1.6月6日(周五)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.31%，标普500指数期货涨0.40%，纳指期货涨0.41%。 | ■ US 30 | 42,452.50 | | T | | --- | --- | --- | --- | | ■ US 500 | 5,962.80 | 5,967.60 5,924.60 | | | 틀 US Tech 100 | 21,636.10 | 21,661.30 21,445.60 | | 2.截至发稿，德国DAX指数跌0.23%，英国富时100指数跌0.05%，法国CAC40指数跌0.02%，欧洲斯托克50指数涨0.03%。 | 3.截至发稿，WTI原油跌0.13%，报63.29美元/桶。布伦特原油跌0.08%，报65.29美元/桶。 | | --- | 市场消息 AI增长动能放缓?博通(AVGO.US)Q2营收创新高，但Q3指引未达最乐观预期。芯片巨头博通公布了一份超预期的第二财季业绩，但对第三财季的指引不够惊 艳令一些投资者感到失望。财报显示，在截至5月4日的第二财季，博通销售额同比增长20%至150亿美元，略高于分析师平均预期的149.6亿美元 ...

Core Viewpoint - The conflict between Elon Musk and Donald Trump has led to a surge in interest and trading of a new meme coin called KILL BIG BEAUTIFUL BILL (KBBB), which saw its market capitalization exceed $53 million before experiencing a significant drop [1] Group 1 - The dispute between Musk and Trump was triggered by disagreements over the "Big and Beautiful Bill" [1] - Following Musk's public criticism of the bill, traders launched the KBBB meme coin, capitalizing on the situation [1] - KBBB's market capitalization skyrocketed to $53.12 million within just nine hours, indicating a rapid influx of traders [1] Group 2 - After reaching its peak, KBBB's market value subsequently fell by approximately 30%, settling around $36.73 million [1]

报告导读： 稳定币源起加密货币，成为新交易场景下的一般等价物；各地区加速立法，规 范行业发展。当前已经形成五方参与的发行和流通完整生态。 稳定币源起加密货币，构建新交易场景的一般等价物。 稳定币是一种与法定货币或现实资产挂钩的加密货 币，其产生源自加密货币世界中人们的交易需求。稳定币出现前，数字资产与现金因为在不同的市场，结 算低效，难以顺畅交易，流动性匮乏导致价格剧烈波动。稳定币锚定法币后，成为数字资产与现金的交易 中介，用户可快速用稳定币兑换各类数字货币，市场流动性显著改善，主流币种波动率也显著降低。稳定 币经过十余年发展，规模得到显著扩张，当前规模已经突破 2500 亿美元。各地区加速立法，美国于 2025 年 5 月参议会投票通过《 GENIUS 法案》，中国香港立法会于 5 月 21 日通过《稳定币条例草 案》，并于 5 月 30 日正式刊宪生效。 稳定币已形成发行和流通的完整生态，发行方、托管方、资产管理方、交易平台方、做市商共同参与其 中。 稳定币生态包括一级市场和二级市场，一级市场实现稳定币的发行，主要面向各类机构，包括交易所 及授权经销商等，发行方获取的资金会一比一托管在银行等机构，并投资于 ...

稳定币概念持续火热之下，加密货币上市公司再添一家。 美东时间6月5日，Circle（股票代码CRCL）正式登陆纽交所，弥补了加密货币上市公司中稳定币板块的不足。作 为全球第二大稳定币USDC的发行商，Circle通过早期布局，USDC已成为当前全球流通的唯一合规的美元稳定 币。 在比特币牛市的带动下，当前已有多家加密货币公司透露了上市意向，全球稳定币的市值也达到了2511亿美元。 业内人士向《华夏时报》记者分析指出，本次Circle成功上市并首日股价暴涨，受益于良好的政策红利、比特币牛 市行情带动以及稳定币概念的火热。 但分析人士同时提醒，从USDT和USDC的分化路径来看，未来Paypal等机构发行的合规稳定币，将对USDC的市 场占有率形成一定的挤压效应，USDC未来仍面临较为严峻的市场竞争形势。 华夏时报（www.chinatimes.net.cn）记者 卢梦雪 北京报道 比特币牛市带动加密货币公司IPO 在比特币牛市的带动下，2025年以来，已有多家加密货币公司踏上上市之路。其中，Amber Group 旗下数字财富 管理平台 Amber Premium 、比特币奖励金融服务公司 Fold Holdi ...

