文 | 有界UnKnown，作者丨山茶，编辑｜钱江 最近稳定币又开始火了，很多人可能不知道什么是稳定币，今天来谈一下这个。 5月底，香港立法会近日通过《稳定币条例草案》，以在香港设立法币稳定币发行人的发牌制度，完善对虚拟资产活动在香港的监管框架。之后京东对外 发声，表示正在积极沟通，计划发行"稳定币"来提升跨境支付能力。 随后，蚂蚁集团旗下两家公司也被爆在香港和新加坡申请稳定币牌照。 近日，刘强东在对外的小范围沟通会上又多次提到稳定币，俨然稳定币已经成为京东未来业务发展的最重要方向一般。 刘强东提到：我们希望在全球主要货币国家都申请稳定币牌照，通过稳定币牌照能够实现全球企业之间的汇兑，能够把全球的跨境支付成本降低90%，效 率提高到10秒钟之内。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。 这里有几个关键问题，比如什么是稳定币，为什么稳定币能提升跨境支付效率，我们能使用稳定币吗？ 稳定币真的"稳定"吗？ 当然，提起比特币许多人的第一印象就是"波动"，因为我们经常会看到"比特币价格又创新高"或者"比特币价格又跌破**大关"之类的新闻。 这是因为比特币的发行量有限，加上市场的投机行为、供需 ...

Core Viewpoint - The article discusses the rise of stablecoins as a bridge between traditional finance and decentralized finance, highlighting their potential to transform payment systems and cross-border transactions while also addressing regulatory developments in the U.S. and Hong Kong [8][10][35]. Group 1: Definition and Importance of Stablecoins - Stablecoins serve as a transitional form connecting traditional finance and Web3, retaining centralized asset credit while embodying decentralized technology characteristics [10][11]. - The emergence of stablecoins addresses the trust issues in traditional finance and offers a pathway for decentralized finance to gain acceptance among traditional financial users [12][29]. Group 2: Regulatory Developments - The U.S. Senate passed the GENIUS Act, establishing regulatory frameworks for stablecoins, which is seen as a significant victory for the crypto sector [5]. - Hong Kong's Stablecoin Regulation, effective from August 1, positions the region as a leading compliance testing ground for stablecoins in Asia [6][35]. Group 3: Market Dynamics and Predictions - The stablecoin market is projected to expand from approximately $250 billion to $2 trillion in the next few years, indicating significant growth potential [16][18]. - Circle, as a compliant stablecoin, is expected to benefit from this market expansion, with its business model relying on earning interest from underlying assets [31][32]. Group 4: Impact on U.S. Treasury Bonds - Stablecoins could alleviate short-term liquidity pressures on U.S. Treasury bonds, but they do not address long-term fiscal sustainability concerns [10][18]. - The influx of funds into stablecoins may provide a temporary solution for short-term debt, but the underlying issues regarding the U.S. fiscal situation remain unresolved [19][20]. Group 5: Stablecoins and Dollar Dominance - While stablecoins enhance the international use of the dollar, they do not fundamentally resolve concerns regarding the U.S. fiscal health, which continues to drive market skepticism [21][22]. - The U.S. government, particularly under Trump's influence, appears to leverage stablecoins to maintain the dollar's central role in the global financial system [23][24]. Group 6: Competitive Landscape and Future Trends - The competitive advantage of stablecoins lies in their ability to provide a bridge between traditional and decentralized finance, appealing to both sectors [29][30]. - The regulatory clarity surrounding compliant stablecoins like USDC is expected to provide them with a sustainable growth trajectory compared to less regulated counterparts [39][40].

Group 1 - The core concern of the Bank of Korea's Governor Lee Chang-yong is that issuing a Korean won stablecoin may inadvertently increase reliance on US dollar stablecoins, complicating foreign exchange controls and threatening the effectiveness of monetary policy [1][2] - Governor Lee's warning highlights the fundamental contradiction faced by Korean monetary authorities: the need to embrace digital asset innovation while maintaining effective control over capital flows [1] - The issuance of a Korean won stablecoin could potentially become a new channel for capital outflow, raising concerns among regulators who view cryptocurrencies as speculative and competitive to national currencies [1] Group 2 - Last month, Governor Lee expressed concerns that stablecoins issued by non-bank entities could undermine the effectiveness of monetary policy and capital flow controls, emphasizing the need for the central bank to lead the regulation of stablecoins linked to the Korean won [2] - The ruling party in South Korea recently proposed a digital asset fundamental law aimed at establishing necessary regulatory infrastructure to assist local companies in issuing Korean won stablecoins [2] - The appointment of Kim Yong-beom, a former executive from a cryptocurrency company, as the chief policy officer by President Yoon Suk-yeol signals a more proactive stance towards cryptocurrencies compared to the previous administration [2]

