（来源：吴说） 据彭博社，Barclays Plc 正向多家技术供应商发出信息征询，评估建设一套基于区块链的银行业务平 台，用于处理支付等流程，可能涵盖稳定币与代币化存款等应用，目标最早于 4 月确定合作方。随着稳 定币在支付领域快速增长，并被认为到 2030 年年交易规模或超过 50 万亿美元，银行正加快布局相关技 术以维护其核心业务。此前，JPMorgan 已向机构客户推出可用于支付的 JPM Coin，HSBC 亦计划在今 年上半年将代币化存款服务扩展至美国与阿联酋企业客户。 ...

加密货币的低迷未能影响相关股票的表现！ 2月16日早盘，港股市场虚拟币概念板块涨幅第一，一度大涨超9%。星太链集团(00399.HK)一度暴涨90%，国富量子 (00290.HK)一度涨20%，迷策略(02440.HK)大涨超12%，连连数字一度涨超6.5%。 消息面上，星太链集团发布公告称， 2026年2月12日，公司已与中国国际数智金融集团有限公司就一个黄金真实世界资产代币 化项目订立战略合作框架协议。 近期，Aptos Labs联合Boston Consulting Group (BCG)和Hang Seng Bank发布白皮书《数字货币：香港基金行业倍增式发展机 遇》。白皮书系统总结了 Aptos 等方在香港金管局"数码港元+"第二阶段的试点成果，指出数字货币与代币化资产已具备支撑 机构级金融应用的成熟条件，行业正从概念验证（PoC）阶段迈向大规模商业化落地。 集体狂飙 蛇年最后一个交易日，港股开市依然亮点不少。星太链集团最大涨幅一度超过90%，上周五该股亦收涨超38%。整个虚拟币概 念股集体拉升，稳定币概念股板块一度大涨超9%，稳居板块涨幅第一位。 星太链集团上周公告称，于二零二六年二月十二日，已与 ...

今天分享的是：波士顿咨询：2026数字货币：香港基金行业倍增式发展机遇研究报告 报告共计：32页 这份由BCG、Aptos Labs与恒生银行联合发布的报告，聚焦数字货币发展背景下香港基金行业的倍增式发展机遇，指出区块链技术推动 的代币化体系正重构全球金融基础设施，2026年成为香港链上金融发展的关键拐点，而代币化创新有望推动香港基金行业规模翻倍。 报告指出，传统金融报文体系存在效率低、结算滞后等痛点，代币化体系凭借价值直接传递、可编程、即时结算的特性成为金融演进新 方向。当前数字货币已步入商业化规模阶段，2025年11月锚定法币的稳定币市值突破3000亿美元，全球超130家央行探索央行数字货币， 代币化存款也在头部银行落地，三者互补共存形成多轨结算生态。代币化资产则从支付向投资领域延伸，2025年代币化基金市值从2024 年20亿美元跃升至80多亿美元，债券、大宗商品、房地产等资产的代币化也加速推进，预计2025至2033年数字货币和代币化资产市场规 模年复合增长率超50%。 三方在香港金管局"数码港元+"试点中，验证了Aptos公有许可链在代币化基金交易中的技术可行性，其具备亚秒级终局性、极低交易成 本， ...

每经记者｜李旭馗 每经编辑｜陈柯名 董兴生 编辑|陈柯名 董兴生 杜恒峰 2025年5月，蚂蚁集团旗下的蚂蚁国际成为汇丰银行以代币化存款为本的区块链结算服务的首家客户，旗下公司在汇丰账户的存款经代币化后，成功完成 即时的内部资金调拨。另一关键实体蚂蚁数科作为蚂蚁集团科技商业化板块，已于2025年4月将海外总部落户香港，蚂蚁数科在区块链领域拥有众多全球 领先的技术和专利。 京东旗下的京东币链科技（香港）是香港金管局于2024年7月公布的首批稳定币沙盒测试三大参与者之一，与渣打银行、圆币科技一同成为"吃螃蟹者"。 紧接着，小米旗下天星银行宣布与京东币链科技达成稳定币合作，由此引发市场对互联网大厂布局Web3（第三代互联网）的无限遐想。 作为香港三大发钞行之一，渣打银行凭借其深厚的金融基础设施与先发的沙盒测试经验，也被市场寄予厚望。 在《稳定币条例》于2025年8月1日生效后，首批牌照申请窗口于同年9月30日关闭。根据香港金管局此前披露的信息，期间共收到36份申请。申请机构类 型多元，涵盖银行、科技企业、证券/资产管理/投资公司、电商、支付机构、初创/Web3企业等。 记者|李旭馗 2月2日，香港金融管理局（以下简 ...

