Group 1 - The core viewpoint emphasizes the dual nature of stablecoins, highlighting their necessity in modern payment systems while also acknowledging the associated risks, particularly in illegal activities [3][4] - Stablecoins serve as a bridge in payment settlements, ultimately requiring conversion to fiat currency for true value transfer, necessitating regulatory oversight to ensure safety and compliance [4][5] - The impact of foreign stablecoins on national currency sovereignty is significant, with the need for regulations to mitigate potential risks while leveraging stablecoins for enhancing the international influence of sovereign currencies [5][6] Group 2 - The relationship between stablecoins and the internationalization of the Renminbi (RMB) is crucial, with the dominance of USD stablecoins indicating a need for RMB stablecoins to support emerging economic development rather than direct competition [6][8] - The interplay between stablecoins and central bank digital currencies (CBDCs) is highlighted, with stablecoins excelling in cross-border transactions while CBDCs are more suited for domestic applications, suggesting a complementary relationship [7] - Recommendations for the development of RMB stablecoins include a gradual approach, starting with offshore issuance in Hong Kong and expanding to free trade zones, to enhance the use of offshore RMB and facilitate its internationalization [8][9]

Core Viewpoint - The rise of stablecoins is becoming a critical issue globally, with countries needing to address the potential negative impacts on their financial systems while also seizing opportunities for currency globalization [1][2]. Group 1: Importance of Stablecoins - Stablecoins have surpassed a market size of $250 billion globally, indicating their growing significance in the payment system [2]. - Visa's data predicts that by June 2025, adjusted stablecoin payment transactions will reach 1.6 billion, with a transaction value of $7.3 trillion [2]. - Citibank estimates that stablecoin market value could reach $3.7 trillion by 2030 under optimistic scenarios [2]. - Stablecoins offer advantages over traditional payment methods, such as fewer payment steps, shorter processes, and lower costs, especially in cross-border payments [2][3]. Group 2: Regulatory Developments - The U.S. and Hong Kong have enacted legislation to regulate fiat-backed stablecoins as payment tools, emphasizing the need for compliance and anti-money laundering measures [1][2]. - Countries like the UK and South Korea are also incorporating stablecoins into their legislative frameworks [1][2]. - The regulation aims to protect and promote fiat currency sovereignty while addressing risks posed by foreign stablecoins linked to local currencies [3][4]. Group 3: Implications for the Renminbi - The internationalization of the Renminbi is being supported by the development of Renminbi stablecoins, which could enhance its global competitiveness [1][4]. - The potential risks from foreign stablecoins linked to the Renminbi necessitate regulatory measures to mitigate impacts on the domestic financial system [4][6]. - The issuance of Renminbi stablecoins should focus on supporting emerging economic development rather than competing directly with U.S. dollar stablecoins [4][5]. Group 4: Central Bank Digital Currency (CBDC) and Stablecoins - The People's Bank of China is leveraging CBDC to address challenges in cross-border payments, with the CBDC bridge project processing payments in 6 to 9 seconds, significantly reducing costs [5]. - CBDCs and stablecoins serve complementary roles, with stablecoins primarily used for cross-border settlements and CBDCs for domestic transactions [5][6]. - The development of offshore Renminbi stablecoins could enhance the use of Renminbi in international payments, particularly in transactions involving non-Chinese enterprises [5][6].

在布雷顿森林体系下，在黄金尚未出现兑付危机之前，国际市场上美元购买力的有效兑付首先来自美国的工业生 产能力，其次才是黄金储备 在缺乏有效贵金属和生产能力支撑的背景下，国际化的美元发行需要寻找新的"锚"。美国通过"石油美元"重新奠 定了美元国际化的根基，同时将美元与其他大宗商品交易挂钩，目的是不断创造"美元国际交易需求"，并由此改 写了自金本位以来的美元国际化底层逻辑 在"石油美元"模式下，全球大宗商品和其他国际贸易的扩张加大了对美元的需求。美元国际交易需求的增长，使 美元发行找到了新的锚定物。其实，这种需求的本质，是全球工农业生产能力的相互交易需求在"石油美元"模式 下产生的"美元需求幻觉" 既有的一些具有想象力的美元"锚"并不具备大规模交易基础，难以形成相当于"石油美元"的锚定物规模，美国在 相关产业领域的生产能力或产业链控制能力也并不突出，因此，换"锚"方案恐将无解 文 | 王玉柱 美元指数自2025年1月初达到近三年高点后，近期持续走低。越来越多的投资者正在考虑从美元和美元资产中撤 离，国际市场对美元币值及美元资产贬值的预期短期内难以改变；部分大型投资机构已迈出"离开美国"的关键一 步，或将拉开长期结构 ...

