最近，路透社放出一条消息，中国可能在本月底前批准推出首个人民币稳定币。官方暂时没回应，但不管真假，这事儿迟早要来。因为这不仅是 货币政策的小修小补，而是一场数字货币时代的战略豪赌。 很多人一听"稳定币"，下意识觉得这是区块链圈子的事儿，好像和自己买菜刷支付宝没啥关系。错了。稳定币的本质是 数字化的"国际支付工 具"。它不像比特币那样大起大落，而是锚定美元、黄金或法币，保持相对稳定。比如，最有名的泰达币（USDT）就是"1:1美元"。人民币稳定币 要真出来，是要在跨境贸易、国际结算里抢地盘。尤其在"一带一路"沿线，企业可以绕开美元，直接用人民币结算。这看似小小一步，背后是对 全球金融秩序的直接挑战。换句话说，稳定币不是支付工具，而是金融武器。 目前全球稳定币总市值约 1300亿美元，其中美元系（USDT、USDC）占了九成以上。人民币还没入场，就已经落后一个时代。香港今年已出台 稳定币监管框架，本质上就是在替内陆先打前锋。IMF预测，未来五年内全球稳定币在跨境支付中的占比可能翻倍增长。换句话说，现在不动 手，以后就彻底没机会了。 人民币稳定币不是"高科技新玩具"，而是数字货币时代的金融长矛。推出它，并不是为了证 ...

1.诈骗者通过网络平台联系当地的泰达币（USDT）卖家，声称需协助进行货币兑换交易，并提供加密 货币钱包地址，要求卖家将泰达币转入该地址。 3.在面对面交易中，中国公民将卢菲亚现金交给泰达币卖家。卖家收到现金后，即按诈骗者指示将相应 数量的泰达币转账至其提供的加密钱包地址。 央视网消息：8月19日，中国驻马尔代夫大使馆发布提醒。马尔代夫警察总署近日发布公告，提醒公众 注意一种正在马境内出现的新型诈骗手法。该诈骗通常由身份不明的第三方中介实施，作案方式复杂， 涉及虚假加密货币交易，主要针对外国人，尤其是中国公民。 以下为作案手法详解： 2.诈骗者联系持有大量卢菲亚（MVR）现金的中国公民，安排其与泰达币卖家见面。 如遇紧急情况，请及时拨打以下电话寻求帮助： 马尔代夫紧急救援电话：911 中国驻马尔代夫使馆领事保护与协助应急电话：00960-3010639 使馆地址：Nookurikeela, Boduthakurufaanu Magu, Henveiru, Malè（人工沙滩广场附近） 4.交易完成后，中国公民的银行账户并未收到任何外币，而泰达币卖家也无法联系到中介。由于双方互 不知情，双方都认为对方是诈骗者， ...

Group 1 - The core point of the news is that China Merchants International Securities has officially launched virtual asset trading services after receiving approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license [1][4] - The launch of virtual asset trading marks significant progress for the company in terms of regulatory compliance, innovation, and system optimization [1][3] - The mobile application now offers 24/7 trading services for qualified investors, allowing direct participation in trading Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) [3][4] Group 2 - China Merchants International Securities is the first Chinese bank-affiliated brokerage in Hong Kong to be granted a license for virtual asset trading [4] - The company aims to integrate traditional stock trading, virtual asset trading, and financial technology applications, focusing on product and channel innovation [4] - Future plans include expanding trading varieties and upgrading functionalities within a risk and compliance management framework [3]

Core Viewpoint - The Japanese Financial Services Agency (JFSA) is set to approve the issuance of a yen-pegged stablecoin named "JPYC" by the fintech company JPYC, aiming for a market size of 1 trillion yen within three years [2][6]. Group 1: Stablecoin Overview - The stablecoin JPYC will be pegged 1:1 to the Japanese yen, with JPYC holding liquid assets such as deposits and government bonds to ensure its value [4]. - The global stablecoin market has expanded to over $250 billion (approximately 37 trillion yen), primarily dominated by dollar-pegged stablecoins [2][6]. Group 2: Market Context and Regulations - The revised Japanese "Funds Settlement Act" defines stablecoins as "currency-denominated assets," distinguishing them from cryptocurrencies and allowing issuance by banks, trust companies, and money transfer businesses [4]. - The U.S. has recently passed the GENIUS Act to enhance the credibility of stablecoins, while Hong Kong has implemented regulations for issuing renminbi-pegged stablecoins [6]. Group 3: Use Cases and Institutional Interest - JPYC can be used for international remittances, corporate payments, and decentralized finance (DeFi) asset management services [6]. - Several institutions, including hedge funds and family offices, are interested in using JPYC for arbitrage trading to capture interest rate differentials [6]. Group 4: Competitive Landscape - The current stablecoin market is largely dominated by Tether's USDT and Circle's USDC, with predictions that the market could reach $3.7 trillion (approximately 540 trillion yen) by 2030 [6]. - Other Japanese companies are also considering issuing stablecoins, indicating a growing interest in this financial instrument within Japan [7].