Core Viewpoint - The "Web5 Ecosystem" summit held in Hong Kong highlighted the government's active exploration of legal and regulatory frameworks for tokenized bond issuance and trading, aiming to enhance Hong Kong's position as an international financial center [1] Group 1: Government Initiatives - The Hong Kong government is researching the legal and regulatory framework for tokenized bond issuance and trading [1] - The government aims to optimize institutional arrangements to promote the application of tokenization technology in the bond market [1] - The Financial Secretary's office emphasizes that tokenization can improve the efficiency, transparency, and liquidity of financial products [1] Group 2: Financial Innovations - The Hong Kong Monetary Authority is advancing several digital currency and tokenization projects, including encouraging commercial banks to explore tokenized deposits [1] - There is a focus on facilitating the tokenization of real-world assets (RWA) to inject innovation into the financial market [1] Group 3: Market Outlook - Attendees at the summit believe that with a clearer policy environment and maturing technology, tokenized finance and digital assets are expected to become significant growth engines for Hong Kong's financial market [1] - The developments are anticipated to provide global investors with more diversified investment options [1]

Core Viewpoint - The rapid growth of stablecoins is reshaping the global financial landscape, raising critical questions about whether they serve as engines of financial innovation or sources of systemic risk [1][2]. Group 1: Growth and Market Dynamics - The number of stablecoins has surged from approximately 60 in mid-2024 to over 170, with total market capitalization doubling from $125 billion to $255 billion, predominantly in USD [2]. - Two leading issuers control about 90% of the market share, creating a dangerous monopoly that poses risks of systemic failure due to operational risks or decision-making errors [2]. - Citigroup predicts that by 2030, the issuance of stablecoins could reach $3.7 trillion, comparable to the market for medium-sized sovereign bonds, significantly impacting global liquidity and traditional banking models [2]. Group 2: Impact on Financial Systems - Stablecoins challenge three core mechanisms of the modern financial system: credit creation, monetary policy transmission, and currency sovereignty [3]. - The shift of deposits to stablecoins could significantly reduce the funds available for banks to lend, potentially stifling economic growth and investment [4]. - Stablecoin issuers are becoming major players in the short-term sovereign bond market, with their activities affecting bond yields and complicating central banks' monetary policy effectiveness [5]. - The trend of "digital dollarization" in economies with high inflation or unstable currencies undermines local monetary policy control and can lead to capital flight [6]. Group 3: Operational and Compliance Risks - Despite their name, stablecoins often fail to maintain true price stability, with significant deviations from pegged values observed [9]. - User experience issues include high transaction fees, lack of interoperability among different stablecoins, and challenges in reversing fraudulent transactions, undermining their efficiency claims [10]. - The anonymous nature of stablecoin transactions raises compliance risks, making them susceptible to illicit activities, which poses challenges for regulatory oversight [11]. Group 4: Strategic Dilemmas for Financial Institutions - Financial institutions face a dilemma between pursuing innovation through stablecoin adoption and adhering to increasing regulatory scrutiny [12]. - Major banks are exploring stablecoin solutions while regulators emphasize the need for stricter frameworks to address the unique risks posed by stablecoins [12]. Group 5: Alternative Solutions and Future Outlook - Tokenized deposits are emerging as a regulatory-approved alternative, preserving traditional banking functions while leveraging blockchain technology for efficiency [13]. - The future of the financial system hinges on balancing innovation with regulatory oversight, ensuring that technological advancements do not compromise financial stability [14].

