Tether moved to establish a new unit of account for gold on Tuesday, as the stablecoin industry leader argued that transactions denominated in “Scudo” could simplify the precious metal’s use in everyday payments. Under the stablecoin issuer’s definition, one Scudo would equate to one-thousandth of a troy ounce of gold—as well as its XAUT token, which is valued at $2.3 billion, according to CoinGecko. The token’s market cap has nearly quadrupled over the past year. In a blog post, Tether acknowledged that d ...

《信息报》上周曾报道，摩根大通因监测到康蒂戈平台存在大量争议交易，已于去年 11 月冻结了该公 司的相关账户。康蒂戈是知名风投机构Y 组合（Y Combinator） 投资的企业，此前用户可通过金融科 技中介公司支票簿（Checkbook） ，在摩根大通银行开立虚拟账户。 责任编辑：郭明煜 责任编辑：郭明煜 据总部聚焦委内瑞拉市场的稳定币初创公司康蒂戈（Kontigo） 于周一发布的声明，该公司将对 1000 余名用户因黑客攻击被盗取的 34 万美元资金进行全额赔付。 康蒂戈在社交平台 X 上发布的声明中表示，公司已监测到非授权访问事件，部分用户的资金因此受到 影响，公司将对被盗资金予以全额退还。该公司预估，截至目前被盗资金规模至少达 34 万美元，并表 示会就事件后续进展发布更新公告。上周，已有多位康蒂戈用户在 X 上发布截图，内容为公司推送的 账户遭非授权访问尝试的提醒通知。康蒂戈方面称："我们已立即隔离受影响的系统，启动安全防护协 议，并正开展深入调查，以确定本次事件的波及范围。" 该公司首席执行官赫苏斯・卡斯蒂略暂未就此 事回应置评请求。 据总部聚焦委内瑞拉市场的稳定币初创公司康蒂戈（Kontigo） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：@华夏时报微博 过去一年，全球稳定币总市值突破3000亿美元历史峰值，超过1%的美元以代币化稳定币形式存在于公 有区块链上，9月单月调整后交易量更是突破1.25万亿美元，创下历史新高。 基础设施的成熟为稳定币的爆发提供了坚实支撑。Solana等高吞吐量Layer 1链与以太坊Layer 2链的技术 迭代，让稳定币转账成本降至不足一美分，结算耗时缩短至一秒以内，突破了传统跨境支付的效率瓶 华夏时报记者 赵 奕 上海报道 稳定币在2025年走完了一场从狂热到理性的剧烈蜕变。这个曾被视为"加密生态压舱石"的赛道，在过去 一年以46万亿美元的年度交易额刷新纪录，3000亿美元的总市值登顶历史峰值，成为连接传统金融与区 块链世界的核心桥梁。 然而，在这场数字金融的年度盛宴背后，暗潮早已涌动。脱锚事件与合规争议频发，多国监管政策密集 落地，让稳定币褪去"稳赚不赔"的光环，暴露了储备资产隐忧与金融完整性短板的深层矛盾，也预示着 稳定币行业正进入合规重构的全新阶段。 从边缘到中枢 2025年，稳定币完成了从"加密旁支"到全球资金流动核心基础设施的转变。风投机构a16z发 ...

沪指涨0.29%，深成指跌0.11%，创业板指跌0.37%。保险股再度走强，造纸、包装行业同步拉升，商业 航天概念股反复活跃，稳定币、机器人题材表现强势。能源金属产业链回调，锂矿方向领跌；半导体板 块走弱。（AI生成） ...

高山企业(00616)发布公告，于2025年12月24日，集团订立一份不具法律约束力的谅解备忘录，内容有 关认购一间合营公司的股份。根据谅解备忘录，公司与其他潜在认购方拟认购合营公司的股份，而预期 该公司的主要业务为于东南亚国家联盟(东盟)发展及╱或投资稳定币及╱或其他区块链相关业务。预期 合营公司的认购方数目为五至十名，而预期募集资金总额约为450万美元。 公司观察到，稳定币正在经历前所未有的增长，交易量超越传统的支付网络。于2024年，稳定币的交易 量达27万6千亿美元，超越Visa与万事达卡合计的交易量。于2025年第一季度，稳定币的交易量再度超 越Visa，证明稳定币在全球支付领域的主导地位日益牢固。 公司亦观察到，随着采用区块链技术的代币化现金日益普及，在全球范围内以快速、安全且成本效益高 的方式完成支付的能力正在不断提升，而公司预见支付行业在不久的将来可能出现重大变革，这是由于 稳定币(一种在区块链上以代币形式发行的数码现金)的出现，成为传统支付基础设施的全球性替代方 案。自2024年1月起计的18个月内，稳定币(目前主要以美元发行)的流通量已经翻倍，但每日仅促成约 300亿美元的交易，占全球资金 ...

Ethena 的合成稳定币 USDe 自 10 月 10 日加密市场大规模清算事件以来累计出现约 83 亿美元净流出。 10x Research 报告指出，市场对杠杆化与合成抵押模型的信心持续下降。CoinMarketCap 数据显示， USDe 市值已由 10 月 9 日的约 147 亿美元降至目前约 64 亿美元。Ethena Labs 创始人 Guy Young 表 示，期间 USDe 曾在币安短暂脱锚，原因系交易所内部预言机问题，协议的铸造与赎回机制在暴跌期间 保持正常运行。（Cointelegraph） （来源：吴说） ...

