Security Incident - A hacker exploited GMX, resulting in the theft of $42 million in assets [1] - The hacker agreed to return the stolen assets in exchange for a $5 million white-hat bug bounty [1] - $10.49 million FRAX has been returned [1] Asset Recovery and Potential Profit - $32 million in assets were swapped into 11,700 ETH [1] - The 11,700 ETH is now worth $35 million, representing a ~$3 million gain for the hacker [1] Future Actions - The industry is uncertain whether the hacker will return all 11,700 ETH ($35 million) or sell ETH to return $32 million and keep the $3 million profit [1]

The #GMX hacker has exchanged all $32M assets except $FRAX into 11,700 $ETH and distributed them to 4 new wallets.https://t.co/oRw2oPJvPnhttps://t.co/WySMB9sTVh https://t.co/tIa5td4XsaLookonchain (@lookonchain):GMX(@GMX_IO) was hacked for $42M.Currently, the hacker has bridged $9.65M to #Ethereum and exchanged them into $DAI and $ETH.https://t.co/mnWxs3za6e https://t.co/ursqBA71dZ ...

《GENIUS法案》以及美元稳定币的名正言顺并不仅仅代表美国政府对本土金融创新的促进，背后还寄 托着其更深远的金融战略布局。 美国参议院日前以多数票优势通过了《指导与建立美国稳定币国家创新法案》（《GENIUS法案》）， 接下来还要通过众议院票决，估计8月之前获得总统签署放行已没多大悬念，这意味着稳定币在纳入严 格合规监管后走上正轨。 《GENIUS法案》以及美元稳定币的名正言顺并不仅仅代表美国政府对本土金融创新的促进，背后还寄 托着其更深远的金融战略布局。 市场化数字法币 稳定币是一种与特定资产（如法定货币、贵金属或加密货币等)挂钩的数字货币，其中最主要与法币如 美元、欧元挂钩，也就是说，稳定币价值锚定的最主要对象是国家法定货币，故才有稳定的特质，从这 个意义上讲，稳定币也可视作为法币的衍生货币，但由于稳定币不是中央银行创造，而是由私人发行机 构提供，故稳定币又可看作是私人数字代币或市场化数字法币。 与传统法币相比，由于具有去中心化的技术优势，稳定币的交易成本更低、交易速度更快以及交易效率 更高。根据世界银行的数据，现有的银行跨境汇款通常需要5个工作日，即便是基于跨境银行间通信系 统的数字支付，约30%的汇 ...

Core Insights - The Federal Reserve's new regulatory vice-chair, Michelle Bowman, announced the launch of a "crypto asset sandbox regulatory pilot" allowing compliant institutions to test cryptocurrency custody, lending, and derivatives innovation, while significantly reducing the capital requirement for banks holding crypto assets from 1250% to 800% [1][3] Group 1: Market Reaction - Following the announcement, Bitcoin's price surged from $117,000 to $123,000 within one hour, marking a new high for 2025, while XBIT's trading volume exceeded $28 billion in a single day, with institutional users accounting for 65% of the total [1] - XBIT's native token, XBT, saw a daily price increase of 90%, surpassing $175, as 30% of new institutional users were from Wall Street hedge funds and 20% from European family offices [3] Group 2: Regulatory Framework - Bowman's speech introduced a tiered regulatory framework for stablecoins, where bank-affiliated issuers would face lower capital requirements but must deposit 100% of reserves in Federal Reserve accounts, while tech-based issuers must provide daily on-chain reserve proof and undergo third-party audits [3] - Following the policy announcement, Circle's stock surged by 18%, while the algorithmic stablecoin FRAX dropped by 25% due to compliance risks [3] Group 3: Technological Innovations - XBIT launched a "sandbox compliance toolkit" that automatically generates regulatory-compliant audit reports through smart contracts, attracting traditional financial institutions [3] - The platform also introduced a "multi-chain stablecoin aggregator" that allows users to exchange stablecoins compliant with different regulatory standards, achieving a trading volume of $4 billion within four hours of launch [3] Group 4: Regulatory Challenges - XBIT upgraded its privacy protocol using zero-knowledge proof technology to allow users to complete compliance verification without revealing transaction details, which led to an anti-money laundering investigation by the CFPB [4] - Despite XBIT's disclosure that 98% of institutional users had completed compliance checks, market panic ensued, causing Bitcoin's price to drop by 7% within an hour [4] Group 5: Strategic Partnerships - XBIT announced a strategic partnership with JPMorgan to launch "compliant leveraged trading services," enabling users to participate in Bitcoin perpetual contracts directly through bank accounts, with leverage up to 50 times [6] - Following the announcement, JPMorgan's stock rose by 3.2%, and XBIT's perpetual contract open interest surged by $8 billion within two hours [6] Group 6: Industry Outlook - The interplay of the Federal Reserve's policy shift, XBIT's technological advancements, and the entry of traditional finance has propelled the cryptocurrency market to new heights, although regulatory scrutiny remains a significant concern [6] - Bowman's statement emphasized that regulation will not compromise innovation, while XBIT's founder asserted that true innovation does not require compromise but rather reshapes the rules [6]

