薛鹤翔、陈梦赟（薛鹤翔系申银万国期货研究所所长、中国首席经济学家论坛成员） + 摘要 + 报告正文 一、什么是商品稳定币？ 商品抵押型稳定币是以黄金、石油等实物商品作为锚定的加密货币，其运作核心是通过与特定商品的价值挂钩来维持价格稳定。商品抵押型稳定币连接了 加密货币和大宗商品，其价格波动与挂钩商品的价格相关性较强。 目前稳定币市场以法币稳定币为主导，其中规模最大的是美元稳定币，代表币种为USDT和USDC。商品稳定币规模较小，最常见的是黄金稳定币，代表 币种为PAXG和XAUt。根据CoinMarketCap数据，截至8月3日，稳定币市场规模达到2770亿美元，其中法币稳定币规模达到2338.3亿美元，在稳定币中占 比为84.4%，其中USDT和USDC规模分别为1638.7和641.9亿美元，在稳定币中占比为82.3%。黄金稳定币中PAXG和XAUt占据主导，PAXG规模为9.5亿美 元，XAUt规模为8.3亿美元，两者规模合计约17.8亿美元，在稳定币中占比为0.64%。 什么商品稳定币？商品抵押型稳定币是以黄金、石油等实物商品作为锚定的加密货币，其运作核心是通过与特定商品的价值挂钩来维持价格稳定。目前 ...

Is tokenized gold our generation's gold rush?Is $PAXG the stealth RWA we aren't talking about enough?Nic Cary and Lesley Chavkin from Paxos drop the alpha 👇https://t.co/K2QDAqSsT7 https://t.co/EyC2pGSRx8 ...

Group 1: Development of Stablecoins - The development of stablecoins has evolved from a response to the vulnerabilities of traditional financial systems during the 2008 financial crisis to a recognized regulatory framework in the U.S. with the signing of the "Genius Act" [2][3] - Stablecoins emerged to address the structural contradictions between cryptocurrencies and traditional finance, with Tether launching USDT in 2014 as the first stablecoin backed by fiat currency [4][7] - As of June 2025, the total market value of stablecoins surpassed $250 billion, accounting for 8% of the cryptocurrency market, with a trading volume exceeding $37 trillion in 2024 [7] Group 2: Strategic Significance of Stablecoins - Stablecoins are seen as potentially reshaping global payment systems, offering advantages such as lower costs and faster transaction times compared to traditional SWIFT systems [10] - The legislative competition surrounding stablecoins reflects a broader struggle for monetary sovereignty in the digital age, with the U.S. reinforcing the dollar's dominance through stablecoin regulation [11] - Stablecoins serve as a digital financial entry point for the unbanked population, providing access to financial services without the need for traditional banking infrastructure [12] Group 3: Role of Trust Companies in Stablecoin Mechanisms - Trust companies can act as custodians for stablecoin reserve assets, ensuring that these assets are independent and protected from the issuer's bankruptcy [20] - The trust mechanism can facilitate compliance with regulatory policies, allowing for flexible responses to changes in regulations and enhancing the governance of stablecoin operations [21] - Trust companies can support the development of Real World Assets (RWA) by providing legal risk isolation and ensuring compliance in the tokenization process [23]

《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 ...

非银行业深度研究 新旧金融的桥梁：稳定币如何重塑非银金融生态？ 2025 年 06 月 09 日 1.非银行业周报 20250608：险资成立私募基 金的考量-2025/06/08 2.非银行业周报 20250601：险资"长钱"持 续入市-2025/06/02 3.保险行业点评：寿险累计增速转正，财险多 险种共振支撑增长-2025/06/01 4.非银行业周报 20250525：险资一季度加仓 股票-2025/05/25 5.非银行业周报 20250517：公募费率改革深 化，险资配置优化提速-2025/05/18 ➢ 什么是稳定币？稳定币是加密货币的一种特殊类型，其设计的核心目的是维 持加密货币价格的稳定，通常通过将其价值锚定到一种或者一篮子相对稳定的底 层资产来实现，主要锚定资产包括法定货币、其他加密货币、大宗商品以及算法 等。稳定币是加密资产货币生态系统中至关重要的基础设施，是提供价值稳定的 交易媒介，充当法币和加密货币之间交易的核心中介。 ➢ 稳定币的核心机制和分类。稳定币通过与某种类型的稳定资产（如美元、欧 元等法定货币、黄金等实物资产、一揽子资产或者算法等）挂钩，比如 1:1 锚定 美元，来降低 ...

