USDT USDC BUSD FDUSD PYUSD GUSD TUSD USDP DAI sUSD LUSD FRAX USDD USDe USD1 mUSD NET PYUSD0How many stablecoins are enough stablecoins? ...

The hacker who attacked $UXLINK dumped 1,620 $ETH for 6.73M $DAI 2 hours ago.https://t.co/nYRXsq0T6Vhttps://t.co/M8tbPYAdiq https://t.co/1vTpuaDrU9Lookonchain (@lookonchain):UXLINK was hacked!The hacker received 490M $UXLINK and also minted 2B $UXLINK.The hacker has sold a massive $UXLINK on DEXes through six wallets, obtaining 6,732 $ETH ($28.1M).He also sold a large amount of $UXLINK on CEXes.Address: https://t.co/i2XFO7u4ZU ...

Crypto exchange OKX said it is offering 4.1% yields on USDG in weekly payouts, without staking lockups. OKX is responding to intensifying competition for stablecoin dominance, it said in an emailed announcement on Tuesday. USDG is minted by stablecoin issuer Paxos and is backed 1:1 by U.S. dollars. OKX joined the Global Dollar Network in July, and now brings USDG to onshore and offshore users, pitching it as a “dollar that pays you back” during quiet markets or when traders park idle funds. Yield has b ...

Core Viewpoint - Stablecoins are emerging as a key force in the digital finance sector due to their ability to anchor value, contrasting with the high volatility of cryptocurrencies like Bitcoin and Ethereum [1] Group 1: Nature and Types of Stablecoins - The essence of stablecoins is to resist market volatility by being pegged to specific assets, differing fundamentally from the volatility logic of Bitcoin [3] - Fiat-collateralized stablecoins, represented by Tether (USDT) and USD Coin (USDC), utilize a "1:1 fiat reserve" mechanism, ensuring price stability but relying on centralized institutions [3][4] - Algorithmic stablecoins adjust supply purely through algorithms without asset collateral, but their models have shown vulnerabilities, as evidenced by the collapse of TerraUSD (UST) [4] Group 2: Practical Applications by Guotai Junan - In the cross-border medical field, Guotai Junan has launched a "stablecoin + cross-border medical" solution, allowing patients to pay hospitals directly with stablecoins, significantly reducing transaction time and fees [4][5] - In the green supply chain sector, Guotai Junan established a "stablecoin green supply chain fund" to provide loans for low-carbon projects, offering lower interest rates compared to traditional loans [5] - In the digital collectibles trading space, Guotai Junan partnered with compliant platforms to integrate stablecoin payment functions, enhancing transaction efficiency and reducing fees [5] Group 3: Regulatory Environment and Future Prospects - The passing of Hong Kong's "Stablecoin Regulation Draft" establishes a compliance framework for the industry, with Guotai Junan's practices serving as a replicable model for stablecoin applications [6] - Future applications of stablecoins are anticipated in areas such as cross-border elderly care services, carbon futures settlement, and virtual digital human transactions, further integrating digital finance with the real economy [6]

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].

讲正题前先厘清两个容易被忽视的底层逻辑： 观点1：不是技术决定人民币地位，而是人民币地位决定技术空间，摆正稳定币的位置 国际社会对人民币的态度，不会因"区块链+稳定币"而改变；相反，人民币的国际地位，决定了中国稳定币能施展的战略空间。 区块链只是工具，它无法凭空创造货币信用，稳定币是主权信用的数字化延伸，美元霸权之所以能通过USDC延续，根源在于美元本身的全球储备 货币地位。同理，若人民币在跨境支付、储备资产、计价功能上未能取得突破，哪怕技术再先进，中国版稳定币也难以获得国际认可。 观点2：不是上链就可信，而是资产本身决定风险，摆正RWA的位置 金融机构对资产的风险判断，源于资产自身的现金流、抵押品和法律保障，不会因其"上了区块链"就变得低风险、高可信。 区块链能提升数据透明度与可追溯性，但无法改变底层资产的违约概率。RWA的本质是资产信用的数字化表达，而非信用创造，一栋烂尾楼，无 论上链多少次，依然是高风险资产。RWA（现实世界资产代币化）的价值核心在 "资产"（Asset），不在"代币化"（Tokenization）。 观点1+观点2：别总想着"去中心"，摆正区块链的位置 区块链无法替代主权信用，也无法凭 ...

An account reportedly connected to a black hat individual or group involved in a massive data breach in May 2025—now known as “the Coinbase hacker”—has been actively trading cryptocurrencies, monitored by on-chain analysts. This account’s most recent activity could have resulted in nearly $1 million in losses amid a capitulation event trading Ethereum . The breach from May enabled attackers to trick users into transferring funds, resulting in losses estimated between $180 million and $400 million, accordi ...

Analysts are highlighting ETH USD priming to retest $4,700 – and amid the upside pressure – is dark money rotating into Ethereum? A wallet tied to a $300M Coinbase scam bought $18.9M worth of Ether as ETH ripped past $4,700 Yesterday. According to Lookonchain, a crypto address linked to the “Coinbase hacker” campaign bought 3,976 ETH for $18.9 million on Sept. 13. The purchases, made at an average price of $4,756, came as Ether pushed past the $4,700 mark. Analysts tracking the wallet say the funds wer ...

Ethereum (ETH) has a strong advocate in the hacker who attacked customers of American cryptocurrency exchange Coinbase a while ago. According to on-chain data, the crypto wallet linked to the hacker recently bought 3,976 Ethereum, worth more than $18.9 million. Markedly, the ETH was acquired at $4,756 per token. Series of Ethereum Purchases by Coinbase Hacker In a Saturday purchase, the infamous Coinbase hacker purchased another 3,976 ETH using 18.911 million DAI. The entire purchase was capped at $18.9 ...

在中国对加密货币交易持续保持严格监管的宏观背景下，一则看似寻常的学术探讨文章，却在金融与科技界激起了千层浪。2025年9月11日，由中央党校 主办的权威媒体《学习时报》，在其官方微信公众号上发表了一篇题为《稳定币的技术原理与信任逻辑》的深度文章。 此举迅速引发了市场的广泛关注与解读。作为中央级的重要理论刊物，《学习时报》的选题和观点在很大程度上反映了官方的关注点和研究方向。因此， 这篇对稳定币进行全面、客观甚至带有积极展望的剖析，被普遍视为一个重要的风向标，可能预示着中国在数字金融领域的战略思维正在发生微妙而深刻 的转变。 文章核心 该篇文章并非简单的批判或警告，而是以一种严谨的学术态度，系统性地梳理了稳定币的定义、发展、技术基础及未来挑战，展现了对这一新兴事物的高 度理解。 1. 定义与市场角色： 文章开宗明义，指出稳定币是基于区块链技术，通过与美元等法定货币挂钩来维持价格稳定的数字资产。它巧妙地结合了区块链技术带来的交易高效、低 成本优势，以及传统货币的价值稳定特性。文章肯定了其在交易结算、跨境支付和资产代币化（RWA）等领域的广泛应用，并指出其全球市场规模已突 破2800亿美元。 2. 发展历程与全球监 ...