近期行情回顾 2025年累计涨幅超60%，远超同期全球多数风险与固收资产 数据来源：Bloomberg, 紫金天风期货 （来源：紫金天风期货研究所） 来源：紫金天风期货研究所 3. 美联储的独立性受质疑 2018年至今，中美贸易摩擦、俄乌冲突等事件加速了国际格局的多极化，削弱了各国对单一货币储备体系的依赖；同时，金融制裁也侵蚀了以美欧 为主导的货币体系的信用。这两大趋势共同推升了全球对于"储备资产多元化"与"安全资产"的迫切需求，而黄金，正是这一历史性需求的核心承接 者。即便明年美联储的降息节奏可能放缓，但货币政策的短期波动，在黄金多年的上行趋势中，仅可视作"噪音"。 支撑黄金的长期逻辑，根植于两大宏观动力： 第一，对冲主权债务与货币信用风险。 美国财政赤字扩张已成跨党派、跨周期的常态，经济衰退并非其唯一推手。展望2026年，为争取选票，特朗 普政府可能推出"降低关税"与"关税收入分红"等政策，均需财政额外支出。叠加《大美丽法案》在未来十年将新增3.4万亿美元基础赤字，美国未来 十年的财政赤字净增量或达6万亿美元。另外，若IEEPA关税被最高法院判定非法，退还已征关税将造成上千亿美元的财政损失。简言之，财政纪 ...

Core Viewpoint - The market is experiencing a correction phase, with a notable shift in capital allocation towards low-volatility sectors, while retail investors are engaging in structural bottom-fishing strategies [6][8]. Market Performance - The three major indices have all fallen below the 5-day moving average, indicating a bearish trend, with 1,442 stocks rising and 3,872 stocks declining [4]. - The trading volume in the two markets reached 6.6 trillion, reflecting a 4.80% increase, suggesting a significant adjustment in capital allocation rather than a mass withdrawal [6]. Capital Flow - There was a net outflow of 8.696 billion from institutional funds, while retail investors showed a net inflow [7]. - Institutions are cautiously positioning themselves in low-volatility sectors such as coal and non-ferrous metals, while remaining watchful on growth sectors like lithium batteries and AI applications [8]. Investor Sentiment - Retail investor sentiment stands at 75.85%, indicating a relatively optimistic outlook despite the market's downturn [9]. - The average position held by investors is 70.18%, with 32.31% increasing their positions and 14.53% reducing them [12][18].

Core Insights - A prominent private equity manager recently issued a rare apology due to significant losses, with most funds experiencing a net value decline of 7%, representing a 20% drawdown from peak levels, and underperforming various indices [1][3] - The losses were attributed to heavy investments in innovative pharmaceuticals, hardware leading companies with declines exceeding 37%, and stablecoin stocks in the U.S. [1] - The situation reflects a typical "betting on sectors" strategy, which can lead to substantial gains if successful, but also carries inherent risks [1] Investment Strategy Insights - The apology from the private equity manager is seen as insufficient, as the losses ultimately fall on clients, highlighting the need for a swift adjustment in investment strategies to prioritize client interests [2] - Losses in the current favorable market environment are considered unusual, especially when the broader market indices, such as the CSI 300, have yielded a 14% return year-to-date [3] - The situation serves as a cautionary tale for individual investors, emphasizing the importance of a balanced investment approach rather than chasing high-risk opportunities [5] Recommendations for Individual Investors - It is advised that individual investors simplify their investment strategies, focusing on manageable investments rather than high-risk sector bets [5] - A balanced investment approach, aiming for returns slightly above index performance, is recommended, as evidenced by the strong performance of balanced public quantitative funds this year [5] - The preference for investing in well-managed public funds is highlighted, as they tend to offer more professional management compared to individual stock picking [5]

Core Insights - The article discusses the increasing adoption of stablecoins, particularly USDT, in countries like Argentina, where citizens use it to hedge against local currency devaluation and inflation [2][3] - Tether, the issuer of USDT, has seen significant growth, with over 500 million users and a market cap exceeding $180 billion, making it the largest stablecoin provider globally [4][5] - Tether's valuation is projected to reach $500 billion, comparable to major tech companies, due to its dominant market position and profitability [6][9] Group 1: Market Dynamics - In Argentina, the inflation rate is projected to decrease from 211.4% in 2023 to 43.5% by mid-2025, yet remains high, driving demand for stablecoins [2] - Approximately two-thirds of the cryptocurrencies purchased in Argentina are stablecoins pegged to the US dollar, primarily USDT [3] - Tether's user base has grown from around 3 million in 2020 to over 500 million in 2023, indicating a significant increase in demand for stablecoins [13] Group 2: Competitive Landscape - Tether's market share is approximately 59% of the total stablecoin market, with USDC being its main competitor at 24% [21][24] - Tether's growth strategy has focused on emerging markets, where it has established extensive distribution networks and partnerships to facilitate the use of USDT [27][33] - The article contrasts Tether's approach with Circle's more compliance-focused strategy, suggesting that Tether's rapid growth stems from its ability to operate in regulatory gray areas [39][41] Group 3: Future Outlook - The stablecoin market is expected to grow significantly, with projections suggesting it could exceed $2 trillion by 2028, driven by improved regulatory frameworks [20] - Tether's competitive advantage lies in its liquidity, network effects, and established presence in emerging markets, although it faces increasing regulatory scrutiny [43][44] - The article suggests that while Tether may maintain its leading position in the short to medium term, its market share could decline as more compliant competitors emerge [43]