还记得当年荷兰人疯抢郁金香的场景吗？现在WkeyDAO这玩意儿就跟那会儿一个德行。震哥观察这项目半年多了，从90刀跌到30刀就用了五个月，眼瞅着 就要奔着归零去了。可邪门的是，居然还有60万韭菜往里冲，真是太阳底下没新鲜事。 一、WkeyDAO的三阶段套路 这帮搞WkeyDAO的玩得可太花了，咱们来捋捋他们的骚操作： 第一阶段（2024年底）：装逼期 整一堆"算法稳定币""DePIN物联网"这种高大上名词，再搞个699美金的区块链手机当幌子。震哥当时一看就笑了，这不就是给旧酒换新瓶嘛，专骗那些不 懂装懂的小白。 第二阶段（2025年初）：拉人头期 搞了个12级传销体系，拉一个人头抽15%。最骚的是他们用机器人刷数据，硬是把日交易量造假到800多万。这操作就跟菜市场给烂苹果贴有机标签一个套 路，专门忽悠那些想暴富的冤大头。 吹什么"每12小时复利0.2%-0.83%"，算下来年化608%，意味着项目规模每4个半月就得翻一倍。全球加密货币总市值才2.3万亿，它这是要上天？地球经济都 撑不住这种增长。 2. 硬件就是幌子，代币才是真货 卖699美元的"Web3手机"，成本不到200，所谓的"加速挖矿"功能纯属扯淡。 ...

Core Viewpoints - Stablecoins originated in the "wild" world of Web3.0, initially serving as a fiat currency pricing tool for trading cryptocurrencies. As the cryptocurrency market has grown, stablecoins have become essential tools for exchanges, DeFi, and RWA ecosystems. A key to the success of stablecoins is their ability to gain market trust, which involves their credit transmission mechanism [1] - The integration of RWA (Real World Asset tokenization) and stablecoins is seen as the next major narrative in Web3, with RWA being one of the fastest-growing sectors in the cryptocurrency market. The RWA market has surpassed $22 billion, while the stablecoin market exceeds $247 billion, positioning both as dual engines driving the cryptocurrency market [4][5] RWA and Stablecoins as Catalysts - The rapid development of RWA and stablecoins is prompting regulatory advancements. Recent legislative actions in the U.S. and Hong Kong indicate a growing regulatory framework for stablecoins, driven by the swift growth of the stablecoin and RWA markets [6] - The focus on stablecoin payments and international payments is significant, as RWA and stablecoins have established a substantial commercial ecosystem. Payment giant Stripe's acquisition of stablecoin trading company Bridge for $1.1 billion and its subsequent global payment capabilities highlight the potential for stablecoins in the payment sector [7] Investment Analysis - Continuous catalysts are present in the financial technology transformation, with upcoming events such as Circle's IPO and Hong Kong's licensing process being key points of interest [8]

近年来，随着区块链技术的日益成熟以及全球数字化进程的加速，加密货币逐渐从边缘小众领域走向主 流视野。稳定币作为加密货币与传统金融体系之间的关键纽带，发挥着不可替代的作用。它既能提供加 密货币的便捷性与高效性，又具备与法定货币挂钩的稳定性，广泛应用于支付、跨境汇款、去中心化金 融（DeFi）等多个场景。 市场研究机构的数据显示，过去几年稳定币市场规模呈现出爆发式增长态势，预计未来几年仍将保持高 速增长。Circle作为稳定币领域的领军企业，无疑将充分受益于这一行业红利。然而，加密货币市场向 来波动剧烈，Circle在未来的发展道路上也并非一帆风顺，市场竞争的加剧以及技术安全风险等因素， 都可能对股价和业务发展产生影响。 2014年，Circle正式推出首款产品，允许用户使用比特币进行跨境支付和转账，旨在打破传统跨境支付 的高成本、低效率壁垒。这一创新举措在当时引起了不小的轰动，尽管面临着监管政策不明确、用户接 受度低等诸多挑战，但Circle依然坚定地迈出了探索加密支付的第一步。 随着业务的逐步推进，Circle意识到单纯依靠比特币支付存在价格波动大、监管风险高等问题。为了提 供更稳定、更可靠的支付解决方案，公 ...

