Core Viewpoint - Trump has high expectations for cryptocurrencies, aiming to establish the U.S. as the "global cryptocurrency capital" through strategic initiatives like the establishment of a strategic Bitcoin reserve as a permanent national asset [3][15]. Group 1: Cryptocurrency Development and Trends - Bitcoin, since its inception in 2009, has maintained the highest market capitalization and is referred to as "digital gold," with projections suggesting it could account for 10% of global trade settlements by 2050 [5]. - The U.S. currently holds the largest amount of Bitcoin, approximately 207,000, and dominates global mining with over 35% of the market share [5]. Group 2: International Monetary System Challenges - The U.S.-centered international monetary system faces significant challenges, including reliance on U.S. consumption and China's fixed asset investments, leading to economic vulnerabilities [8]. - The "de-dollarization" trend has gained traction among emerging economies, particularly following the financial sanctions against Russia, which have raised concerns about the weaponization of the dollar [7][8]. Group 3: Recommendations for a New Monetary System - The report advocates for the establishment of a "Bretton Woods 3.0" system, integrating Bitcoin and stablecoins to diversify U.S. asset holdings and reinforce its position as a leader in financial innovation [9][10]. - Bitcoin and stablecoins are proposed as reserve assets due to their independence from central authorities and their ability to hedge against crises, as demonstrated during the Silicon Valley Bank collapse in March 2023 [10] . Group 4: Scenarios for Bitcoin's Market Value - Three scenarios are analyzed regarding Bitcoin's market value: 1. If Bitcoin reaches half the value of gold, its market cap would be $10 trillion, and U.S. reserves of 1 million Bitcoins would total $500 billion [12]. 2. If Bitcoin matches gold's current value, its market cap would be $20 trillion, with U.S. reserves valued at $1 trillion [13]. 3. If Bitcoin reaches half the global sovereign debt market value, its market cap would be $30 trillion, with U.S. reserves valued at $1.5 trillion [14]. Group 5: U.S. Policy Developments on Cryptocurrencies - Since Trump's second term, significant steps have been taken to advance cryptocurrency policies, including the establishment of a digital asset working group and the signing of executive orders to manage strategic Bitcoin reserves [15]. - The U.S. aims to reverse the declining status of the dollar in the global monetary system through the development of dollar-backed stablecoins and Bitcoin markets, which could transform global finance and geopolitical dynamics [15].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 稳定币将重塑全球货币格局？2025年5月19日和21日，美国和中国香港分别通过《GENIUS法案》及《稳定币条例草案》，明确稳定币监管框架 的同时，也代表着加密货币又迎来里程碑式进展。 行情层面，稳定币相关资产近期表现强劲。美股稳定币概念"第一股"Circle（CRCL）IPO首日涨幅即接近170%。A股方面，截至6月5日收盘， 有8只概念股年内均已涨超50%！其中，霍普股份已经实现年内翻倍，四方精创、御银股份等也收获超80%涨幅。 0 1 稳定币究竟是什么？ 众所周知，自从中本聪创造了比特币（BTC）之后，加密货币由于其难以监管、不可追踪、可跨境流通等特性，越来越成为暗网交易的广泛选 择。然而，加密货币总量有限的特性总是容易助长炒作风气，导致多数数字货币常由于价格波动过大不适合作为交易媒介。 能否出现一种价格稳定的加密货币？稳定币正是在这种需求下应运而生。作为一种基于区块链技术的加密货币，稳定币需要通过支付法币才能获 得，并且主要与法币（美元为主）以固定兑换比例挂钩。稳定的价格机制越来越受到交易者青睐。 目前，稳定币承担着加密货币市场超过2/3 ...