Group 1: Core Insights - Circle Internet Corp., the issuer of USDC, successfully listed on the New York Stock Exchange, marking a significant milestone as the "first stock of stablecoin" with a first-day stock price increase of 168.5% and a market cap exceeding $18 billion [2] - Recent legislative actions, including the passage of the GENIUS Act in the U.S. Senate and the introduction of the Stablecoin Regulation Draft in Hong Kong, are seen as pivotal moments in the financial landscape, highlighting the growing importance of stablecoins [2][9] Group 2: Definition and Functionality of Stablecoins - Stablecoins are digital currencies pegged to real assets, primarily fiat currencies like the U.S. dollar, designed to mitigate the volatility associated with traditional cryptocurrencies [3] - They serve multiple roles in the financial sector, including facilitating cross-border transactions, acting as a safe haven during market volatility, and providing liquidity in decentralized finance (DeFi) [4] Group 3: Market Dynamics - As of May 2025, the global stablecoin market is projected to exceed $250 billion, with USDT and USDC dominating over 88% of the market share [5] - USDT maintains a leading position due to its high liquidity and market presence, while USDC is recognized for its regulatory compliance and transparency, although it faced challenges in 2023 [7][8] Group 4: Regulatory Landscape and Global Impact - The U.S. is tightening regulations on stablecoin issuers, requiring them to be U.S.-registered entities, which enhances American control over the global stablecoin market [10] - The rise of stablecoins poses challenges to existing financial regulations in other countries, including China, while also accelerating the development of the digital yuan as a countermeasure [11][12] Group 5: Future Prospects - The implementation of the GENIUS Act could lead to a tenfold increase in stablecoin supply over the next four years, significantly boosting the demand for U.S. Treasury bonds and reinforcing the dollar's dominance in the global financial system [9] - The new regulatory framework in Hong Kong is expected to attract innovation and investment in the stablecoin sector, positioning the region as a key player in the global financial landscape [13]

本报告来源于"慧博投研",请勿外传! 证券研究报告 非银金融 2025年05月23日 非银行业深度报告: 稳定币赛道研究 董栋梁(证券分析师) S0350525030005 dongdl@ghzq.com.cn 本报告来源于"慧博投研"，请勿外传! 相关报告 | | | 请务必阅读报告附注中的风险提示和免责声明 2 核心提要 太将告来源于"彗横投研" 清勿外传! 请务必阅读报告附注中的风险提示和免责声明 ◆ 核心要点：稳定币近年来在全世界发展较为迅速、不同稳定币之间也有不同的特色。世界各地也在展开一系列对稳定币的监 管 ◆ 稳定币近年来发展迅速：由于一般的数字货币波动大、且稳定币在跨境支付方面有更高的效率，同时特定地区也对稳定币产 生需求,因此稳定币近年来规模快速增长,且以美元为主。 ◆ 各种类型的稳定币满足不同客户的需求:稳定币主要有三种类型，包括基于法定货币或实物资产等资产抵押发行的数字货币, 基于数字资产或者抵押产生的稳定币和算法稳定币。基于法定货币或实物资产等资产抵押的稳定币是市场主流、安全性较高; 基于数字资产或者抵押产生的稳定币则能提供杠杆和一定的收益，算法稳定币的市场关注度正在逐步下降。 ◆ 稳 ...