（来源：吴说） 日本上市公司 Metaplanet 已批准改革资本结构，允许通过发行分红型优先股向机构投资者融资。方案包 括重新分类资本储备、将 A 类与 B 类优先股授权数量翻倍，并引入浮动与定期分红机制。Metaplanet 目前持有约 30,823 枚 BTC（约 27.5 亿美元），并计划通过美国存托凭证在美 OTC 市场交易 （Cointelegraph） ...

Core Insights - FG Nexus, a Nasdaq-listed Ethereum treasury company, has announced its listing on the Deutsche Börse with the stock code "LU51" to expand its investor base in Europe [1] - The company currently holds approximately 50,770 ETH, valued at around $198 million [1] Company Summary - FG Nexus aims to provide local investors with the opportunity to participate in its Ethereum treasury strategy and long-term growth plans [1] - The listing on the Deutsche Börse is part of FG Nexus's strategy to enhance its presence in the European market [1]

Summary of Key Points from the Conference Call on Stablecoins Industry Overview - The discussion revolves around the **stablecoin** industry and its implications for the financial system, particularly in relation to **central bank digital currencies (CBDCs)** and the **U.S. dollar's dominance** in global finance [1][4][5]. Core Insights and Arguments 1. **Stablecoin Utilization by Financial Institutions**: Financial institutions, including commercial banks and asset management companies, are actively utilizing stablecoins to counter deposit outflows and expand new financial products, such as Circle's collaboration with BlackRock to manage USDC reserves [1][8]. 2. **Full Reserve Mechanism**: Maintaining a 1:1 full reserve is crucial for stablecoins to avoid expanding the money supply. This mechanism essentially represents a shift in the ownership of funds without increasing the overall money supply [1][2]. 3. **Impact on U.S. Treasury Market**: The demand for dollar stablecoins creates significant incremental demand for U.S. Treasury securities, particularly short-term ones, potentially becoming a cornerstone of the market but also posing risks of large-scale redemptions [1][12]. 4. **Competition and Cooperation with CBDCs**: The relationship between stablecoins and CBDCs is complex, with potential for both competition and cooperation. Some countries are developing digital currencies to counter private stablecoins, while regions like Hong Kong allow coexistence [4][15]. 5. **Paradox of Dollar Dominance**: Stablecoins present a paradox for U.S. dollar hegemony; they can reinforce the dollar's role in global payments while simultaneously threatening its status as the sole dominant currency in traditional finance [5][16]. 6. **Future of Credit Creation**: The passage of the U.S. Genius Act highlights the power struggle between traditional financial institutions and emerging crypto platforms over who will lead future credit creation and currency issuance [6][17]. 7. **Types of Stablecoins**: Stablecoins can be categorized into four types based on their stabilization mechanisms: fiat-collateralized, multi-asset collateralized, crypto-collateralized, and algorithmic. USDC and USDT are examples of fiat and multi-asset collateralized stablecoins, respectively [3][7]. 8. **Role of Exchanges**: Exchanges play a critical role in the stablecoin market by providing low-cost conversion channels and developing derivatives to attract institutional investors [9]. 9. **Impact on Money Supply**: The influence of stablecoins on the money supply can be analyzed through various scenarios, including their use in purchasing government bonds and their potential to alter the structure of existing monetary forms [10][11]. 10. **Regulatory Implications**: Regulatory decisions could significantly impact stablecoins, potentially granting them a form of currency creation authority, which would shift their status from digital dollar certificates to credit-based quasi-bank liabilities [14]. Other Important Insights - **Historical Context**: The experience of the Bretton Woods system provides insights into the potential future of stablecoins, especially if regulatory frameworks allow for partial reserves, reminiscent of the Nixon shock that ended the gold standard [13]. - **Old Money vs. New Money Dynamics**: The conflict between traditional financial institutions (old money) and tech-driven financial platforms (new money) is central to the evolution of the financial system, with implications for credit creation and monetary policy [17].