Group 1 - The core viewpoint of the report is that stablecoins have become a general equivalent in cryptocurrency trading, with a global market size exceeding $250 billion, supported by a complete ecosystem involving issuers, custodians, asset managers, trading platforms, and market makers [1][2] - The emergence of stablecoins has significantly improved market liquidity and reduced volatility in mainstream cryptocurrencies, as they serve as intermediaries for trading between digital assets and cash [1] - Recent legislative developments, such as the U.S. GENIUS Act and Hong Kong's Stablecoin Regulation Draft, indicate a rapid advancement in the global regulatory framework for stablecoins [1] Group 2 - The stablecoin ecosystem consists of both primary and secondary markets, where the primary market focuses on issuance to various institutions, and the secondary market facilitates trading through exchanges with the involvement of market makers [2] - Tether and Circle dominate the stablecoin market, with USDT holding a 61.2% market share and USDC at 24.4%, highlighting Tether's first-mover advantage and Circle's compliance strengths [3] - Circle's USDC has a circulation of $61 billion as of May 2025, and the company is pursuing an IPO, emphasizing its compliance with regulatory standards compared to Tether's asset reserves [3]

稳定币发行商Circle上市首日的火爆表现，不仅使华尔街再次见证了"币圈"的疯狂，更有可能掀起更多"币圈"资产的上市潮。 6月5日，稳定币"第一股"Circle Internet Group Inc.（CRCL）美国IPO首日收涨近170%，报83.23美元，远高于此前给出的IPO发行价每股31美元， 盘中一度飙升235%，上涨至103.75美元的高点。 据华尔街见闻此前提及，Criecle的IPO发行价为31美元，远高于本周预期的27至28美元区间，也高于上周最初设定的24至26美元区间，吸引了超过 20倍的超额认购，共筹资近11亿美元。 据报道，Circle成为自Coinbase Global Inc.在2021年直接上市以来最受瞩目的加密货币公司IPO首秀，其超预期的表现，也瞬间点燃了市场热情。 Renaissance Capital高级策略师Matt Kennedy直言： "我敢肯定，其他公司今天就在和他们（指那些一直在公开市场门外徘徊的加密货币公司们）的投行谈话。这种信心并非空穴来风， Circle的成功表现正在为整个加密货币行业的IPO aspirants（IPO申请者）铺平道路。" 分析指出，对 ...

Group 1 - OpenAI's model behavior head emphasizes the importance of focusing on AI's impact on human emotional well-being rather than debating its essence, suggesting that humans are developing feelings towards AI and will soon enter an "AI consciousness" phase [2] - The public dispute between Elon Musk and Donald Trump has led to a significant drop in Tesla's stock price, with a loss of over $152.5 billion in market value, highlighting the complex relationship between politics and business [3] - Microsoft's CEO acknowledges that the partnership with OpenAI is evolving but remains strong, indicating an understanding of the necessary changes as both companies adapt to new challenges [4] Group 2 - AI expert Fei-Fei Li discusses the concept of "world models," which aims to enable AI systems to understand and reason about the physical world, particularly in three dimensions, potentially advancing AI capabilities beyond text comprehension [5] - Circle, known as the "first stablecoin stock," successfully listed on the NYSE with an opening price increase of 122.58%, reflecting the growing significance of stablecoins in the cryptocurrency market [6]