打着"迪拜黄金交易所DGCX"旗号的理财平台"鑫慷嘉"爆雷了！ 据北京商报报道，近日，"DGCX鑫慷嘉"在社交平台引发热议，网传这一平台共计200万名 投资者参与其中，涉案金额高达130亿元。网传图片显示，在平台资金无法提现兑付后，公 司创办人黄鑫在会员交流群中高调宣称，其本人已在国外。 图源：社交平台 另据深圳卫视直新闻援引香港《星岛日报》报道，一个名为"鑫慷嘉"的平台，利用迪拜石 油、大数据、USDT稳定币等诸多概念，导致多达200万会员沦为苦主，涉款130亿元人民 币，该平台于6月底爆雷。 号称日息1%高收益 无法兑付后再次"收割" 据金融界报道，鑫慷嘉是盗用迪拜黄金与商品交易所（Dubai Gold & Commodities Exchange, DGCX）名义，谎称自己是DGCX交易所的中国分站。平台以虚拟货币投资为幌 子， 承诺每日1%的高额收益率，通过USDT进行资金结算。投资者需缴纳最低1000USDT 的入门费 ，大部分新人直接将资金转给上级代为操作 。 据北京商报报道，曾经鼓吹鑫慷嘉高收益的话术，在6月25日之后渐渐销声匿迹。就在这一 天，鑫慷嘉出现无法提现的情况，次日确认系统瘫痪。平台方 ...

Group 1 - The U.S. Senate Banking Committee is engaged in intense debates over digital asset regulation proposals, with Republicans advocating for a moderate regulatory framework while Democrats warn of potential regulatory loopholes and conflicts of interest [1] - The hearing aims to advance cryptocurrency market structure legislation before the September 30 deadline, with the House set to review related bills next week [1] - Senate Banking Committee Chairman Tim Scott emphasizes the need for a clear and flexible regulatory framework that protects investors and allows for responsible innovation, specifically calling for a clear definition of security tokens and robust mechanisms to prevent illegal financial activities [1] Group 2 - Democratic Senator Raphael Warnock criticizes the current proposal for failing to effectively address conflicts of interest within the administration, referencing the recent launch of a meme coin by the Trump family and their support for an upcoming crypto token project [1] - Concerns are raised by Democratic lawmakers regarding provisions that allow cryptocurrency firms to self-certify as decentralized platforms, questioning whether this could enable companies to evade registration requirements from the CFTC or SEC [2] - Republican Senators Cynthia Lummis, Tom Tillis, Bill Hagerty, and Scott recently released market structure principles advocating for clear legal definitions and regulatory authority delineation for digital assets, aligning closely with the CLARITY Act promoted by the House committee in June [2]

记者丨 曹媛 编辑丨孙超逸 在当下的外贸生意中，越来越多的商家注意到用稳定币，用来开展跨境支付。 稍早前，21世纪经济报道记者前往"全球最大的小商品集散地"义乌，调查商户使用稳定币情况 发现： 大多数商户表示并未听说过稳定币、不了解；还有商户对其合规性、成本等提出质 疑；仅有个别商户支持稳定币收款。 （→ 详情 ） 而在中国"电子第一街"深圳华强北，这里具有庞大的电子元器件交易市场，同样聚集了众多来 自全球各地的供应商与采购商。 稳定币是指一种价值锚定法币的加密货币，以目前规模最大的稳定币USDT为例（常简称 为"U"），1USDT锚定1美元。今年，在美国及中国香港立法取得进展的驱动下，稳定币赛道 在全球迎来热潮。 中国"电子第一街"深圳华强北（摄/曹媛） 个别商户表态"试水" 在21世纪经济报道记者走访过程中，华强北个别商户表示会使用或尝试使用稳定币进行交易。 一位经营3C电子产品的商家说，"身边有人在用稳定币炒币。我会考虑用稳定币境外收款，但 目前还没有成交过。" 除线下走访外，记者随机在线上平台咨询了20余位华强北商户，其中两家表示可以收稳定币。 另一位稳定币承兑商在线上告诉记者，"一些'老外'会询问是 ...