编者按： 当美国、欧洲、中国香港等经济体相继出台稳定币监管法规，传统金融体系的边界在数字经济浪潮中加速消 融。稳定币正以"技术创新+合规发展"的双轮驱动模式，成为重构全球金融格局的核心变量。证券时报今起 推出"聚焦稳定币"栏目，持续追踪稳定币生态全链条参与主体：深度对话监管机构的政策制定逻辑，解码发 行方的合规运营路径，解读投资机构的价值判断逻辑，以多维视角全景呈现这一新兴金融业态的发展图谱。 在香港虚拟资产交易生态中，交易所扮演着关键角色。目前，已有11家企业获得香港证监会（SFC）发放的虚拟资产交易平台牌照，HashKey集团旗下HashKey Exchange为其中之一。HashKey集团为稳定币发行人"圆币科技"的投资方，且已与京东稳定币达成合作，HashKey Exchange也即将上线多种稳定币，从法币门户 扩张至稳定币门户，实现稳定币与法币的无损换汇等服务。 就香港《稳定币条例》将如何巩固和提升香港国际金融中心的地位，以及香港金融市场的生态将会发生什么变化等问题，HashKey集团董事长肖风近日接受了证券 时报记者的采访。在采访中，肖风系统阐释了稳定币在普惠金融、跨境贸易及人民币国际化进程中的核 ...

Group 1 - Guotai Junan International has officially obtained a full license for virtual asset trading from the Hong Kong Securities and Futures Commission, becoming the first Chinese brokerage to offer comprehensive virtual asset trading services [1] - Following the announcement, Guotai Junan International's stock price surged by 198.39% on the second trading day, indicating strong market recognition of the potential for virtual currency development [1] - The increasing prevalence of digital payment methods is fundamentally altering traditional monetary systems and necessitating transformations in central bank monetary policies and regulatory approaches [1] Group 2 - Stablecoins are a type of cryptocurrency that are backed by fiat currency, ensuring that each stablecoin has a corresponding real asset, which differentiates them from regular cryptocurrencies that lack a clear backing [2] - Major developed countries are prioritizing the issuance of stablecoins to address the impacts of digitalization on financial systems and to secure a competitive edge in future international financial regulations [3] - The U.S. Senate passed the "Stablecoin Innovation Act" to promote stablecoins as a mainstream payment method, while Japan has implemented regulations to ensure that only fiat-backed stablecoins can be used as payment instruments [3] Group 3 - Stablecoins offer significant advantages over traditional banking payment systems, including faster transaction times and lower costs for cross-border payments, making them a compelling option for international financial markets [4] - The Bank for International Settlements (BIS) has recommended that central banks expedite the tokenization of their currencies, highlighting the need for regulatory frameworks to mitigate risks associated with stablecoins [4] - The emergence of stablecoins is likely to disrupt existing financial systems, necessitating ongoing attention and optimization of their operational mechanisms [4]

Core Insights - The United States is striving to become the global "cryptocurrency capital" through comprehensive regulatory reforms and policy adjustments, which will significantly impact the global financial landscape and the dominance of the US dollar [1][8] Regulatory Environment - A clear and appropriate regulatory environment is crucial for the transition of digital assets from niche innovations to mainstream applications [1] - The US Congress is advancing two key legislative proposals: the GENIUS Act in the Senate and the STABLE Act in the House, aimed at creating a regulatory framework for payment stablecoins [7] - The SEC's recent actions, including the withdrawal of lawsuits against major cryptocurrency companies, indicate a shift towards a more favorable regulatory environment [10] Role of Stablecoins - Stablecoins play a central role in digital finance, with the total trading volume projected to approach $28 trillion by 2024 [3] - The dominance of the US dollar in the stablecoin market is evident, with 99% of stablecoin market value pegged to the dollar, reinforcing its status as a reserve currency in digital finance [7][8] Market Dynamics - The total market capitalization of cryptocurrencies has reached $3.5 trillion, with Bitcoin ETF assets exceeding $100 billion and global cryptocurrency users numbering 659 million [1] - Stablecoins, such as Tether (USDT) and USD Coin (USDC), dominate the market, accounting for 67% and 26% of stablecoin market value, respectively [3] Advantages of the US - The US has unique competitive advantages in the race to become the global cryptocurrency center, including a significant share of institutional investment and a strong technological infrastructure for blockchain development [8] - The US accounts for 36% of global Bitcoin mining activity, further solidifying its position in the cryptocurrency landscape [8] Challenges and Competition - Despite its advantages, the US faces significant challenges, including regulatory complexity and potential legislative gridlock, which could hinder its ability to establish a suitable regulatory framework for digital assets [12] - International competition is intensifying, with regions like the EU, Singapore, and the UAE actively creating favorable regulatory environments for the cryptocurrency industry [12]

