泰达币(USDT)

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抛售1.6万亿美元,美债最大卖家曝光,但却不是中国
Sou Hu Cai Jing· 2025-09-27 22:39
谁在接盘? 英国、日本成"冤大头",稳定币成新赌具 当美联储疯狂抛售时,接盘力量主要来自两类角色:一是日本和英国等传统盟友,二是新兴的稳定币发 行方。 日本至今持有1.15万亿美元美债,稳居最大海外债主,英国更是激进增持至8993亿美元,反超中 国成为第二。 美联储,这个全球最大的央行,在3年多时间里悄悄抛售了1.6万亿美元的美债,规模相当于日本和英国 两大债主持仓的总和,远超中国十年累计减持的5000亿。这场抛售潮中,海外投资者反而在增持,而美 联储的"缩表"甚至与降息同步进行。 一边放水,一边抽水,美国经济的矛盾操作背后,是一场关于债 务、通胀和政治压力的危险博弈。 美联储的"双重身份":既是裁判又是球员 通常情况下,美债市场的卖家主要是各国央行或机构投资者,但这一次,主角变成了美债的发行方监管 者,美联储。 这种操作与其说是主动选择,不如说是被通胀逼入墙角。 2022年美国通胀飙升至9%时,美联储只能通 过抛售美债回收流动性,每月最高减持950亿美元。 更矛盾的是,2024年9月美联储开启降息周期后,缩表却未停止。 一边降息刺激经济,一边抛债收紧银 根,这种看似精神分裂的操作,暴露了美联储的艰难处境:降 ...
稳定币的技术原理与信任逻辑 | 金融与科技
清华金融评论· 2025-09-17 09:23
Core Viewpoint - The article emphasizes the growing importance of stablecoins in the digital finance landscape, highlighting their advantages over traditional cryptocurrencies due to their price stability and regulatory compliance, which makes them increasingly integrated into the mainstream financial system [3][4][5]. Summary by Sections Current Status and Characteristics of Stablecoins - Stablecoins are digital assets based on blockchain technology that maintain price stability through a "anchoring mechanism" to fiat currencies. They have evolved from being used primarily in cryptocurrency exchanges to being integral in decentralized finance (DeFi) activities such as lending and staking, as well as in cross-border payments and trade settlements due to their fast settlement speeds and low transaction costs [5][6]. Development History of Stablecoins - The development of stablecoins has transitioned from exploration to regulation. The launch of USDT in 2014 marked the introduction of fiat-collateralized stablecoins, which quickly gained traction. The introduction of DAI in 2017 pioneered decentralized stablecoins. The demand for stablecoins surged during the DeFi boom in 2020, but the collapse of algorithmic stablecoin UST in 2022 raised regulatory concerns. Recent regulations, such as the U.S. GENIUS Act and Hong Kong's Stablecoin Regulation, have laid a foundation for compliant development [6][7]. Market Characteristics - The stablecoin market is characterized by concentration, with the total market cap exceeding $280 billion as of August 2025, where USDT holds about 60% market share. The majority of stablecoin transactions occur on major public blockchains like Ethereum, Tron, and Solana, with Ethereum alone accounting for over $137 billion in stablecoin market cap [7]. Technical Principles of Stablecoins - The stability and security of stablecoins rely on blockchain and smart contract technologies. They can be categorized into three types based on their anchoring mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins. Each type has distinct technical implementations, with fiat-collateralized stablecoins like USDT and USDC relying on off-chain reserves, while crypto-collateralized stablecoins like DAI use over-collateralization and automated liquidation mechanisms [10][11]. Trust Logic of Stablecoins - The core competitive advantage of stablecoins lies in trust, which is built on reliable anchoring and reserve mechanisms, verifiable technology, and regulatory frameworks. The trust in fiat-collateralized stablecoins is derived from the transparency and liquidity of their reserves, while crypto-collateralized stablecoins depend on over-collateralization and automated liquidation for stability. Algorithmic stablecoins face structural challenges due to their reliance on supply-demand algorithms without actual asset backing [15][16]. Challenges and Future Outlook - Stablecoins face challenges in regulatory technology, price stability, and governance. The lack of a global regulatory framework for stablecoins and blockchain transactions complicates compliance. Additionally, past incidents of reserve opacity have led to market instability. However, the future of stablecoins looks promising, with potential growth in cross-border payments and tokenization of real-world assets, supported by evolving regulatory environments and technological innovations [17][18][19].
Stablecoins vs. Tokenized Securities: The Risks and Benefits for Investors
Yahoo Finance· 2025-09-13 12:32
While they run on the same underlying blockchain rails, stablecoins and tokenized securities present different benefits and risks for users. | Credit: Michel Porro/Getty Images Key Takeaways Stablecoins and tokenized securities come with different risks and benefits for investors. Together, the two blockchain-based technologies could transform how people trade and invest. Various products currently offer different levels of protection for investors. Stablecoins and tokenized securities are two bl ...