Group 1 - The article discusses the evolving landscape of the global cryptocurrency market, influenced by the U.S. government's policy shifts under the Trump administration and the implementation of the EU's MiCA regulation, highlighting the need for a reassessment of the balance between value and security in cryptocurrency regulation [2][3]. - The concept of cryptocurrency has evolved since the release of the Bitcoin white paper in 2008, with a focus on its payment functionality and the emergence of different paths for development, including account-based and token-based systems [4]. - The article defines cryptocurrency in a narrow sense, including four categories: 1) cryptocurrencies like Bitcoin for asset storage, 2) stablecoins like USDT and USDC for payments, 3) cryptocurrencies like Ethereum and Solana for DeFi innovations, and 4) security token offerings (STOs) and real-world asset tokenization [5]. Group 2 - The article outlines the motivations behind the evolution of U.S. cryptocurrency policy, including the economic interests of the Trump family, which have grown significantly with their involvement in various NFT projects and the launch of a stablecoin [8][9]. - The support from the cryptocurrency community for Trump's election campaign is highlighted, with over $245 million raised for pro-cryptocurrency political action committees in the 2024 election cycle, indicating a strategic move to attract younger voters [9]. - The article contrasts the regulatory philosophies of the Republican and Democratic parties, noting that the Republican approach aligns more closely with the decentralized nature of cryptocurrencies, advocating for reduced regulation [9][10]. Group 3 - The dominance of fiat-backed stablecoins, particularly those pegged to the U.S. dollar, is emphasized, with a total supply of stablecoins reaching $234.9 billion as of May 2025, and the processing volume of stablecoin transactions projected to reach $14 trillion in 2024 [10]. - The cryptocurrency industry has become a significant revenue source for the U.S. government, with SEC enforcement fines reaching $4.7 billion in 2024, a dramatic increase from $150.3 million in the previous fiscal year [10]. - The article discusses Trump's vision of making the U.S. a "global cryptocurrency hub," aiming to attract capital and enhance economic vitality while addressing government debt and reinforcing the dollar's status [10].

Core Insights - The rise of technology is profoundly reshaping the financial landscape, with the integration of technology and finance driving innovation and providing robust support for real economy exploration [1] - The dialogue in the "Tech Finance Talk" series aims to explore the real-world applications and future possibilities of tech finance, focusing on stablecoins, digital currency paths, and the risks behind decentralization [1] Stablecoins and Cross-Border Payments - Stablecoins serve as a bridge for existing fiat currencies to enter digital scenarios, but they cannot bypass existing currency management frameworks, such as capital account convertibility [5] - The decentralized nature of stablecoins may lead to arbitrage opportunities, enhancing the ease of currency exchange despite existing restrictions [5] - The promotion of stablecoins should ideally follow the opening of capital accounts to mitigate challenges to national monetary policies [5] RMB Internationalization - Hong Kong's status as an offshore dollar business center could be compromised if stablecoin-related activities are not permitted, potentially weakening its competitive edge as an international financial hub [6] - The exploration of stablecoin cross-border payment functions is significant for breaking the dollar-dominated international monetary system [6] Cautious Approach to RMB Stablecoin - The current market dominance of dollar-pegged stablecoins presents a significant network effect, making it a risky time to introduce a RMB stablecoin [7] - Competing directly with dollar stablecoins could hinder the expansion of RMB's network effect and expose it to external shocks [7] Digital Currency Path for RMB - China's push for digital currency aims to strengthen its monetary sovereignty and payment influence amid global digital currency transitions [8] - To establish the digital RMB as a globally accepted currency, a robust digital economy and financial system must be developed [9] Network Effects and Multi-CBDC Bridge - A "multi-CBDC bridge" mechanism is proposed to facilitate interconnectivity among various digital currencies, breaking the monopoly of a single currency and enhancing transaction efficiency [10] Dollar Stablecoins and Market Dynamics - The demand for dollar stablecoins is driven by their liquidity and efficiency, which supports the dollar's status despite growing concerns over U.S. credit [11][12] - The inherent vulnerabilities of stablecoins, particularly the "trilemma" of fixed exchange rates, free convertibility, and independent monetary policy, pose risks to their stability [14]

