币界网11月21日讯，全球稳定币市场在11月迎来重要发展节点，监管框架日趋完善，市场应用场景不断 拓展。美联储官员最新表态、各国监管政策推进以及技术创新突破，正在重塑数字资产生态格局。 美联储理事Stephen Miran本月初在纽约发表重要讲话时指出，稳定币需求激增可能对美国货币政策产生 深远影响。Miran认为，稳定币的广泛采用将成为推低中性利率的"实质性和长期性"力量，进而可能促 使美联储调整政策立场。他在哈佛俱乐部的演讲中提到，即使是相对保守的稳定币增长预测，也意味着 经济中可贷资金净供应量的增加将推低中性利率。 用户采用方面也取得重要突破。Tether宣布其USDT稳定币用户数量已突破5亿，CEO Paolo Ardoino称这 是"历史上可能最大的金融包容性成就"。这一里程碑反映了全球用户对稳定数字交易工具的强烈需求， 特别是在传统银行服务覆盖不足的地区。 英国央行在文件中提出了临时持有限额机制，个人持有上限为2万英镑，企业为1000万英镑，并建立了 大型企业的豁免制度。这一设计旨在保障传统金融体系向数字货币过渡期间的信贷供给稳定。英国央行 还考虑建立央行流动性安排，为系统性稳定币发行方在压力时期 ...

Group 1 - JPYC, a Japanese fintech startup, has received regulatory approval to issue Japan's first yen-pegged stablecoin, marking Japan's entry into the global stablecoin competition [1] - The stablecoin will be fully convertible with the yen and backed by domestic savings and Japanese government bonds (JGB), with plans to issue 1 trillion yen (approximately $6.81 billion) worth of JPYC within three years [1] - JPYC aims to attract institutional investors such as hedge funds and family offices, with applications in arbitrage trading, cross-border remittances, and corporate payments [1] Group 2 - The approval from the Financial Services Agency (FSA) is based on the revised Payment Services Act effective in 2023, which provides a regulatory framework for electronic payment tools convertible with the yen [2] - JPYC will register as a money transfer service provider and plans to start selling its stablecoin products in the coming weeks, generating revenue through interest income from holding more JGB instead of charging transaction fees [2] - Blockchain-based stablecoins are gaining global attention for their fast and low-cost transaction characteristics, with the U.S. also moving towards stablecoin regulations to promote their use in daily payments and settlements [2] Group 3 - The launch of a yen stablecoin could bring fee income in areas such as custody services and collateral management for the banking industry, with several fintech companies expressing optimism about domestic stablecoins [3] - Concerns remain regarding the price volatility of stablecoins and the assumption that one stablecoin will always equal one yen, despite stablecoins typically being less volatile than cryptocurrencies [3] - Anti-money laundering measures will be a focal point if stablecoins are used or traded by unspecified parties, especially in cases of remittances to recipients not subject to KYC restrictions [3]

Core Viewpoint - Japanese startup JPYC plans to launch the country's first yen-pegged stablecoin, "JPYC," in the fall of 2025, aiming to facilitate global usage as a "digital yen" [1] Company Summary - JPYC's stablecoin will be fully redeemable for yen, with its reserves backed by domestic savings and Japanese government bonds [1] - The CEO, Noritaka Okabe, anticipates initial demand from domestic institutional investors, hedge funds, and family offices [1] - JPYC will not charge transaction fees and will generate profits through holding equivalent Japanese government bonds and earning interest from them [1]

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]

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]

Group 1 - The People's Bank of China emphasizes that maintaining a moderately loose monetary policy is essential for improving the quality and efficiency of credit allocation [2][1] - As of the end of Q2 2025, the balance of funds utilized by insurance companies exceeded 36 trillion yuan, reaching 36.23 trillion yuan, a year-on-year increase of 17.4% [3][1] - China Shenhua Energy announced the acquisition of 13 coal, electricity, and chemical enterprises from State Energy Investment Group, with the transaction involving assets worth 250 billion yuan [1][3] Group 2 - The report from the People's Bank of China outlines the implementation of a moderately loose monetary policy, considering both domestic and international economic conditions [2] - The stock investment balance and proportion of both life insurance and property insurance companies have been continuously increasing [3] - The performance of brokerage firms in the first half of the year has been generally positive, with 33 firms reporting net profits, and several firms showing significant year-on-year growth in net profit [3]