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国泰海通|宏观:黄金稳定币:发展现状如何
Core Viewpoint - The combination of gold and stablecoins has advantages, but future development needs to overcome certain obstacles. If mechanisms are improved, gold-backed stablecoins can serve as a store of value and, under specific conditions, as a means of payment and settlement [1][5]. Group 1: Gold Stablecoin Overview - Gold stablecoins are emerging as a new favorite in the cryptocurrency market, following the popularity of dollar-backed stablecoins. They are cryptocurrencies pegged to gold, sharing characteristics such as value stability and decentralization [2]. - The gold stablecoin market is currently dominated by two main players: Tether's XAUT and Paxos' PAXG, each holding nearly half of the market share. As of June 2025, the market capitalization of gold stablecoins is projected to reach $1.6 billion, accounting for approximately 0.67% of the total stablecoin market [2]. Group 2: Advantages of Gold Stablecoins - Compared to gold ETFs and futures, stablecoins enhance the convenience of gold trading through their decentralized nature: - They eliminate time and space constraints, allowing for global transactions at any time via blockchain technology. - They lower investment barriers by enabling fractional ownership of gold bars, with the ability to split ownership down to six decimal places (approximately 0.02 yuan). - They reduce transaction costs, with low fees (e.g., PAXG charges 0.02%) [3]. Group 3: Challenges Facing Gold Stablecoins - There are three main challenges that gold stablecoins must overcome: - The inherent conflict between the monetary functions of gold and stablecoins. Stablecoins primarily enhance payment and settlement functions, while gold serves more as a store of value, making their combination somewhat forced [4]. - Gold stablecoins have not fully realized their potential for value stability. The low number of holders leads to low trading turnover, shallow market depth, and significant deviations from London gold prices [4]. - There are issues with credit verification that contradict the decentralized and trustless nature of blockchain. Regulatory frameworks for physical collateral-backed stablecoins are still lagging, with existing legislation primarily covering fiat-backed stablecoins, leaving gold stablecoins facing compliance uncertainties [4].
海通证券晨报-20250704
Haitong Securities· 2025-07-04 02:43
Group 1: Core Insights - The report emphasizes the importance of accounts receivable management in the property industry, highlighting its significant impact on cash flow and potential dividend sustainability for companies [1][17] - The analysis of 30 sample companies reveals a notable increase in accounts receivable from 291.8 billion to 753.7 billion from 2020 to 2024, with growth rates declining significantly in recent years [2][17] - The report indicates a shift towards greater business independence, with the proportion of accounts receivable from related parties decreasing from 47% to 39% over five years, while third-party receivables increased from 53% to 61% [2][18] Group 2: Financial Trends - The average collection period for accounts receivable has lengthened, with the proportion of receivables due within one year dropping from 89% in 2019 to 58% in 2024, indicating increased difficulty in collection [3][18] - The provision for bad debts has risen sharply, with the ratio of provisions to trade receivables increasing from 4% in 2019 to 26% in 2024, reflecting heightened credit risk [3][18] - The overall collection rate for the sample companies has decreased from 90% to 78% between 2019 and 2024, with companies linked to distressed parent firms experiencing even lower rates [3][18] Group 3: Investment Recommendations - The report recommends focusing on property companies with strong independent business capabilities and low reliance on related transactions, as these are critical indicators of financial health [19][20] - Specific companies highlighted for their strong parent company backgrounds and effective risk management include China Overseas Property, Poly Property, and China Merchants Jinling [19][20] - Companies like Wanwu Cloud, Country Garden Services, and Sunac Services are noted for their manageable accounts receivable risks, while China Resources Mixc Life is recognized for its advantageous business model [19][20] Group 4: Market Strategy - The report tracks monthly strategies for small-cap and growth styles, suggesting that small-cap stocks are likely to outperform in July based on historical data and quantitative models [5][6] - The growth style is also expected to perform well in July, with a recommendation to overweight growth stocks based on the analysis of market factors [6]
国泰海通:黄金稳定币发展现状如何?
智通财经网· 2025-07-03 22:36
智通财经APP获悉,国泰海通发布研报称,相比黄金ETF和期货等其他黄金投资品,稳定币的去中心化 特征提升了黄金交易的便捷程度。黄金稳定币市场目前呈现"双雄分治"的局面,Tether公司发行的 XAUT币和Paxos公司发行的PAXG币各占市场份额的近一半。截至2025年6月,黄金稳定币市场的市值 规模达到16亿美元,约占全部稳定币市值规模的0.67%,是排在美元稳定币和加密货币抵押型稳定币之 后的第三大类稳定币。 相比黄金ETF和期货等其他黄金投资品,稳定币的去中心化特征提升了黄金交易的便捷程度: 降低时空限制:黄金稳定币运行在区块链上,可实现任意时间的全球快速交易; 降低投资门槛:黄金稳定币对应黄金条块的所有权,在交易的过程中可以实现黄金条块的碎片化分割, 最高可分割至小数点后六位(约0.02元); 降低交易费用:黄金稳定币仅收取较低的交易费用(如PAXG币收取万分之二)。 黄金稳定币的发展:需突破三类困难 国泰海通主要观点如下: 黄金与稳定币的结合存在优势,不过未来发展也需要突破一些障碍。如果机制改善,黄金稳定币可以承 担价值储藏的功能,以及特定条件下的支付和结算功能。 黄金稳定币:悄然崛起的"币圈新宠" ...
一文读懂“稳定币”是否真“稳定”!
