行业研究 · 行业专题 互联网 · 互联网Ⅱ 投资评级：优于大市（维持） • 全球稳定币市场规模已突破2500亿美元，行业呈现双寡头格局，USDT和USDC两者合计占84%的市场份额。整个加密货币市场总市值达3.35 万亿美元，稳定币占比7.48%，稳定币市场规模过去五年复合增速超80%，应用场景不断拓展。其中，Tether发行的USDT是全球最早也是 最大的稳定币，占60%的市场份额。Circle发行的USDC是全球第二大稳定币，市占率24%。USDC底层为美债与美元1:1储备，以合规性和透 明度为核心优势。 • Circle:作为USDC发行方在2025年6月5日登陆纽交所，作为"稳定币第一股"股价在十余天内累计涨幅超675%。商业模式主要为储备资产 利息收入、占总收入比例超99%。伴随着2025年6月17日美国参议院通过《GENIUS法案》，政策环境逐渐明晰，为稳定币市场发展提供土 壤。本文对稳定币未来市场空间与Circle财务数据进行拆分预测，并对比讨论Circle与其他加密市场相关标的估值情况。 • Cir ...

Group 1 - The core viewpoint of the articles highlights the significant impact of geopolitical tensions, particularly involving Iran, on the cryptocurrency market, leading to drastic price fluctuations and a liquidity crisis [1][3][4] - Ethereum's price dropped by 7.7% to a 13-month low of $2,200, while Bitcoin briefly fell below $101,000, resulting in $679 million in liquidations within 24 hours [1][3] - The market experienced a "liquidity squeeze," with long positions liquidated amounting to $554 million, significantly outpacing short liquidations of $67 million, indicating a misjudgment of the "crypto safe-haven" narrative [3] Group 2 - The potential for oil prices to surge to $130 due to geopolitical tensions could trigger a 6% inflation rate in the U.S., complicating the Federal Reserve's ability to lower interest rates in 2024 [4] - Iran's status as the fourth-largest Bitcoin mining country is threatened by military actions and power outages, which could lead to a significant drop in global Bitcoin hash rate [4] - The current circulation of $156 billion in stablecoins, with 78% pegged to U.S. assets, faces risks if the U.S. Treasury designates Iranian-linked wallets, potentially freezing on-chain liquidity [6] Group 3 - Hedge funds are implementing emergency plans, including buying oil call options and increasing Bitcoin volatility exposure, to hedge against inflation [6] - Historical precedents indicate that significant geopolitical events can lead to massive liquidations in leveraged positions, as seen during the 2019 Saudi oil field attack [6] - Scenarios of potential Iranian cyberattacks could lead to Bitcoin plummeting to $95,000, while a blockade of the Strait of Hormuz could trigger a drop to $83,000, highlighting the fragility of the crypto market under geopolitical stress [8]

6月24日，亚太市场普涨。 | < W | | 日经225(N225) | | | | | --- | --- | --- | --- | --- | --- | | | | 06-24 09:41:46 | | | | | 38846.73 | | 昨收 | 38354.09 | 成交额 | 0 | | 492.64 | 1.28% | 今井 | 38779.18 | 成交量 | 0 | | 上 涨 | 167 | 平 물 | 2 | 下 跌 | 56 | | 最高价 | 38990.11 | 市留率 | 18.5 | 近20日 | 2.98% | | 最低价 | 38765.95 | 市净率 | 1.88 | 今年来 | -2.63% | | 分时 | 五日 | 日K | 昌K | 月K | 白名 6 | | 叠加 | | | | | | | 38990.11 | | | | | 1.66% | | | | | | | 0.00% | | 37718.07 | | | | | -1.66% | | 9:00 | | 11:30/12:30 | | | 15:30 | | W | | | 韩国综合指数(KS ...

6月24日，亚太市场普涨。 截至发稿，日经225指数、澳洲标普200指数涨超1%，韩国综合指数涨超2%，富时新加坡海峡指数小幅上涨。 | < W | | 日经225(N225) | | | Q | | --- | --- | --- | --- | --- | --- | | | | 06-24 09:41:46 | | | | | 38846.73 | | 昨收 | 38354.09 | 成交额 | O | | 492.64 | 1.28% | 今年 | 38779.18 | 成交量 | 0 | | 上 涨 | 167 | 中 盘 | 2 | 下 跌 | 56 | | 最高价 | 38990.11 | 市盈率 | 18.5 | 近20日 | 2.98% | | 最低价 | 38765.95 | 市净率 | 1.88 | 今年来 | -2.63% | | 分时 | 五日 | 目K | 周Ｋ | 月Ｋ | 更多 ◎ | | 疊加 38990.11 | | | | | 1.66% | | | | | | | 0.00% | | 37718.07 | | | | | -1.66% | | 9:00 | | 11:3 ...

Group 1 - The new generation of public fund managers is gaining traction, with half of the top ten actively managed equity funds this year having managers with less than three years of experience, focusing on new consumption and innovative pharmaceuticals [1] - A significant performance divergence is noted among A-share companies, with 16 companies disclosing their 2025 semi-annual performance forecasts, and over 300 companies announcing plans for mid-term dividends [1] - Banks are intensifying performance assessments amid declining deposit rates and fierce competition in loan businesses, with a focus on inclusive finance and non-performing asset disposal [1] Group 2 - International crude oil futures prices have seen a significant drop, with WTI and Brent crude oil futures falling by 7.22% and 7.18% respectively [2] - The ethylene glycol industry in China is transitioning towards high-quality development, utilizing futures and derivatives as essential risk management tools amid industry challenges [2] - Chinese innovative pharmaceutical companies are making headlines with substantial licensing deals, including a $60 billion deal by 3SBio and a $53.3 billion agreement by CSPC, indicating a shift in the industry's role from follower to contributor [2] Group 3 - Tesla has launched a Robotaxi pilot service in Austin, Texas, marking a step towards the commercialization of autonomous driving, although challenges remain in regulation and technology [3] - A Chinese research team has successfully synthesized a rare earth triple bond compound, providing new insights into rare earth chemistry [4] - The China Consumers Association has issued a call to combat food waste and extreme eating broadcasts, emphasizing the need for responsible consumption [4] Group 4 - Starbucks has clarified that it is not considering a full sale of its China business, highlighting the market's long-term potential [4] - Apple is expected to make concessions in negotiations with the EU regarding App Store regulations to avoid impending fines [5] - Xiaomi's CEO Lei Jun has set ambitious sales targets for the new YU7 model, aiming to challenge Tesla's Model Y in the domestic market [5] Group 5 - A family office in Hong Kong managing nearly $4 billion is beginning to invest in cryptocurrencies, reflecting a growing interest in digital assets [6] - The rising gold prices have led to an increase in platinum sales, with some jewelers shifting focus from gold to platinum products [7] - BYD is reportedly providing a rebate of 666 yuan per vehicle to its dealers, similar to a previous initiative [7] Group 6 - U.S. stock indices closed higher, with the S&P 500 rising by 0.96%, driven by a rebound after initial declines related to geopolitical tensions [8] - Oil prices fell sharply following comments from former President Trump about lowering oil prices, with significant drops observed after an Iranian attack on U.S. military bases [8]