当前美股市场正处于多重因素交织的关键节点：高盛上调标普500指数回报率预期、T 朗普政府关税政 策引发企业成本担忧、上市公司加密资产配置行为持续增加，这些动向不仅左右着美股短期走势，更与 加密货币市场形成显著联动。XBIT 作为连接传统金融与加密生态的去中心化交易平台，正通过技术特 性为投资者提供跨市场应对策略。 高盛上调标普预期，美股与加密资产联动性增强 币界网数据显示，高盛最新报告将标普500指数3个月、6个月和12 个月的预期回报率分别上调至+ 3%（6400 点）、+6%（6600 点）和 + 11%（6900 点），引发市场对美股新一轮上涨周期的讨论。值得 注意的是，这一预期调整与美国现货比特币 ETF 近期持续净流入形成呼应，显示机构资金在传统股市 与加密市场的配置平衡正在发生变化。 图片来源:币界网 XBIT 去中心化交易所平台数据显示，标普500成分股中持有加密资产的公司数量已达47家，较去年同 期增长38%。"美股上市公司的加密资产配置行为正在成为连接两个市场的关键纽带"，XBIT 分析师指 出，其平台上追踪美股与加密货币关联度的指标显示，近30天两者相关性系数升至0.62，为2023年以来 ...

打着"迪拜黄金交易所DGCX"旗号的理财平台"鑫慷嘉"爆雷了！ 据北京商报报道，近日，"DGCX鑫慷嘉"在社交平台引发热议，网传这一平台共计200万名投 资者参与其中，涉案金额高达130亿元。网传图片显示，在平台资金无法提现兑付后，公司创 办人黄鑫在会员交流群中高调宣称，其本人已在国外。 图源：社交平台 另据深圳卫视直新闻援引香港《星岛日报》报道，一个名为"鑫慷嘉"的平台，利用迪拜石 油、大数据、USDT稳定币等诸多概念，导致多达200万会员沦为苦主，涉款130亿元人民币， 该平台于6月底爆雷。 号称日息1%高收益 无法兑付后再次"收割" 图源：北京商报 今年4月8日，迪拜黄金和商品交易所发布警示消息称，DGCX在中国并未设立任何合作伙伴 关系或关联机构。任何声称与DGCX存在此类联系的实体或个人，均未获得DGCX的官方授 权。 据金融界报道，鑫慷嘉是盗用迪拜黄金与商品交易所（Dubai Gold & Commodities Exchange, DGCX）名义，谎称自己是DGCX交易所的中国分站。平台以虚拟货币投资为幌子， 承诺每 日1%的高额收益率，通过USDT进行资金结算。投资者需缴纳最低1000USDT ...

Core Viewpoint - The adoption of stablecoins for cross-border payments is still limited among merchants in key Chinese markets, with many expressing a lack of understanding and concerns about compliance and costs [1][2]. Group 1: Merchant Awareness and Usage - Most merchants in Yiwu and Shenzhen are unaware of stablecoins, with only a few expressing interest in using them for transactions [1][2]. - A small number of merchants indicated they might consider using stablecoins for international payments, but none reported having completed such transactions [2]. - Merchants primarily rely on traditional payment methods like cash and Alipay for foreign transactions, with one merchant mentioning a recent $30,000 transfer via Alipay [2]. Group 2: Stablecoin Characteristics and Market Dynamics - Stablecoins, such as USDT, are pegged to fiat currencies, providing a more stable alternative compared to other cryptocurrencies [1][4]. - The market for stablecoins has gained traction globally, particularly following legislative progress in the US and Hong Kong [1]. - The exchange process for stablecoins involves "U merchants" who facilitate the conversion between stablecoins and fiat currencies, often charging fees and setting minimum transaction amounts [3]. Group 3: Regulatory and Compliance Issues - The use of stablecoins for cross-border payments in China faces significant regulatory challenges, as current laws prohibit the use of virtual currencies for such transactions [4][5]. - Legal experts emphasize that while personal trading of virtual currencies may be permissible, using them for business transactions is fraught with compliance risks [5].