信息源：本文陈述所有内容皆为可靠信息来源赘述在文章结尾 就在大家盯着中国、日本抛售美债的时候，美国财政部竟凭空冒出个"超级接盘侠"，一年狂扫1.5万亿 美债，比日本全年军费都多！ 可这土豪既不是传统盟友英国，也不是中东金主，但背后牵扯着美国掏空全球钱包的新套路…… 美债困局 2025年4月特朗普宣布"对等关税"政策后，美国国债遭遇了自2001年以来最猛烈的抛售潮，长期国债收 益率连日飙升。 2025年5月，美国财政部资本流动报告显示，中国单月减持189亿美元美债，持仓降至7654亿美元——这 是二十年来首次被英国反超，滑落至美债海外持有国的第三位。 日本虽在2025年2月增持466亿美元，但其国内债务压力制约了持续接盘能力。 此刻，美国国债总额高悬于37万亿美元之巅，而年复一年"借新还旧"的戏码也导致各国央行对美债态度 发生了转变，石油国家转向黄金，欧洲基金缩紧钱袋，美联储自身深陷量化紧缩。 对于美国来说，急需解决的2025年到期债务规模如滚雪球般膨胀，但是特朗普却丝毫不慌，因为一个隐 形巨头已悄然崛起。 2024年全球稳定币转账量高达27.6万亿美元，比Visa和万事达交易量总和还多。进入2025年，其总市 ...

在稳定币龙头Circle刚上市便市值飙升至220亿美元之际，一个看似矛盾的投资逻辑正悄然浮出水面： 虽然Circle主要靠高利率环境下的储备金收益为生，但未来估值的爆发增长潜力可能恰恰依赖于美联储降息。 Circle于当地时间周四正式上市，其发行价为每股 31 美元，目前已大幅上涨，周五收盘已飙升至110美元左右。根据招股说明书中列出的A类和B 类普通股数量，公司市值已接近220亿美元，市盈率飙升至惊人的125倍以上。 简而言之，在当前对稳定币充满期待的市场氛围下，Circle的真正价值或许并不在于短期的储备收入，而在于其在低利率环境下实现用户基础指 数级扩张的潜力。 分销成本与未来增长的关键 储备收入并不直接转化为Circle的利润。2024年，公司支付了超过60%的储备收入作为分销和交易成本，包括向Coinbase的支付——后者与Circle合 作推出USDC并帮助扩大其吸引力和使用范围。 随着Circle减少对Coinbase或其他合作伙伴的依赖，它可能降低分销成本。在IPO招股说明书中，Circle表示："如果未来Coinbase平台持有的USDC 比例继续增加，我们的分销成本增长可能超过储备收入增长 ...

Group 1 - Gemini, a cryptocurrency exchange and custodian founded by Cameron and Tyler Winklevoss, has secretly filed for an IPO according to documents submitted to the SEC [1] - The registration statement draft does not disclose specific details regarding the size and pricing of the offering, with the IPO expected to proceed after SEC review [1] - The regulatory stance towards Gemini and the broader cryptocurrency industry has softened, as the SEC concluded its investigation into the exchange in February [1] Group 2 - Circle Internet Group, a stablecoin issuer, completed its IPO on the New York Stock Exchange, with its stock significantly rising in the first two trading days [2] - Circle's IPO performance exceeded expectations, with pricing well above the anticipated range and a subscription rate over 20 times the offering amount, leading to a closing price increase of 168% [2] - Circle's $1.1 billion IPO is noted as the most significant cryptocurrency IPO since Coinbase's direct listing in 2021, potentially boosting confidence for other cryptocurrency companies considering IPOs [2] - BitGo Inc., a cryptocurrency custodian, is reportedly considering an IPO later this year, while Kraken, one of the oldest cryptocurrency exchanges, is preparing for a listing in early 2026 [2]

英国即将解除加密货币交易所交易票据（ETN）的禁令，以赶上美国和其他金融中心，成为全球数字资 产中心。 6月6日据媒体报道，英国金融行为监管局（FCA），提议解除其对向散户投资者提供加密货币交易所交 易票据（ETN）的禁令，这标志着该国数字资产监管政策的重大转向。加密货币ETN是一种与指定资产 （在此情况下为加密货币）挂钩的债务工具。本质上，它们允许投资者通过受监管的交易所获得对数字 代币的敞口。 自2019年FCA因担心这些产品对消费者构成潜在危害而实施禁令以来，向散户投资者销售加密货币ETN 在英国一直被禁止。然而，监管机构表示，此次提议解除禁令是为了"支持英国的增长和竞争力"，不 过对加密货币衍生品的限制仍将保持。 FCA支付和数字资产执行董事David Geale在声明中表示： 这展现了我们对支持英国加密货币行业增长和竞争力的承诺。我们希望重新平衡我们的风险 方法，解除禁令将允许人们选择这种高风险投资是否适合他们，尽管他们可能会损失所有资 金。 报道指出，英国通常被认为在数字资产方面落后于美国、欧盟和其他全球参与者。 加密货币交易所交易产品 (ETP) 已在欧洲交易所上市十年，但该市场很快就被去年年初 ...