私募排排网· 2025-06-21 10:04
以下文章授权转载自公众号: 通俗解释 ,作者 谢幺。 俗解释 ,作者 谢幺。 有粉丝私信让我聊聊「稳定币」。 以下文章来源于通俗解释 ,作者谢幺 通俗解释 . 最终解释权归通俗所有 我猜可能是因为两个事,让大家最近关注这个东西: 一是《香港稳定币条例》即将在8月1日生效,听说蚂蚁集团和京东金融已经赶着去申请稳定币牌照了。 (点击↑↑ 上图查看路演详情 )以下文章授权转载自公众 号: 通 我觉得要想真正理解 「稳定币」 ,肯定得知道,这玩意儿最开始是怎么流行起来的。 二是美国有一家做稳定币生意的公司最近上市了,股价蹭蹭涨。(可参考: 稳定币站上最强风口!5股获机构持仓超50亿!最新机构持仓曝光! ) 所以大家就好奇:稳定币到底是什么?或者说,是个什么生意。( 点此一键查看路演 ) 在2017年9月4日之前,一个中国的普通老百姓想买到加密货币,难度就跟充话费差不多。 只要在加密货币交易所的App里支付一笔钱,立刻就可以得到对应价值的币。 也正因为这个操作太简单,很多老百姓甚至大爷大妈都被忽悠买币。 2017年前后,各路牛鬼蛇神都跑出来发行加密货币,什么鸡币、牛币、马币、屎币、傻币,各路山寨币冒出来,挂到交易所里卖 ...
稳定币,如何从灰色走到台前?
Hu Xiu· 2025-06-19 14:18
我猜可能是有两个事,让大家最近关注这个东西: 一是《香港稳定币条例》即将在8月1日生效,听说蚂蚁集团和京东金融已经赶着去申请稳定币牌照了。 二是美国有一家做稳定币生意的公司最近上市了,股价蹭蹭涨。 所以大家就好奇:稳定币到底是什么?或者说,是个什么生意。 我觉得,要想真正理解"稳定币",肯定得知道,这玩意儿最开始是怎么流行起来的。 在2017年9月4日之前,一个中国的普通老百姓想买到加密货币,难度就跟充话费差不多。只要在加密货币交易所的App里支付一笔钱,立刻就可以得到对 应价值的币。 有粉丝私信让我聊聊"稳定币"。 也正因为这个操作太简单,很多老百姓甚至大爷大妈都被忽悠着买币。 2017年前后,各路牛鬼蛇神都跑出来发行加密货币,什么鸡币、牛币、马币、屎币、傻币,各路山寨币冒出来,被挂到交易所里卖,弄得不少人亏得血 本无归。 所以在这一天,咱们国家有关部门就出了一个很严厉的公告。 并且禁掉了加密货币交易所的人民币充值渠道。 说白了,有些人买卖加密货币,其实就是为了洗钱。最后把银行卷进去弄得很麻烦,很多银行干脆不给他们提供服务了。 但这些加密货币交易所收不了钱,那币圈的财路不就断了?他们肯定不会善罢甘休的呀。 ...
XBIT用户出逃美储新规揭秘机构暗流真相
Sou Hu Cai Jing· 2025-06-09 12:14
其次是稳定币监管权争夺,XBIT的跨链对冲工具承压。鲍曼支持银行发行美元稳定币,但要求非银行 稳定币发行商接受美联储和SEC的双重监管。这一政策会使USDC、BUSD等银行系稳定币的市场份额 从目前的37%提升至60%以上,而XBIT平台上的黄金稳定币、欧元USDT等抗通胀资产兑换量可能因合 规成本上升而下滑。币界网监控显示,XBIT"跨链对冲工具"单日兑换量已从5000万美元降至3200万美 元,用户对非银行稳定币的信任度明显下降。 2025年6月9日,美联储新任监管副主席米歇尔·鲍曼正式上任,她的政策立场呈现出"银行业加密准入宽 松化"与"非银机构监管收紧"的核心矛盾。一方面,鲍曼支持降低银行参与加密托管业务的资本计提比 例,这无疑会推动摩根大通、美国银行等华尔街巨头加速布局加密托管领域;另一方面,她反对美联储 直接介入非银行机构的稳定币业务,还要求强化对非托管型交易所的监管透明度。这一系列政策组合 拳,直接冲击了XBIT等去中心化交易所的运营逻辑。 具体来看,鲍曼的政策对XBIT产生了多方面直接影响。首先是银行业竞争加剧,XBIT面临用户分流风 险。鲍曼推动的《巴塞尔协议III终局》修订草案中,银行持有 ...
BTC遇见RWA比美债更震撼XBIT正在改写游戏规则
Sou Hu Cai Jing· 2025-05-18 05:40
美债危机下的"数字黄金"争夺战 2025年,美国议员提议财政部购买100万枚比特币作为战略储备,这一消息震动全球金融市场。在36万 亿美元美债的压力下,传统美元体系正寻求新的锚定物——而比特币,凭借其去中心化、稀缺性和全球 流动性,成为"数字黄金"的最有力竞争者。前OKX/火币CFO Chris Lee指出:"美国资本已控制超170万 枚BTC,若将其纳入储备,可缓解美元信用危机。"这一趋势意味着,比特币有可能成为继黄金、石油 后的第三大储备资产。 有趣的是,这场变革不仅关乎国家战略,更与普通投资者息息相关。当传统金融机构争相布局比特币 时,XBIT去中心化交易所凭借非托管、链上透明的特性,成为用户安全持有和交易比特币的首选平 台。毕竟,在金融体系重构的浪潮中,资产安全才是真正的"硬通货"。 图片来源:币界网 RWA爆发:华尔街的"链上化"与普通人的机会 贝莱德、富达等巨头推动美债代币化,Ondo Chain登陆主流交易所……RWA(真实世界资产代币化) 正从概念走向落地。通过将美债、房产甚至大宗商品上链,传统金融的收益门槛被大幅降低。美债代币 化+DeFi:传统美债年化4%,但通过RWA抵押借贷,综合收益可 ...