韩国新任总统兑现竞选承诺 为稳定币发行开绿灯 金十数据6月10日讯，韩国新任总统李在明正在迅速兑现他的竞选承诺，允许当地公司发行稳定币，进 一步推动全球最活跃的数字资产市场之一。李在明一直公开支持采用稳定币。周二，李在明所在的执政 党民主党提出了《数字资产基本法》，旨在提高透明度，鼓励加密货币行业的竞争。根据该法案，如果 韩国公司拥有至少5亿韩元（367,876美元）的股本，同时确保通过储备金保证退款，就可以发行稳定 币。韩国已经是加密货币活动的温室，超过三分之一的人口（约1800万人）参与了数字资产市场。有些 时候，国内加密货币交易所的交易量甚至超过了韩国首尔综指和韩国创业板指（KOSDAQ）指数。稳 定币是与另一种资产挂钩的加密货币，通常是美元。 订阅数字货币资讯 +订阅 ...

参议院本周关键投票在即，稳定币法案或将重塑数字支付格局。 周一据媒体报道，参议院多数党领袖John Thune准备在本周三就稳定币立法进行程序性投票。这一获得 加密货币行业和特朗普总统支持的法案，若通过60票门槛，将为美元挂钩代币的监管框架奠定基石。但 进步派民主党人警告称，该法案缺乏防范系统性风险的关键保障措施。 报道指出，经过上月修订后，这项两党法案赢得了加密货币友好派民主党参议员Angela Alsobrooks和 Mark Warner等人的支持，为法案在未来几天内迅速通过铺平了道路。 该稳定币法案将为用于支付的美元挂钩代币建立监管规则。根据法案要求，稳定币必须以联邦债务等短 期投资作为储备进行一对一担保，并接受联邦或州监管机构的监督。 尽管获得关键支持，参议院助手周一晚间表示，法案谈判仍在进行中，参议员们仍有可能提出修正案。 报道称，参议院银行委员会主席Tim Scott已暗示，他的委员会可能将信用卡条款作为独立立法来考 虑，而不是作为稳定币立法的一部分。Marshall周一表示，他正在考虑下一步行动，仍希望在某个时候 就该立法进行投票。 这场投票不仅将决定美国稳定币监管框架的命运，更将为特朗普政府 ...

Core Viewpoint - The public fallout between President Trump and billionaire Elon Musk indicates a fragile alliance between Silicon Valley tech giants and conservative politicians, leading to differing opinions among analysts and investors regarding the future of Silicon Valley under Trump's administration [1][3]. Group 1: Relationship Dynamics - Many tech giants in Silicon Valley have chosen to remain silent and continue their alliance with Trump, believing it serves their interests despite political disagreements [1][3]. - The Trump administration has fostered close ties with several tech companies, resulting in key appointments of tech executives to government positions, which has benefited the tech industry [3][5]. - The relationship between Trump and Musk deteriorated after Musk's departure from the "Department of Government Efficiency," leading to a public exchange of criticisms on social media [8][9]. Group 2: Political Contributions and Influence - The cryptocurrency sector has provided substantial campaign funding to Trump and the Republican Party, strengthening their relationship as Trump’s family engages in the cryptocurrency space [5]. - Some tech executives believe that maintaining silence is a safer strategy in the current political climate, as loyalty to the Trump administration is perceived as necessary for favorable dealings [6][7]. - Critics argue that Silicon Valley lacks sufficient influence over the Trump administration and should distance itself from it, as the alliance may not yield the expected benefits [6][7]. Group 3: Future Implications - Analysts express confusion about the future of the tech-MAGA alliance, with some tech leaders acknowledging the importance of Musk's presence in the White House for their interests [7][8]. - The ongoing tensions and public disputes between Trump and Musk may signal a shift in how Silicon Valley interacts with the current administration, potentially affecting future policies and regulations [8][9].

Core Insights - The global cryptocurrency market is experiencing significant changes, with SHIB's token burn rate soaring to 5762.9%, while Bitcoin's network transaction volume has dropped to 317,000, marking a two-year low. Additionally, BlackRock's IBIT holdings have surpassed $69.5 billion, with over 660,000 Bitcoins held [1] Group 1: Leverage and Derivatives - SHIB's open interest weighted funding rate has turned positive at 0.0048%, indicating a slow shift of funds towards long positions. This change highlights the fundamental differences between leverage and contract systems [3] - The OKX liquidation heatmap reveals a significant number of vulnerable short positions between $0.0000132 and $0.0000133, illustrating the distinct impacts of leverage and contract functionalities on market dynamics [3] - XBIT decentralized trading platform utilizes advanced risk management algorithms to help users find an optimal balance between leverage and contract tools [3] Group 2: Political Economy and Market Psychology - The political fallout from the Trump-Musk alliance has emerged as a critical variable affecting the cryptocurrency market, influencing investor preferences for leverage and contract tools through market sentiment [4] - Increased uncertainty leads to higher emotional sensitivity in leverage trading, while contract trading offers a more refined risk pricing mechanism, allowing investors to construct robust hedging strategies during market volatility [4] - As SHIB's deflationary pressure increases and address activity rises, market sentiment is transitioning from panic to rationality, reflecting investors' macroeconomic outlook [4] Group 3: Decentralized Financial Infrastructure - XBIT is exploring the integration of biometric technology with blockchain to enhance the security model of derivative trading, utilizing zero-knowledge proof technology and multi-signature transaction architecture [6] - The non-custodial model of XBIT ensures users maintain complete control over their assets, mitigating platform risks while providing enhanced trading privacy [6] - Investors are encouraged to understand the intrinsic logic of various trading tools and align them with their risk preferences and investment goals to achieve sustainable investment success in the evolving cryptocurrency market [6]

