Core Viewpoint - The entry of Trump's Media Technology Group (TMTG) into the Bitcoin ETF space signifies a shift in the competitive landscape, introducing political influence and social media dynamics into the traditionally finance-driven arena [1][3]. Group 1: Market Impact - TMTG's application for a Bitcoin ETF is expected to boost market sentiment and attract more capital into the Bitcoin market in the short term [4]. - The competition for Bitcoin ETFs is no longer solely about financial strength but also involves user acquisition, brand marketing, and political influence [3]. Group 2: Long-term Implications - The "political power + social media" model could have a dual effect on Bitcoin: it may accelerate its adoption and application while also increasing its politicization and regulatory scrutiny [5]. - The entry of TMTG may lead to more "disruptors" in the ETF space, potentially from various sectors such as technology, sports, and entertainment [5]. Group 3: Political and Cultural Influence - Trump's political backing is likely to impact cryptocurrency policies in the U.S. and globally, providing Bitcoin with additional political capital [7]. - Truth Social, as an influential social media platform, can shape user perceptions and promote Bitcoin knowledge, thereby expanding its influence [7]. - Trump's controversial persona links Bitcoin to a significant cultural symbol, potentially generating more attention and discussion around it [7].

2025.06. 04 本文字数：3182，阅读时长大约6分钟 作者 | 第一财 经 周艾琳 加密货币圈近期大事件接连不断。继香港宣布将发行港元稳定币后，稳定币第一个IPO也要来了。 全球第二大稳定币USDC（美元币）的发行商Circle Internet Group,Inc.（下称"Circle"）将在纽 约证券交易所上市，市场推测的时间点指向6月5日或6日。 相较于全球最大稳定币USDT（泰达币）发行商Tether，Circle的最大优势就是合规透明。随着美国 GENIUS法案落地，未来合规稳定币的体量会越来越大，Circle需要把握先发优势。当前，USDC流 通量超过610亿美元，USDT约1500亿美元，但去年USDC体量增长了40%，远超USDT的10%。 目前Circle的盈利模式颇为简单，即"吃利息"。 Circle前景如何？哪些投资人可能受益？USDC等合规稳定币又将如何重塑加密货币的格局？ 代币化服务机构Hashkey Tokenisation联席合伙人李炼炫对第一财经表示，USDC当前有很强的竞 争力，不仅比USDT合规，背靠全球最大储备货币美元，而且Circle出入金免除赎回费（用户往往 ...

智通财经6月4日电，稳定币巨头Circle首次公开募股（IPO）的定价据悉可能高于市场定价区间。据悉 Circle的首次公开募股超额认购超过25倍。 ...

法国司法部长：感谢摩洛哥在协助逮捕涉嫌策划近期在法国发生的加密货币行业绑架事件的嫌疑人方面 的帮助。 ...

【导读】光大系暴涨 中国基金报记者泰勒 大家好啊，今天的市场整体上涨，一起看看发生了什么事情。 光大系暴涨 6月4日，光大系暴涨，其中中国光大控股暴涨10%，光大证券大涨超6%。 资料显示，中国光大控股是中国光大集团的子公司。公司立足于香港及内地, 专注金融业务, 全面参与大中华地区之商业银行、投资银行、资产管理、直接 投资、证券及保险等业务。 消息面上，稳定币巨头Circle周一表示，其正在扩大在美国首次公开募股（IPO）的规模，目标估值高达72亿美元（完全稀释基础），这凸显了稳定币市 场日益增长的势头。 此次IPO规模的扩大反映出投资者对加密货币企业的强烈兴趣。美国总统特朗普不仅承诺将为该行业提供更友好的监管环境，还因其关联的多个加密项目 引发了利益冲突的担忧。 总部位于纽约的稳定币发行方Circle及其部分现有投资者，目前计划通过每股27至28美元的价格发行3200万股，筹资高达8.96亿美元，高于此前计划的 2400万股、每股24至26美元。 Circle发行的美元稳定币USDC是全球第二大稳定币，预计将受益于即将出台的稳定币监管法案。 有分析称，这次扩大IPO规模，与其说是对监管进展的精准预判，不如 ...

美国总统特朗普正继续进军币圈。 Truth Social周二向纽约证券交易所旗下全电子化交易所NYSE Arca提交了一份上市申请，旨在推出一只与这位总统的媒体公司相关的比特币基金，Arca是纽 约证券交易所旗下负责大部分ETF交易的全电子平台。 这是特朗普进军加密货币世界的最新迹象，该申请被称为19b-4表格，是监管机构在决定是否允许该基金在美国交易所推出和交易之前必须提交的文件。 今年迄今为止，比特币已上涨12.7%，周四，其价格运行在105000美元上方。 这只名为Truth Social比特币ETF的基金旨在追踪比特币价格，为投资者提供一种更简单的方式来获得比特币敞口，而无需直接持有该资产。此次提交申请之 前，特朗普媒体公司和Crypto.com在今年3月宣布建立合作关系，计划在今年晚些时候推出一系列数字资产产品，但需获得监管批准。 这些计划中的产品包括一篮子加密货币，例如比特币和Crypto.com的原生代币，并与传统证券相结合。这些产品将以特朗普媒体公司的品牌推出。 自2024年1月首次亮相以来，比特币现货ETF就广受欢迎，随着投资者寻求对加密货币进行受监管、流动性的投资，数十亿美元的资金流入。 ...