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 李星宇（18810112501） 核心观点 作为美国"国债圈精英"，TBAC委员会向财政部提交了稳定币专题材料，回答了四个方面的问题，包括对国债需求的影响、对美元霸权的影响、对以美元为支撑的 支付型稳定币扩张的影响以及对受保存款机构的潜在影响：1）稳定币对银行存款潜在冲击取决于稳定币是否生息，或能否提供优于银行存款的支付功能。2）存款 迁移向稳定币对国债市场包括国债需求激增以及国债期限结构前移。3）稳定币对美元货币供应或呈中性，但美元稳定币吸引力可能导致非美资金转为美元流动 性。4）法案未为非合资格发行商提供联储主账户获取路径，缺乏联储直接支持或加剧市场动荡期的稳定币波动，而法案的严格储备要求或可缓解脱钩风险，降低 紧急流动性支持需求。 报告摘要 一、 美国"国债圈精英" 如何看稳定币？ （一）如何看稳定币市场的发展？ 稳定币是一种旨在通过锚定其价值于储备资产（如法币美元）来维持价格稳定的数字资产 。其设计目标中的稳定性，使其成为链上生态系统中支付结算与价值储 藏的关键工具。机构兴趣重燃、全球监管框架演进 ...

Core Viewpoint - The "Xin Kang Jia" platform is suspected to be a Ponzi scheme combined with a multi-level marketing structure, leading to significant financial losses for investors, with estimates of around 13 billion yuan involved and approximately 2 million investors affected [3][19][24]. Group 1: Platform Structure and Operations - "Xin Kang Jia" was initially presented as a platform for oil and commodity trading, later claiming to engage in futures trading linked to the Dubai Gold and Commodities Exchange (DGCX), promising high returns of up to 0.2% daily [4][10]. - The platform utilized a nine-level hierarchical structure to incentivize recruitment, with varying rewards based on the number of direct referrals, creating a system that heavily relied on new investor contributions to pay returns to earlier investors [10][11]. - The platform's operations involved the use of stablecoins like USDT for transactions, complicating the process for new investors who often transferred funds to higher-level members for conversion, thus bypassing direct investment [15][16]. Group 2: Regulatory Warnings and Risks - Regulatory bodies had issued multiple warnings regarding the risks associated with "Xin Kang Jia," highlighting its illegal fundraising activities and the lack of legitimate investment projects [17][18][24]. - The DGCX publicly denied any affiliation with "Xin Kang Jia," emphasizing that the platform had no authorization to operate under its name, further indicating the fraudulent nature of the claims made by the platform [6][19]. - The rise of stablecoins has led to a resurgence of similar schemes, with many platforms adopting these digital currencies to evade financial regulations, posing significant risks to investors [20][24]. Group 3: Investor Experiences and Consequences - Many investors were lured into the scheme by promises of high returns and the belief that the investment was legitimate, often encouraged by friends or acquaintances [14][23]. - Once the platform collapsed, investors found themselves unable to withdraw their funds, leading to widespread panic and the dissolution of investor groups [14][22]. - The investigation revealed that the platform's associated company had a registered capital of 30 million yuan but had not actually contributed any capital, raising further red flags about its legitimacy [14].

巴基斯坦政府：批准虚拟资产法案，设立独立监管机构以许可和监管加密货币行业。 ...

Group 1: Stablecoin Overview - Stablecoins are digital currencies anchored to a reference value, primarily traditional financial assets, with Tether (USDT) and USDC being the largest, valued at $156.7 billion and $61.8 billion respectively, together accounting for over 85% of the total market[30] - The total market capitalization of stablecoins reached approximately $232 billion by March 2025, a nearly 45-fold increase from $5.2 billion at the end of 2019[31] - Stablecoin transaction volume approached $35.5 trillion in the past 12 months, with $7.4 trillion in payments settled, indicating significant growth compared to traditional payment platforms like PayPal and Mastercard[36] Group 2: Regulatory Developments - The U.S. is enhancing its stablecoin regulatory framework through the STABLE Act and GENIUS Act, requiring a 1:1 reserve ratio with assets like U.S. dollars or short-term U.S. Treasury securities[54] - U.S. stablecoins, particularly USDT and USDC, hold over $170 billion in U.S. Treasury securities, ranking them as the 17th largest holder, surpassing countries like Germany and South Korea[48] - Hong Kong's Stablecoin Ordinance, effective August 1, 2025, allows for a more inclusive regulatory environment, permitting reserves in multiple currencies and maintaining a 1:1 reserve requirement[63] Group 3: Market Implications - Stablecoins are expected to play a crucial role in reshaping the international financial system, particularly in cross-border payments, due to their efficiency and low costs[70] - The integration of stablecoins with Real World Assets (RWA) is anticipated to create a sustainable growth environment, leveraging blockchain technology to enhance trust and efficiency in asset transactions[74] - The demand for decentralized and efficient payment solutions is increasing as countries seek to reduce reliance on traditional dollar-based systems amid geopolitical tensions[70]