运筹帷幄之中，决胜千里之外。大家好，我是林超，全球金融市场观察者，专注加密货币市场分析，为大家带来最有深度的交易资讯解析及技术教学。 林超总结 虽然林超长期看好加密市场，但并不意味着这波红利是唾手可得的。一路上涨的市场是不存在的。短期内，甚至可以说是本季度内，加密市场整体大概率会 迎来一波比较深度的回调。我们以ETH为例，不知道大家看链上数据了没有，华尔街币圈巨头CumberLand在大跌前向Coinbase所转了4万多个ETH，这显然 是打算高位套现了，从以太坊大级别K线来看，两千八百多这里有非常大的阻力，是之前多次反弹的阻力位，也是曾经的下跌支撑位，是很多机构的离场位 置。林超觉得这里已经见顶的概率其实蛮大的，而且要考虑到ETH已经在两个月上涨超过了100%，这么大的获利盘，就算以后还能继续涨 也是要经过一个 深度回调的。 全球金融监管的巨轮正加速驶向数字资产深水区。当香港敲定八月实施《稳定币条例》，美国参议院紧随其后以显著优势通过里程碑式的《GENIUS 法 案》，韩国新政府也顺势推出《数字资产基本法》草案，拟允许本土合格企业发行稳定币——仅一季度，韩国五大交易所美元稳定币交易额就高达57万亿韩 元，其 ...

Group 1 - The SEC is actively pushing for the approval of Solana's spot ETF, which is expected to include staking features, potentially providing an additional 8% annual yield, making it more attractive than traditional ETFs [4][5] - Following the approval of the Solana ETF, the price of SOL is anticipated to surge by 20%, with significant inflows from Wall Street expected to further drive up the price [5] - The current price of SOL has retraced from a high of 188 to around 140, indicating a potential buying opportunity if it drops below this support level [5] Group 2 - The upcoming deadline of July 8 for Trump's tariffs is a critical date, as failure to reach an agreement may lead to the reinstatement of high tariffs, impacting market sentiment [12][14] - The recent rise in oil prices, which have increased by 40%, is likely to exacerbate inflation concerns, making it difficult for the Federal Reserve to adopt a dovish stance in their upcoming meeting [16][17] - The market is currently anticipating a potential interest rate cut in September, suggesting that July and August may present opportunities for lower entry points in investments [19][21]

2019年6月18日，Facebook（现Meta）发布Libra白皮书，提出构建一个由一揽子法币支持的全球性稳定 币，引发全球对数字货币未来的广泛讨论。六年过去，Libra虽未如期落地，但其理念深刻影响了稳定 币的发展轨迹。如今，稳定币已从边缘试验逐步纳入主流金融监管框架，成为连接传统金融与加密生态 的关键纽带。在这一进程中，中国香港、美国等地区率先立法规范，而中国企业如京东、蚂蚁集团也在 积极探索合规稳定币路径，为行业注入新的动能。 国信证券经济研究所所长兼银行业首席分析师王剑认为，人类对更美好的生活的探索永不止步。Libra 的试水为后来稳定币的探索提供了启发。目前，多个国家和地区已经将稳定币纳入监管，虽然目前大部 分稳定币方案依然难以堪当支付等基础职能，但各种监管条例的出台意味着政府愿意给未来一个机会， 继续探索之路。 Libra遗产与稳定币进化 Libra最初的设想是打造一个由多国法币储备支持的全球支付网络，通过协会治理模式降低对单一主体 的依赖。尽管因监管压力屡次调整（后更名为Diem），最终未能实现愿景，但其核心逻辑——通过锚 定资产实现价格稳定，并为跨境支付与数字经济提供高效工具——被后续的稳 ...

稳定币迎来重磅利好。 美东时间6月17日，美国参议院以68票赞成、30票反对通过了《稳定币监管框架法案》。有分析称，这是加密 行业发展的重大转折点，该法案首次为稳定币建立了监管框架，填补了十余年的法律空白。受此影响，美 股"稳定币第一股"Circle股价在美股盘后直线拉升，一度大涨超5%。 美东时间6月17日，美国参议院以68票赞成、30票反对通过了《稳定币监管框架法案》（GENIUS Act），为与 美元挂钩的加密货币稳定币建立监管制度。这一具有分水岭意义的立法标志着数字资产行业首次获得联邦层面 的法律规范。 这项获得两党支持的法案由多数共和党人推动，多名民主党议员选择跨党派支持。 该法案正式名称为《指导和建立美国稳定币国家创新法案》（GENIUS），接下来将提交众议院投票，通过后 方能呈送特朗普总统签署。 "这是加密行业发展的重大转折点。"前白宫国家经济委员会副主任、美亚博律师事务所合伙人安德鲁·奥梅姆 指出："该法案首次为快速增长的数字金融产品——稳定币建立了监管框架，填补了十余年的法律空白。" 有分析称 ，这一投票结果是加密行业在投入数亿美元资金来选举一个"加密友好"的国会之后，获得的最具体 的回报。 ...