非银行业深度研究 新旧金融的桥梁：稳定币如何重塑非银金融生态？ 2025 年 06 月 09 日 1.非银行业周报 20250608：险资成立私募基 金的考量-2025/06/08 2.非银行业周报 20250601：险资"长钱"持 续入市-2025/06/02 3.保险行业点评：寿险累计增速转正，财险多 险种共振支撑增长-2025/06/01 4.非银行业周报 20250525：险资一季度加仓 股票-2025/05/25 5.非银行业周报 20250517：公募费率改革深 化，险资配置优化提速-2025/05/18 ➢ 什么是稳定币？稳定币是加密货币的一种特殊类型，其设计的核心目的是维 持加密货币价格的稳定，通常通过将其价值锚定到一种或者一篮子相对稳定的底 层资产来实现，主要锚定资产包括法定货币、其他加密货币、大宗商品以及算法 等。稳定币是加密资产货币生态系统中至关重要的基础设施，是提供价值稳定的 交易媒介，充当法币和加密货币之间交易的核心中介。 ➢ 稳定币的核心机制和分类。稳定币通过与某种类型的稳定资产（如美元、欧 元等法定货币、黄金等实物资产、一揽子资产或者算法等）挂钩，比如 1:1 锚定 美元，来降低 ...

Core Viewpoint - The relationship between Silicon Valley companies and the Trump administration remains strong despite the public fallout between Trump and Elon Musk, with many tech leaders continuing to benefit from the administration's policies [1][2]. Group 1: Silicon Valley and Trump Administration Relations - On the day of the public dispute between Trump and Musk, several Silicon Valley companies made significant business moves, including the listing of stablecoin issuer Circle Internet Group, which saw its stock price surge by 200% [2]. - Many Silicon Valley executives and investors support Trump, seeking a favorable business environment rather than systemic changes proposed by Musk [2][3]. - Over the past year, numerous tech leaders have established deep connections with the White House, allowing the tech industry to express its positions on cryptocurrency, artificial intelligence, and defense, which may lead to beneficial policy changes in the coming years [2][3]. Group 2: Key Developments and Appointments - Recent months have seen notable appointments of Silicon Valley figures to key government positions, such as former Uber executive Emil Michael at the Pentagon and investor David Sacks as the chair of the President's Council of Advisors on Science and Technology [3]. - Billionaire Peter Thiel has also benefited from his ties to Washington, with his company Palantir securing contracts worth hundreds of millions from the Pentagon [3]. Group 3: Industry Sentiment and Future Outlook - Despite the public split between Trump and Musk, many Silicon Valley leaders privately anticipated this outcome and believe it will have little impact on the tech industry [3][4]. - Some tech leaders are cautious about openly supporting Musk's reform efforts, as they recognize the importance of loyalty in dealings with the Trump administration [4]. - Michael Moritz, a former board member of PayPal and investor in Musk's SpaceX, argues that Silicon Valley should distance itself from the Trump administration, suggesting that those supporting Trump have little influence on broader industry issues [4].

Core Insights - The book "Going Infinite: The Rise and Fall of a Crypto Empire" by Michael Lewis is set to be released in Chinese, providing a comprehensive account of the controversial FTX cryptocurrency empire and its founder Sam Bankman-Fried's dramatic journey from success to downfall [1][3] - The author, known for transforming complex financial events into engaging narratives, had close access to SBF and his team during FTX's peak, capturing many unknown details before the crisis unfolded [1][3] Summary by Categories Book Overview - "Going Infinite" is not just a simple recap of a business empire's rise and fall but serves as a thought-provoking reflection on contemporary issues [3] - The book details how SBF leveraged his mathematical background from MIT and the concept of "effective altruism" to build a business valued at $32 billion in the emerging cryptocurrency sector [3] Key Themes - The work explores critical topics such as innovation and risk in fintech, the cult of founders and corporate governance challenges, the tension between idealistic narratives and commercial realities, and the implications of globalization on financial regulation and cooperation [3] - It also highlights significant flaws and fatal risks within FTX regarding corporate governance, risk management, fund security, and ethical considerations [3] Translation and Cultural Context - The Chinese edition of "Going Infinite" is translated by experts in blockchain and fintech, aiming to present authentic content and professional interpretations relevant to the local context [4] - The publication is deemed to have significant practical implications and enlightening value in the context of the complex and rapidly evolving global economic and financial landscape [4]