Artemis:2025年稳定币⽀付:全球浪潮与新⾦融基石报告
Sou Hu Cai Jing· 2025-09-06 03:32
Core Insights - The report titled "Stablecoin Payments: Global Wave and New Financial Cornerstone" highlights the growth of stablecoin payments from January 2023 to February 2025, with a total payment settlement amount of $94.2 billion and an annualized run rate of $72.3 billion by February 2025 [1][16][23]. - B2B payments are the most active segment, with an annualized amount of $36 billion, followed by P2P payments at $18 billion, card payments at $13.2 billion, B2C payments at $3.3 billion, and pre-funding at $2.5 billion, with all segments except P2P showing rapid growth [1][16][23]. Market Overview - USDT is the most widely used stablecoin, accounting for approximately 90% of the market share by transaction volume, followed by USDC [2][16][38]. - Tron is the most popular blockchain for stablecoin transactions, followed by Ethereum, Binance Smart Chain (BSC), and Polygon, with many companies utilizing multiple blockchains for settlements [2][30]. Regional Insights - In Latin America, Tron dominates stablecoin settlements, particularly in Colombia, Ecuador, and Brazil, while Ethereum leads in Argentina and Peru [2][45]. - In Africa, Tron and Ethereum are the leading blockchains, with USDT consistently dominating transaction volumes, although USDC shows significant adoption in countries like Nigeria and Uganda [2][56][62]. - In North America and the Caribbean, Tron and Ethereum are the primary networks, with USDT maintaining a dominant position across all markets [2][65]. Company Contributions - Companies like Binance Pay, BVNK, and Bitso Business are driving the adoption of stablecoins in various sectors, facilitating cross-border payments and improving financial management for businesses [3][42][49]. - BVNK integrates stablecoin functionality with traditional banking, enabling faster and more efficient cross-border payments, while Bitso Business focuses on providing stablecoin-driven financial solutions for businesses in Latin America [42][49].
浅析稳定币发展对外汇管理的影响及国际监管经验借鉴
Sou Hu Cai Jing· 2025-09-03 03:29
Core Viewpoint - Recent legislative developments in the U.S. and Hong Kong regarding stablecoins have sparked significant market interest, prompting an analysis of their potential impacts on foreign exchange management in China and offering policy insights for improvement [1]. Group 1: Potential Impacts of Stablecoin Development on China's Foreign Exchange Management - Stablecoins, despite China's prohibition on virtual currency activities, are circulating through overseas platforms and OTC markets, posing a potential threat to existing foreign exchange management frameworks [2]. - The anonymity and decentralization of stablecoins allow them to evade traditional regulatory measures, undermining the effectiveness of cross-border capital flow supervision [3]. - Unregulated cross-border movement of stablecoins increases the risk of RMB exchange rate volatility, as investors can quickly convert RMB to foreign assets during market fluctuations [4]. - Transactions involving stablecoins fall outside the current international balance of payments statistics, leading to data inaccuracies and potential distortions in trade balance indicators [5]. - The bypassing of regulatory frameworks by stablecoins threatens the central bank's ability to monitor and manage cross-border currency flows, potentially undermining China's monetary sovereignty [6]. Group 2: Global Stablecoin Regulatory Framework Characteristics and Lessons - The U.S. employs a dual-track regulatory framework for stablecoins, combining federal and state oversight, with stringent reserve requirements for issuers [7]. - The EU's MiCA establishes a systematic regulatory framework for stablecoins, categorizing them based on their risk profiles and implementing differentiated governance [8]. - Hong Kong's Stablecoin Ordinance introduces a comprehensive regulatory framework for fiat-backed stablecoins, emphasizing open innovation while ensuring risk control [9][10]. - Hong Kong's approach allows for multi-currency stablecoin issuance and aims to break the dominance of the U.S. dollar in the global reserve currency landscape [11]. Group 3: Implications for China's Foreign Exchange Management - Strengthening regulatory oversight to prevent capital outflows through stablecoins is essential, with a focus on integrating stablecoin activities into existing capital project management frameworks [14]. - Developing a smart monitoring system based on the digital RMB infrastructure can enhance the precision of regulatory measures against stablecoin transactions [15]. - Establishing international cooperation mechanisms to combat illegal capital transfers via stablecoins is crucial for maintaining financial security [16]. - Regulatory frameworks should be updated to clearly define stablecoins' legal status and ensure compliance with foreign exchange management regulations [17]. - Exploring the use of stablecoins in international trade can enhance the efficiency of transactions and promote the internationalization of the RMB [18].