常见稳定币介绍 法定货币挂钩型稳定币 ——这类稳定币以法定货币（如美元）作为储备资产，确保其价值与法币 保持1:1的比例。常见的有： 美国 香港官方推相关法案带火稳定币 很多朋友有点懵 搞不懂这是啥玩意 简单聊聊 稳定币定义： 稳定币是一种与传统法定货币（如美元、欧元、港元）或实物资产（如黄金）等价 值锚定的加密货币，其核心设计目标是通过特定机制维持币值的相对稳定，从而在波动剧烈的加 密货币市场中充当交易媒介、价值存储和计价工具。 稳定币通常运行在分布式账本或区块链平台上，具备点对点交易、难以篡改、有限匿名等特性， 使其在跨境支付、去中心化金融（DeFi）等领域展现出独特优势。稳定币的发行机制多样，主要 包括三种类型：中心化机构足额储备资产发行稳定币、基于区块链智能合约抵押加密资产发行稳 定币，以及算法稳定币。法币支持型稳定币因其与传统法币的等值锚定，具备较高的透明度和信 用背书，成为市场主流；加密资产支持型稳定币则通过超额抵押机制维持币值稳定；算法稳定币 则通过调节供应量来维持价格稳定，但其机制尚不成熟，缺乏实物资产支撑，面临较大的价格波 动风险，容易出现价格偏离锚定值的情况。稳定币的出现源于加密货币市场的 ...

Investment Rating - The report does not explicitly provide an investment rating for the stablecoin industry, but it highlights significant growth potential and regulatory developments that could influence investment decisions [2][6][21]. Core Insights - Stablecoins serve as a bridge between traditional fiat currencies and blockchain technology, providing value stability and facilitating transactions in the digital asset space [2][5]. - The U.S., Hong Kong, and the EU are actively advancing their respective stablecoin regulations to capture market opportunities, with the U.S. focusing on maintaining the dollar's dominance in the digital economy [2][6][21]. - Stablecoins are primarily used as trading mediums, decentralized finance (DeFi) core assets, new financial infrastructure, and tools for asset allocation and wealth preservation [2][16][20]. Summary by Sections Nature of Stablecoins - Stablecoins are cryptocurrencies designed to maintain value stability by pegging their price to external assets like fiat currencies or commodities [5][7]. - The main types of stablecoins include fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, with fiat-collateralized stablecoins being the most prevalent [7][10]. Regulatory Developments - The U.S. and Hong Kong have introduced stablecoin legislation aimed at enhancing their financial market positions, while the EU is focused on maintaining financial stability within the Eurozone [6][21][25]. - Common regulatory principles include maintaining a 1:1 reserve ratio, high liquidity of reserve assets, and customer protection measures [21][22]. Uses of Stablecoins - Stablecoins are widely used in the crypto market for transactions, providing a stable unit of account and facilitating cross-chain compatibility [16][20]. - In DeFi, stablecoins act as collateral for loans and serve as liquidity pool assets, enhancing the security and efficiency of decentralized financial services [17][18]. Future Trends and Investment Opportunities - The stablecoin market is expected to influence the U.S. Treasury market significantly, with stablecoin issuers becoming major players in short-term government debt [26][27]. - Stablecoins are positioned to reshape the international monetary system, with U.S. dollar stablecoins reinforcing the dollar's global dominance and potential offshore RMB stablecoins promoting RMB internationalization [28][29]. - Investment opportunities exist in stablecoin infrastructure companies and decentralized application service providers, which are essential for the growth of the stablecoin ecosystem [30].