美国genius法案或将很快于参议院进行表决。 6月3日，美国参议院正就跨党派《GENIUS法案》进行修正案磋商，最快可能在6月9日前进行表决。 Circle于2025年5月27日正式宣布IPO计划，预计IPO将在SEC审查完成后进行，最快有望于本周内上市， 目前IPO已获得超两位数认购，总发行规模较此前67亿美元上调至72亿美元，达区间定价上线。 Circle总流通量增长迅速，业绩预计有望高增。截至2024年12月31日，总USDC流通量为439亿美元；截 至2025年4月30日，总USDC流通量为614美元，较2024年年底增长40%，预计伴随美国稳定币合规化持 续推进，总流通量有望进一步增加。 稳定币是一种通过与法定货币(如美元、人民币)、商品或其他资产建立锚定关系，进而维持自身币值相 对稳定的加密货币。其诞生的初衷，是为了有效解决比特币等虚拟货币价格大幅波动的问题。 中信证券研报认为，稳定币的创设初衷在于构建法定货币与数字资产间的交易桥梁，然而传统金融市场 风险外溢及链上风险频发，导致稳定币存在与法定货币脱锚风险，且其发行方储备资产的不透明性亦构 成重大隐患。鉴于此，全球监管机构正加速推进稳定币立法进 ...

Group 1 - Truth Social, associated with Donald Trump's media company, is moving closer to launching a Bitcoin ETF for ordinary investors [1][2] - The ETF aims to track Bitcoin prices, providing an easy way for investors to participate without directly holding cryptocurrencies [2] - The application for the ETF is part of a broader strategy by Trump Media to enter the cryptocurrency space, including a partnership with Crypto.com to launch various digital asset products [2] Group 2 - The cryptocurrency market has seen significant growth, with the market size exceeding $130 billion since the launch of spot Bitcoin ETFs in January 2024 [2] - BlackRock's iShares Bitcoin Trust holds nearly $69 billion in assets, making it the largest digital asset management product globally [2] - The ETF application process involves a necessary filing (19b-4) that regulators will review to decide on the approval for trading on U.S. exchanges [1]

证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...

Summary of Conference Call on Stablecoin Legislation and Company Updates Industry Overview - The stablecoin market is substantial and continues to grow, with a global market capitalization of approximately $250 billion and a monthly trading volume of $6.6 trillion, representing 6% of global GDP, indicating significant future growth potential [1][2] - Major types of stablecoins include fiat-backed, crypto-collateralized, algorithmic, and commodity/real asset-backed stablecoins, with USDT and USDC primarily using short-term government bonds and overnight bills as underlying assets [1][2] Key Points on Stablecoin Legislation - Hong Kong's stablecoin regulations emphasize strict oversight and risk management while encouraging innovation, which could enhance Hong Kong's competitive edge internationally [1][8] - The regulations include a transitional period allowing operations three months before formal enactment and a six-month window for applying for temporary licenses, with penalties for non-compliance [1][10] - The Hong Kong stablecoin licensing system is the first globally to target HKD-pegged stablecoins, contrasting with the U.S. requirement for USD-backed assets, showcasing a more inclusive regulatory approach [2][11] Company Insights - OSL has recently initiated OAP services focused on deposit and withdrawal services, charging fees without involving significant balance sheet items, and meets the capital and operational requirements for licensing [3][13] - The company aims to expand its wholesale brokerage, OTC trading, and comprehensive account services while pursuing global compliance expansion, particularly in Asia, Southeast Asia, Europe, and the Middle East [3][16] - Future growth strategies include leveraging partnerships with brokers for digital asset trading and investing resources to obtain licenses by 2025 and 2026, aiming for positive profits and operational cash flow by 2027 [16] Financial Performance - The company's performance is influenced by revenue and cost factors, with trading volume and fair value changes impacting revenue, while cost control measures have been implemented to enhance efficiency [14][15] - Although total employee costs are expected to rise in 2024, per-employee costs are projected to decrease, alongside significant reductions in IT and other expenses year-over-year [15] Market Dynamics - The stablecoin market is characterized by various participants, including issuers, exchanges, holders, and promoters, each deriving benefits through asset management, transaction services, and cross-border payments [6] - Issuers are responsible for maintaining the stable value of their coins against fiat currencies, employing mechanisms to stabilize prices during fluctuations [7] Regulatory Comparisons - Differences between U.S. and Hong Kong stablecoin regulations highlight varying focuses, with the U.S. combining federal and state systems while Hong Kong adopts a licensing approach without such complexities [11] Future Considerations - The impact of the stablecoin regulations on the company's operations and the potential for applying for relevant licenses are areas of ongoing interest [13] - The market's liquidity and the predominant currency for stablecoin issuance in Hong Kong remain uncertain, warranting further observation [12]