Core Insights - The article emphasizes the importance of building a next-generation financial infrastructure based on blockchain technology to enhance the efficiency and international competitiveness of financial services in the real economy [1][2]. Group 1: Digital Asset Market Expansion - The total market capitalization of crypto assets reached approximately $3.92 trillion as of July 19, 2023, a 42% increase from $2.76 trillion at the end of Q1 2025. Bitcoin accounted for 59.85% of this market [3]. - Bitcoin's price surged to a closing price of $117,900 on July 19, 2023, marking a 42.89% increase from $82,500 at the end of Q1 2025 [3]. Group 2: Stablecoin Market Growth - As of July 20, 2023, the total market capitalization of stablecoins reached $26.77 billion, a 14% increase from the end of Q1 2025. USD-denominated stablecoins made up 98.4% of this market [4]. - Tether's USDT accounted for approximately $16.17 billion, representing 60.4% of the stablecoin market, while Circle's USDC had a market cap of $6.46 billion, or 24.1% [4]. Group 3: Real World Assets (RWA) Market Growth - The RWA market saw significant growth, with a total market capitalization of $25.56 billion as of July 18, 2023, reflecting a 26.85% increase from $20.15 billion at the end of Q1 2025 [5]. - Private credit and U.S. Treasury securities accounted for the largest shares of RWA, at 59.21% and 27.35%, respectively [5]. Group 4: Regulatory Framework for Digital Assets - The U.S. House of Representatives passed three key bills related to digital assets during the week of July 14-18, 2023, including the GENIUS Act for stablecoin regulation and the CLARITY Act for broader crypto asset regulation [6][7]. - The GENIUS Act has been signed into law, establishing a clearer regulatory framework for digital assets in the U.S. [7]. Group 5: International Regulatory Comparisons - The regulatory approaches to stablecoins in the U.S., Hong Kong, and the EU show similarities, focusing on fully collateralized stablecoins while excluding algorithmic and over-collateralized stablecoins [8]. - The U.S. regulatory framework aims to attract more issuers into its system, while the EU and Hong Kong focus on protecting monetary sovereignty and preventing systemic financial risks [8]. Group 6: Characteristics of Crypto Assets - Bitcoin has shown a significant correlation with U.S. stock markets, maintaining a correlation coefficient between 40% and 60% with major indices, indicating its status as a risk asset [13]. - Bitcoin generally exhibits a negative correlation with the U.S. dollar index and U.S. Treasury bonds, reinforcing its classification as a risk asset rather than a traditional safe haven [14].

Group 1: Core Insights - The core focus of policy design and regulatory practice in relevant fields should be on building a next-generation financial infrastructure based on blockchain to enhance the quality and efficiency of financial services for the real economy and international competitiveness [1][2] Group 2: Digital Asset Market Expansion - The total market capitalization of crypto assets reached approximately $3.92 trillion as of July 19, 2023, a 42% increase from $2.76 trillion at the end of Q1 2025 [3] - Bitcoin's market capitalization is 59.85%, with a closing price of $117,900 on July 19, 2023, up 42.89% from $82,500 at the end of Q1 2025 [3] Group 3: Stablecoin Market Growth - The total market capitalization of stablecoins reached $267.7 billion as of July 20, 2023, a 14% increase from the end of Q1 2025 [6] - USD stablecoins account for $263.4 billion, representing 98.4% of the market, while the market for RMB stablecoins is only $2.65 million [6] Group 4: Real World Assets (RWA) Market Growth - The RWA market reached a total market capitalization of $25.56 billion as of July 18, 2023, a 26.85% increase from $20.15 billion at the end of Q1 2025 [7] Group 5: Regulatory Framework Developments - The U.S. House of Representatives passed three key bills related to digital assets during the week of July 14-18, 2023, including the "GENIUS Act" for stablecoin regulation and the "CLARITY Act" for other crypto assets [11] - The "GENIUS Act" has been signed into law, clarifying the regulatory framework for digital assets in the U.S. [11] Group 6: International Regulatory Comparisons - The regulatory approaches to stablecoins in the U.S., EU, and Hong Kong show similarities, focusing on full reserve backing and issuer qualifications [12] - The U.S. "GENIUS Act" aims to strengthen the dominance of the U.S. dollar, while the EU and Hong Kong regulations prioritize monetary sovereignty and systemic risk prevention [13] Group 7: Risk and Volatility Characteristics of Crypto Assets - Bitcoin exhibits significant correlation with U.S. stock markets, maintaining a correlation coefficient between 40% and 60%, indicating its risk asset characteristics [22] - The relationship between Bitcoin and Ethereum shows low correlation with traditional commodities, suggesting unique volatility traits in the crypto market [24][28]