以下文章来源于玉渊谭天 ，作者谭主 玉渊谭天 . 简单逻辑看复杂世界 2025.06. 25 本文字数：4179，阅读时长大约7分钟 来源 | 玉渊谭天 封面图来源 | 玉渊谭天 当地时间6月17日，美国参议院以68票赞成、30票反对的结果通过 《指导与建立美国稳定币国家创 新法案》 ，制定了与美元挂钩的稳定币监管规则。 当法案以压倒性优势通过时，共和党参议员比尔·哈格蒂振臂宣称："美国正迈向加密货币之都！" 2500亿美元市场规模的稳定币进入了美国国家法律框架的视野，而华尔街的交易终端上，美债收益 率曲线微微颤动。 当稳定币正式登上美国金融的舞台，一场金融实验，也就此拉开帷幕。 01 稳定币，怎么"稳"？ 今年3月，特朗普的加密货币项目"世界自由金融"（World Liberty Financial）公司推出了一种与 美元 挂钩的代币，名为USD1。 和金融市场上的其他加密货币不同，像USD1这类加密货币有法定货币和现实资产作为支撑。这就意 味着，与比特币相比，它的币值波动更稳定，所以便被称为"稳定币"。 事实上，稳定币的出现并非偶然，而是加密货币发展演化的结果。 比特币的诞生背景与2008年金融危机密切相 ...

Group 1: Su Chao and Cultural Tourism Consumption - The "Su Chao" football league has significantly boosted cultural tourism consumption in six host cities, with a total increase in consumption [1] - Over 180,000 fans attended matches, achieving attendance rates comparable to professional football leagues [1] - From June 2 to June 8, reservations for scenic spots in Jiangsu Province increased by 305% [1] - A-share football concept stocks surged, with multiple stocks hitting the limit up, including a five-day consecutive rise for Guochuang Turf and three consecutive 20% rises for Jinling Sports [1] Group 2: Changan and Dongfeng Restructuring - Changan Automobile and Dongfeng Automobile announced a pause in their restructuring plans due to the separation of Changan's indirect controlling shareholder [2][3] - The restructuring speculation had previously led to a surge in the capital market, but the current status remains unclear [3] - The automotive industry has seen a trend towards consolidation, indicating a maturation of the market [3] Group 3: National Standards for Intelligent Driving Assistance - A new mandatory national standard for intelligent connected vehicles' driving assistance systems is set to be established, with a project duration of 22 months [4][5] - The standard will cover technical requirements for motion control, driver monitoring, system safety, and testing methods [4] Group 4: Circle's IPO Performance - Circle, the issuer of the USDC stablecoin, saw its stock price surge by 168.48% on its first trading day, closing at $83.23 with a market cap exceeding $18 billion [6][7] - The company experienced a 25-fold oversubscription for its IPO, increasing the number of shares issued from 32 million to 34 million [6] - USDC's circulation has grown by 40% over the past year, significantly outpacing USDT's 10% growth [6] Group 5: Guangdong Government Investment Fund Regulations - Guangdong Province has introduced new regulations for government investment funds, stipulating that management fees must be paid from fund earnings rather than principal [8][9] - This change could lead to challenges for fund managers if the funds do not generate profits, potentially eliminating their primary income source [9] Group 6: South Korea's New President - Lee Jae-myung was inaugurated as South Korea's president, winning with 49.42% of the vote, ending a period of political uncertainty [10][11] - His administration aims to focus on developing emerging industries like AI and fostering a fair economy while navigating challenges in economic recovery and social cohesion [11] Group 7: US Steel and Aluminum Tariffs - The US has raised tariffs on steel and aluminum imports from 25% to 50%, citing national security concerns [12][13] - This move has faced criticism for potentially harming the US manufacturing sector and disrupting global supply chains [12] Group 8: Trump and Musk's Public Dispute - A public feud has erupted between former President Trump and Elon Musk, triggered by legislative changes affecting electric vehicle tax credits [13][14] - The conflict reflects deeper tensions between the two figures, impacting Tesla's stock price, which fell by 14.26% following the dispute [14]

值得注意的是，当地时间6月5日，全球第二大稳定币美元币的发行商圆环（Circle）公司在纽交所进行 首次公开募股，成为稳定币领域首家上市公司。从首日表现来看，Circle受到资金狂热追捧。股价在盘 中一度涨超200%，最高触及103.75美元/股。截至收盘，报82.23美元/股，涨幅达168.48%。 国内股市本轮稳定币行情主要受香港《稳定币条例》正式生效带动——5月30日，中国香港特别行政区 政府在宪报刊登《稳定币条例》，标志着该条例正式生效。 这一里程碑式立法引发资本市场强烈关注，券商机构迅速响应，掀起密集研究热潮。三天内，22家券商 集中发布30篇研报，超过20场电话会议相继召开，8场路演活动蓄势待发。券商研究覆盖计算机、区块 链、金融科技、跨境支付等多个维度，普遍认为香港新规将推动稳定币从交易媒介升级为关键金融基础 设施，加速数字金融产业链发展。 二级市场方面亦反应强烈，如连连数字在5月29日股价上涨近45%，6月2日再度大涨64.27%，股价在3个 交易日内涨近126%。A股市场方面，四方精创同期股价涨幅亦超过40%。 排排网财富研究员隋东对新华财经表示，近期A股和港股市场稳定币相关标的显著走强，核 ...