中国要推出人民币稳定币?一场数字货币的豪赌
Sou Hu Cai Jing· 2025-08-26 15:38
Group 1 - The core idea is that China is likely to approve its first RMB stablecoin by the end of the month, which represents a strategic move in the digital currency era, challenging the existing global financial order [1][8] - Stablecoins are digital international payment tools that maintain relative stability by being pegged to currencies like the US dollar, and the introduction of a RMB stablecoin could facilitate direct settlements in cross-border trade, particularly along the Belt and Road Initiative [1][3] - The significance of the RMB stablecoin is highlighted by the ongoing push for a "dollar stablecoin" by the US, which aims to maintain the dollar's dominance in the digital finance era, making it crucial for China to respond to avoid reliance on the dollar in trade with regions like Southeast Asia and Africa [3][7] Group 2 - The global stablecoin market is currently valued at approximately $130 billion, with over 90% being dollar-based, indicating that China is lagging behind in this emerging market [7] - The introduction of a RMB stablecoin could potentially create risks, such as becoming a channel for capital flight and vulnerabilities to cyberattacks, which could undermine international confidence in the currency [5][8] - The International Monetary Fund (IMF) predicts that the share of stablecoins in cross-border payments could double in the next five years, emphasizing the urgency for China to act now to secure its position in the market [7]
中国驻马尔代夫使馆提醒在马中国公民警惕新型诈骗
Yang Shi Wang· 2025-08-19 10:37
Core Viewpoint - A new type of scam involving cryptocurrency transactions has emerged in the Maldives, primarily targeting foreign individuals, especially Chinese citizens [1] Group 1: Scam Methodology - Scammers contact local Tether (USDT) sellers through online platforms, claiming to need assistance with currency exchange and providing a cryptocurrency wallet address for the seller to transfer USDT [2] - Scammers arrange for Chinese citizens holding large amounts of Maldivian Rufiyaa (MVR) cash to meet with the USDT sellers [2] - During the face-to-face transaction, the Chinese citizen hands over MVR cash to the USDT seller, who then transfers the corresponding amount of USDT to the provided wallet address as instructed by the scammer [2] - After the transaction, the Chinese citizen does not receive any foreign currency in their bank account, and the USDT seller is unable to contact the intermediary, leading both parties to believe they have been scammed [2] Group 2: Police Warnings and Recommendations - The Maldives police emphasize the deceptive and hidden nature of these scams, urging residents and foreign tourists to be cautious [3] - Individuals are advised not to trust third-party intermediaries for financial transactions, especially in cryptocurrency or foreign currency exchanges, and to contact the other party directly [3] - It is recommended to verify the identity of the transaction counterpart before proceeding and to be wary of unusual transfer methods [3] - In case of suspicious situations, individuals should report to the police immediately [3]
香港首家中资银行系券商获牌,正式启动虚拟资产交易功能
Sou Hu Cai Jing· 2025-08-19 10:13
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]
日本拟批准发行日元稳定币 旨在用于国际汇款等领域
Xin Hua She· 2025-08-19 01:16
Core Viewpoint - Japan's Financial Services Agency is set to approve the issuance of the country's first yen-pegged stablecoin, JPYC, aimed at international remittances and other applications [1][2] Group 1: Stablecoin Overview - JPYC will be registered as a currency transfer business operator by JPYC Co. in Tokyo [1] - The stablecoin will be pegged at a rate of 1 JPYC to 1 Japanese yen (approximately 0.05 RMB) and will be backed by high liquidity assets such as yen deposits and Japanese government bonds [1] - The global market for stablecoins has reached approximately $250 billion, with most being pegged to the US dollar [1] Group 2: Market Impact - The project plans to issue 1 trillion yen (approximately 487 billion RMB) worth of JPYC stablecoins over the next three years [2] - The issuance of JPYC may significantly impact the Japanese bond market, potentially increasing demand for Japanese government bonds as seen with US dollar-pegged stablecoins [2] - JPYC Co. suggests that widespread adoption of JPYC could lead to substantial purchases of Japanese government bonds [2] Group 3: Regulatory Context - A legal amendment effective June 2023 defines stablecoins as "currency-denominated assets," distinguishing them from other cryptocurrencies and allowing banks, trust companies, and currency transfer businesses to issue such currencies [1] - The International Bank for Settlements has raised concerns about decentralized stablecoins, citing issues such as lack of central bank backing and insufficient measures against illegal use [2]
【特稿】日本拟批准发行日元稳定币
Sou Hu Cai Jing· 2025-08-18 09:40
Group 1 - The Japanese Financial Services Agency is expected to approve the issuance of the country's first yen-pegged stablecoin, JPYC, by this fall, aimed at international remittances and other uses [1][2] - JPYC will be backed by high liquidity assets such as yen deposits and Japanese government bonds, with a fixed exchange rate of 1 JPYC to 1 yen (approximately 0.05 RMB) [1] - The project plans to issue a total of 1 trillion yen (approximately 487 billion RMB) worth of JPYC stablecoins over the next three years [2] Group 2 - The issuance of JPYC may significantly impact the Japanese bond market, as stablecoin issuers pegged to the US dollar have become major buyers of US government bonds [2] - There is a potential for JPYC to increase demand for Japanese government bonds if it gains widespread adoption, similar to trends observed with US dollar-pegged stablecoins [2] - The Bank for International Settlements has warned that decentralized stablecoins have significant shortcomings, including lack of central bank backing and insufficient measures against illegal use [2]