朋友们，美股又来给市场"打鸡血"了！北京时间6月7日凌晨，美股周五收盘那叫一个热闹——道指一口气涨了400多点，标普500指数直接冲破6000点整数 关口，纳指也跟着往上冲。关键是三大指数本周全都是上涨收官，这波行情到底啥逻辑？咱得好好捋捋。 先看核心驱动——最新出炉的非农就业数据比预期强太多了。不少人之前担心美国经济会不会突然"刹车"，这数据一出来，担忧情绪瞬间缓和了。市场觉 得啊，经济韧性还在呢，那资金自然愿意往股市里钻。你看道指涨了1.05%，纳指涨1.2%，标普500涨1.03%，这涨幅可不是闹着玩的。 最吸睛的还得是热门科技股，简直是"群魔乱舞"模式。谷歌、特斯拉直接涨超3%，特斯拉这两天算是缓过劲儿来了，周五反弹3.82%，但可惜啊，本周累 计跌了快15%，创了2023年以来最大单周跌幅，这过山车坐的够刺激。亚马逊涨超2%，英伟达、苹果、Meta也都涨超1%。微软更猛，又双叒叕创了收盘 历史新高，这已经是"别人家的股票"常态化了。不过也有例外，博通跌了5%，算是科技股里的"逆行者"了。 说到科技巨头，美股七巨头指数周五涨了1.76%，本周累计涨2.2%。除了刚才说的微软，Meta本周最猛，累计涨超 ...

据了解，不丹推出的国家级加密货币支付系统允许游客直接通过币安平台使用超100种加密货币支付签 证、机票、住宿、交通、购物等费用，且无需兑换当地货币或开设本地银行账户，其应用场景已覆盖移 民服务、旅行社、酒店、独立商店甚至路边摊贩。不丹政府希望借此扭转近年来作为经济支柱产业的旅 游业收入下滑趋势，并有效缓解失业率特别是青年失业率居高不下的状况，同时开辟经济新增长点，降 低对旅游业等的依赖，推动经济转型。 5月初，不丹政府与全球加密货币平台币安（Binance）、不丹数字银行合作，推出全球首个面向游客的 国家级加密货币支付系统，加强利用加密货币发展本国经济。 作为喜马拉雅山脉南麓的内陆小国，不丹凭借其独特的水电资源优势与政策创新举措，已成为全球加密 货币领域的重要参与者，不仅将加密货币作为本国经济发展的战略重点之一，还推出了全球首个国家级 加密货币支付系统，其发展路径极具本国特色又不乏创新举措。 政策引导快速发展 不丹的加密货币战略以清洁能源挖矿为核心，结合经济特区制度创新，探索了内陆国家立足自身资源禀 赋特点的发展路径。其"水电资源+国营矿场+战略储备"三位一体的加密货币发展模式，不仅巩固了不 丹在全球加密货币 ...

市场消息：美国加密货币公司Gemini秘密申请美国IPO。 订阅数字货币资讯 +订阅 ...

Core Viewpoint - The UK Financial Conduct Authority (FCA) proposes to lift the ban on retail investors purchasing exchange-traded products linked to cryptocurrencies to enhance competitiveness against the recovering US cryptocurrency market under Trump's leadership [1] Group 1: Regulatory Changes - The FCA's proposed change allows existing exchange-traded products linked to tokens like Bitcoin and Ethereum to be sold to retail investors, provided they are traded on FCA-approved exchanges [1] - Previously, such products were only permitted for professional investors, limiting access to retail investors [1] Group 2: Market Context - The regulatory shift is a response to the resurgence of the US cryptocurrency market, indicating a competitive landscape for the UK [1] - The FCA had allowed these products to trade on venues like the London Stock Exchange, but with restrictions on investor type [1]