Group 1: Regulatory Developments - The U.S. House of Representatives is set to review the digital asset market structure bill, the "CLARITY Act," on June 10, 2025, with calls from eight crypto policy organizations to include the "Blockchain Regulatory Certainty Act" for a more comprehensive framework [1][3] - A minority hearing by the House Financial Services Committee will focus on "crypto-related misconduct" and the potential risks of the "CLARITY Act," featuring expert witnesses including former CFTC Chairman Timothy Massad [3] Group 2: Market Liquidity and Economic Factors - Despite strong labor market data, former President Trump is advocating for a one percentage point interest rate cut by the Federal Reserve, arguing that borrowing costs are too high [4] - If Trump's call for lower interest rates is realized, it could inject significant liquidity into the cryptocurrency market, potentially driving up digital asset prices [4] Group 3: IPO Activity in the Crypto Sector - Gemini has submitted a confidential S-1 registration statement to the SEC for an initial public offering (IPO), indicating a continued trend of crypto companies seeking to go public [6] - Analysts predict that the IPO market for crypto companies is just beginning, with a growing recognition of the long-term viability of cryptocurrencies [6]

Core Insights - The rapid growth of stablecoins and the introduction of regulations such as Hong Kong's Stablecoin Regulation and the US GENIUS Act have made stablecoins a focal point in the market [2][11] - The impact of stablecoin flows on short-term US Treasury yields is significant, with a net inflow of $3.5 billion leading to a decrease in 3-month Treasury yields by approximately 2-2.5 basis points within 10 days [2][6] - Conversely, outflows have a more pronounced effect, with a $3.5 billion outflow resulting in an increase of about 6-8 basis points in yields [2][6] - The influence of stablecoin flows is primarily concentrated in the short end of the yield curve, particularly affecting 3-month Treasury yields, while having minimal spillover effects on 2-year and 5-year yields [2][6] - Continued rapid expansion of the stablecoin market could significantly depress short-term Treasury yields, potentially disrupting the effectiveness of the Federal Reserve's monetary policy transmission [2][7] Group 1: Stablecoins and Safe Asset Prices - The total asset management scale of dollar stablecoins exceeded $200 billion by March 2025, surpassing the holdings of major foreign investors like China in short-term US securities [4][12] - Stablecoin issuers, particularly Tether (USDT) and Circle (USDC), support their tokens primarily through US Treasury bills and money market instruments, making them key players in the short-term debt market [4][12] - In 2024, dollar stablecoins purchased nearly $40 billion in US Treasury bills, comparable to the largest government money market funds in the US [4][12] Group 2: Data and Methodology - The research utilized daily frequency data from January 2021 to March 2025, sourced from various platforms including CoinMarketCap and Yahoo Finance [5][16] - The study focused on the 3-month Treasury yield as the primary variable, employing a simple univariate local projection model to analyze the impact of stablecoin flows [5][23] Group 3: Empirical Research on Stablecoin Flows - The empirical results indicate that a total inflow of $3.5 billion in stablecoins correlates with a decrease of approximately 2.5 basis points in the 3-month Treasury yield within 10 days, and up to 5 basis points within 20 days [6][35] - The contributions of different stablecoin issuers to yield changes were analyzed, with USDT accounting for approximately -1.54 basis points (70% of the total impact) and USDC contributing about 19% [6][38] Group 4: Discussion and Policy Implications - The potential for stablecoin market expansion to compress short-term Treasury yields raises concerns about the Federal Reserve's control over short-term interest rates [7][40] - The transparency of reserves is crucial, with USDC's disclosures being more transparent compared to USDT, highlighting the need for standardized reporting to mitigate systemic risks [7][41] - The strong demand for Treasuries from stablecoins may exacerbate the "safe asset scarcity" issue faced by non-bank financial institutions, affecting liquidity premiums [8][40]

Group 1: Stablecoin Market Impact - The total market capitalization of stablecoins exceeded $200 billion by March 2025, surpassing the holdings of major foreign investors like China in short-term U.S. securities[2] - Stablecoins, particularly Tether (USDT) and Circle (USDC), significantly influence the short-term debt market, purchasing nearly $40 billion in U.S. Treasury securities in 2024[2] - A net inflow of $3.5 billion in stablecoins can lead to a decrease of approximately 2-2.5 basis points in the 3-month Treasury yield within 10 days[1] Group 2: Empirical Findings - The study found that a $3.5 billion inflow of stablecoins correlates with a decline in the 3-month Treasury yield of up to 25 basis points over 30 days[3] - The impact of stablecoin outflows on Treasury yields is more pronounced, with a $3.5 billion outflow resulting in an increase of approximately 6-8 basis points[1] - USDT contributes about -1.54 basis points to the yield impact, accounting for 70% of the total effect, while USDC contributes around 19%[4] Group 3: Policy Implications - The rapid expansion of the stablecoin market may significantly lower short-term Treasury yields, potentially disrupting the effectiveness of the Federal Reserve's monetary policy transmission[5] - Regulatory measures for standardized and transparent reserve reporting are crucial to mitigate systemic risks associated with concentrated Treasury holdings by stablecoins[5] - The strong demand for Treasuries from stablecoins could exacerbate the "safe asset scarcity" issue faced by non-bank financial institutions, affecting liquidity premiums[5]