Core Viewpoint - The articles highlight the emergence of decentralized finance (DeFi) investment platforms that utilize blockchain technology, but they also raise concerns about the legality and risks associated with these platforms, particularly regarding high promised returns and the potential for fraud [1][2][3]. Group 1: Investment Platforms and Models - A training session on DeFi investment was conducted by an organization named "ARK," promoting a blockchain investment project set to launch in mid-August [1]. - Investors are encouraged to use the "TokenPocket" app to access decentralized applications (DApps) for trading cryptocurrencies, with some platforms claiming annual returns as high as 540% [2]. - The investment models often involve high promised returns, with examples showing potential returns of 2624U to 468379U based on different investment periods and amounts [4]. Group 2: Legal and Regulatory Concerns - Legal experts indicate that many of these virtual asset investment projects lack proper financial qualifications and may violate existing regulations, especially if they promise high returns without appropriate licenses [2][3]. - The promotion of these projects through social media and offline meetings often aligns with illegal fundraising activities, potentially leading to criminal charges such as fraud or pyramid schemes [3][20]. - Recent warnings from local financial regulatory bodies in various regions highlight the risks associated with stablecoins and other virtual assets, emphasizing the potential for illegal financial activities [22]. Group 3: Participant Experiences and Risks - Participants in these investment platforms often report high returns, but there are significant risks involved, including the potential for loss of funds and legal repercussions for engaging in illegal fundraising [19][21]. - The structure of these platforms often encourages recruitment of new investors, which can resemble pyramid schemes, further complicating the legal landscape [15][18]. - Investors are advised to conduct thorough research and be cautious of projects that promise unrealistic returns, as many of these may be fraudulent [23].

Core Points - The U.S. has enacted the first federal legislation on stablecoins, known as the "Genius Act," which establishes a regulatory framework for the issuance, asset backing, and enforcement of payment stablecoins, attracting global market attention [1] - The market for fiat-backed stablecoins has seen explosive growth, with total market capitalization increasing from $527 million in early 2019 to $23.1667 billion by Q1 2025, a nearly 440-fold increase [2] - The U.S. aims to solidify the dominance of the dollar through stablecoins, positioning them as a bridge between traditional finance and the digital world, potentially creating a "new Bretton Woods system" [3] Market Dynamics - The dollar stablecoin dominates the market, accounting for 99.75% of the total market cap, while euro stablecoins represent only 0.20% [2] - Stablecoins are increasingly penetrating the real economy, particularly in cross-border payments and as a hedge against inflation in countries with high inflation rates, such as Argentina [2] Regulatory Environment - The "Genius Act" mandates that the reserves backing dollar stablecoins must be invested in cash and short-term U.S. Treasury securities, which is expected to increase demand for U.S. debt by $2 trillion in the coming years [3] - Despite the establishment of a regulatory framework, there are concerns regarding the adequacy of compliance measures, particularly in areas like anti-money laundering and customer due diligence [4] Stability Concerns - The stability of fiat-backed stablecoins is contingent on their reserve mechanisms, with current estimates placing the market size of fiat-backed stablecoins at approximately $25.08 billion [4] - Historical incidents, such as the trust crisis faced by USDT and the liquidity issues of USDC due to its exposure to Silicon Valley Bank, highlight the vulnerabilities in the stablecoin market [5] Future Outlook - The evolution of stablecoins will depend on their ability to integrate with the next generation of financial infrastructure and the regulatory landscape surrounding crypto assets [6] - The ongoing development of regulations and standards for crypto exchanges, public chains, and token issuance will be critical for the future viability of stablecoins in the digital economy [6]