Group 1: Digital Asset Regulation in Hong Kong - Hong Kong is working to establish a safe and reliable digital asset platform, with final regulatory frameworks for digital asset trading and custody services being developed [1] - The market size for tokenized financial products in Hong Kong is approximately $3 billion, with increasing adoption of products like green bonds and retail gold products [1] - Many tokenized pilot projects are still in early stages, with room for improvement in efficiency and cost reduction, although many products still rely on fiat currency for cash settlement [1] Group 2: Private Credit Market Insights - The financial landscape has significantly changed since the 2008 financial crisis, with the implementation of Basel III increasing capital and liquidity requirements for banks, leading to the rise of private credit [2] - Global private equity assets under management have grown several times to $14 trillion over the past decade, with leverage shifting from banks to non-bank institutions [2] - The increase in retail investor participation in private credit necessitates regulatory scrutiny of the private credit ecosystem and its connection to the financial system [2]

Market Overview - The U.S. government has ended its longest shutdown lasting 43 days, with President Trump signing a temporary funding bill, resulting in an estimated economic loss of approximately $1.5 trillion [1][2] - The International Monetary Fund (IMF) has observed signs of economic weakness in the U.S., predicting that the GDP growth rate for Q4 will be lower than the previously forecasted 1.9% due to the impact of the government shutdown [1][2] Economic Indicators - The U.S. Bureau of Labor Statistics was unable to release the October Consumer Price Index (CPI) report due to the government shutdown, with indications that the data may never be published [2] - The Federal Reserve officials have expressed differing views on monetary policy, with some advocating for caution regarding further rate cuts, while others believe it is too early to decide on December actions [2] Global Market Dynamics - The Dow Jones Industrial Average fell by 1.65% to 47,457.22 points, the S&P 500 dropped by 1.66% to 6,737.49 points, and the Nasdaq Composite decreased by 2.29% to 22,870.36 points [3] - U.S. Treasury yields increased across various maturities, with the 10-year yield rising by 5.18 basis points to 4.121% [3] Commodity Prices - COMEX gold futures decreased by 0.93% to $4,174.5 per ounce, while COMEX silver futures fell by 2.30% to $52.23 per ounce [4] - Crude oil prices saw a slight increase, with the main U.S. contract rising by 0.19% to $58.6 per barrel and Brent crude increasing by 0.29% to $62.89 per barrel [5] Currency Exchange Rates - The U.S. dollar index declined by 0.30% to 99.18, with the euro and British pound appreciating against the dollar [6]

Core Viewpoint - Bank of China (Hong Kong) has successfully completed two production verifications during the trial phase of the Hong Kong Monetary Authority's Ensemble project, marking significant advancements in the tokenization of deposits and interbank transactions [2]. Group 1: Tokenization Achievements - Bank of China (Hong Kong) has utilized its newly established blockchain infrastructure to tokenize customer deposits for subscribing to a tokenized category of Hong Kong dollar money market funds, achieving real-time settlement [2]. - The bank has also completed multiple interbank transactions involving tokenized deposits through the Ensemble project's interoperability platform [2]. Group 2: Future Exploration - The bank's Vice President, Xing Guiwei, stated that as a participant in the Ensemble pilot program, the bank has successfully built its own blockchain platform and connected to the HKMA's Ensemble infrastructure, effectively practicing the concept of tokenized products [2]. - Looking ahead, Bank of China (Hong Kong) plans to further explore the tokenization of financial assets and steadily advance the application of tokenization in traditional financial assets, contributing to the improvement of the tokenization ecosystem and exploring its value for the development of the real economy [2].

Core Insights - The Hong Kong Monetary Authority (HKMA) has launched EnsembleTX, marking a significant step in the real trading of tokenized deposits and digital assets in a controlled trial environment [1][2] - EnsembleTX will operate until 2026, laying a solid foundation for future innovations in the tokenized ecosystem [1] - The initial focus of EnsembleTX will be on facilitating the use of tokenized deposits in the tokenized currency market fund transactions for real-time liquidity and funding management [1] Group 1 - EnsembleTX represents a transition from concept validation to real transactions, showcasing Hong Kong's pioneering role in shaping the future of digital finance regionally and globally [2] - The trial environment will gradually upgrade to support 24/7 settlement of tokenized central bank currencies, promoting the continuous development of Hong Kong's broader tokenized ecosystem [1][2] - The HKMA and the Securities and Futures Commission (SFC) will collaborate closely to advance the practical application of tokenization technology across various asset classes and use cases in the financial industry [2] Group 2 - HKMA President Eddie Yue emphasized that EnsembleTX combines innovation and practice, providing tangible benefits to market participants [2] - SFC Chief Executive Ashley Alder highlighted that interoperability is crucial for the scalable development of tokenized investment products, and the recent measures signify an important step towards achieving this goal [2]