Summary of Stablecoin Conference Call Industry Overview - The stablecoin market is projected to reach a market capitalization of approximately $230 billion by the end of May 2025, representing a growth of over 40 times in five years, with an annual transaction volume of $28 trillion, surpassing Visa and Mastercard [1][4] Core Insights and Arguments - **Regulatory Framework**: The U.S. and Hong Kong have implemented regulations focusing on reserve asset transparency, liquidity management, algorithmic stability, anti-money laundering, and consumer protection, requiring 100% reserve assets to be backed by fiat or highly liquid assets [1][5] - **International Payments**: Stablecoins offer low-cost and efficient international payment methods, with transaction fees typically below 1% and processing times of a few minutes, contrasting with the global average remittance fee of 6.62% [1][7] - **Impact on Banking**: Stablecoins pose a disintermediation risk for banks, shifting liabilities from savings to interbank liabilities, which may compress interest margins and erode profits [3][13] - **Market Size Comparison**: Despite the rapid growth of stablecoins, their market size remains small compared to traditional financial systems, with domestic dollar deposits around $19 trillion and U.S. Treasury securities at approximately $37 trillion [4] - **Long-term Debt Market**: The ability of stablecoins to absorb long-term U.S. Treasury securities may be overestimated, as they primarily hold short-term securities [15] Additional Important Points - **Types of Stablecoins**: Stablecoins are categorized into three types: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, with fiat-collateralized stablecoins dominating the market [2] - **Potential for Financial Disruption**: The rapid growth of stablecoins could lead to significant disruptions in the banking sector, particularly if their adoption exceeds current projections [13] - **Government Debt Implications**: The rise of stablecoins may increase demand for U.S. Treasury securities, but their short-term nature limits their impact on long-term debt financing [15] - **Emerging Market Effects**: In emerging economies, the use of stablecoins could lead to currency depreciation and inflationary pressures, prompting regulatory responses to safeguard financial stability [18] - **Future of International Monetary Order**: The development of stablecoins reflects a duality for the U.S. dollar, reinforcing its dominance while also paving the way for a more diversified monetary order amid de-dollarization trends [17] This summary encapsulates the key points discussed in the conference call regarding the stablecoin industry, its regulatory environment, market dynamics, and potential impacts on traditional financial systems.

Group 1 - The 2025 Lujiazui Forum opens today, focusing on financial reform and international cooperation to boost global economic growth [2] - The U.S. Senate passes the "Genius Act," marking a significant step in cryptocurrency legislation, aimed at clarifying regulations for digital assets [3] - The State-owned Assets Supervision and Administration Commission encourages state-owned enterprise funds to invest early and in smaller amounts to promote technological innovation [4] Group 2 - Major banks are discontinuing long-term large-denomination certificates of deposit (CDs) as interest rates decline, with the maximum term now being two years [5] - The Israeli ambassador to the U.S. requests a defensive posture from the U.S. amid rising tensions with Iran, with oil prices potentially soaring to $120 [6] - Multiple listed companies have announced share buyback plans, with a total of 71.71 billion yuan in buybacks reported this year [8] Group 3 - The STAR Market's index has seen a decline, with technology stocks experiencing significant pullbacks, while defense and power equipment stocks have shown resilience [9] - Dividend-themed funds are gaining traction as safe-haven investments, with several ETFs reaching new highs in share volume [10] - The G7 summit discussions between the U.S. and Japan did not yield an agreement on tariff cancellations, indicating ongoing trade negotiations [11] Group 4 - JD.com's chairman Liu Qiangdong elaborates on the company's strategy, emphasizing supply chain management and local e-commerce for international business [12] - Hezhang Technology's profit forecast has drastically changed, with a reported net loss of 5.636 million yuan, reflecting internal control deficiencies [13] - The market is witnessing a surge in interest for brain-computer interface technology, with several companies reporting significant stock price increases [16] Group 5 - National Electric Power's subsidiaries have won contracts totaling 1.061 billion yuan for power cable projects, representing 19.29% of the company's projected annual revenue [28]

Group 1 - Amazon's CEO Andy Jassy stated that the introduction of generative AI tools will lead to a significant reduction in the number of employees needed for certain jobs, indicating a shift in workforce requirements [1] - The company anticipates a decrease in total corporate employee numbers in the coming years due to efficiency gains from AI [1] Group 2 - Elon Musk's xAI is reportedly burning through $1 billion per month to develop advanced AI models, with revenues remaining limited, leading to a significant funding gap [2] - xAI is seeking to raise $9.3 billion through debt and equity financing, including a new $4.3 billion equity financing plan and $5 billion in debt financing with Morgan Stanley's assistance [2] Group 3 - Reddit's stock price surged over 15% following the announcement of new AI advertising tools, including "Reddit Insights" for real-time trend analysis and a "conversation summary plugin" for showcasing positive user content [3] - These tools are powered by the "Reddit Community Intelligence Engine," which converts posts and comments into structured insights [3] Group 4 - Coinbase is seeking approval from the SEC to launch a "tokenized equities" service, which would allow investors to hold digital assets representing ownership in publicly traded stocks [4] - Approval would enable Coinbase to offer stock trading services via blockchain technology, reflecting ongoing innovation in the cryptocurrency space [4] Group 5 - SoftBank raised approximately $4.8 billion by selling shares in T-Mobile, which will fund its ambitious AI initiatives [5] - The company plans to invest up to $30 billion in OpenAI and collaborate on infrastructure investments amounting to hundreds of billions globally [5]